Hyderabad: The IT Department has set a tax collection target of Rs 60,485 crore in the 2018-19 financial year, disclosed S.P. Choudhury, IRS, Principal Chief Commissioner of Income-Tax, Andhra Pradesh and Telangana here today.
Addressing the media today at the IT Towers at Masab Tank here, Choudhury said the target was set as against the collection of Rs 49,775 crore during the previous 2017-2018 financial year — an increase of more than 22 percent over the previous year.
Regarding new taxpayers filing returns, Choudhury said the target for this financial year was 10,13,000 lakh as against 8,13,759 lakh crore last year. S.P. Choudhury addressed the media along with Dr Rajendra Kumar, Commissioner of IT, Pr-CCIT and K. Sridhar, Pr. Commissioner IT, in connection with the celebrations of 158th Income Tax Day to be attended by Governor ESL Narasimhan and others on Tuesday morning at the JRC Convention Centre, Jubilee Hills.
Speaking about the number of new returns filed, Choudhury said he was expecting to receive some 10.13 lakh new returns as against the last year’s 8.13 lakh new returns. “In the current financial year, till date, we have collected 14.8 percent tax as against the national average of 6.8 percent”, Choudhury said, adding that out of Rs 49,775 crore tax collected in the last financial year, Rs 24,242 crore tax was paid by the Corporate Sector alone and includes 17 companies from AP and Telangana. These companies paid more than Rs 100 crore each tax, he added. He also said Rs 25,530 crore was collected through personal income tax.
Choudhary said there are four sectors, which were contributing highest tax in the two Telugu States. They are manufacturing and Pharma tops in the first place, Manufacturing, and others in the second place, IT & ITEs in the third place and Banking and Financial Institutions in the fourth place. The total tax paid be each of the above sectors in the year 2017- and 2018 is Rs 2035crore(2114crore in FY 2016-2017) by Manufacturing/Pharma; Rs 2889crore(2055crore in FY 2016-2017) by Manufacturing/Other; IT & ITEs 1440crore(1253 in FY 2016-2017) and Banking and Financial Institutions Rs 1645crore(1213 in FY 2016-2017).
The second highest taxpayer after NMDC in the last financial year was Andhra Bank which paid Rs 475crore, followed by Thirupathi based Amara Raja Batteries Rs 237crore and Bharat Dynamics Ltd, a public sector unit Rs 168cre and the Hyderabad based Dr. Reddy Labs Ltd, a major Pharmaceutical company Rs 161crore, the Principal Chief Commissioner informed.
Replying to a query, Choudhury disclosed a woman working in the IT sector in the city drew a salary of Rs 30 crore during 2018 under the Salaried Employee’s category. Stating that only 36 lakh PAN Card Holders paid tax as against the total one crore PAN Card Holders in both the Telugu States, Choudhary said action will be taken against those in possession of duplicate or multiple PAN Cards. He also warned all the TDS defaulters would be prosecuted.
Choudhury informed that 83 properties were also attached under the newly introduced Benami Property Transactions Act. Nnotices were issued in 108 cases till the end of June under Black Money Act, 2015. He also said they have conducted 38 searches and seized Rs 40,95 crore seized in 2017-2018 financial year. In 2018-19, 11 searches were made and Rs 14.28 crore was seized. He said the undisclosed income admitted by the taxpayers on account of searches in 2017-2018 was a significant sum of Rs 1166.97 crore and in the present year till now it was Rs 285.70 crore. (NSS)
