Hyderabad: The Income Tax Department has set a tax collection target of of Rs 60,845 crore during the financial year 2018-19 against Rs 49,775 crore it collected last financial year from Telangana and Andhra Pradesh, said Principal Chief Commissioner of Income Tax (TS and AP) S P Choudhury.
Addressing a press conference on Monday, he said the target is set upwards as about 8.13 lakh new were received from the two States last financial year and the department this fiscal has set a target at 10.1 lakh returns.
In all, the two States had 36.1 lakh tax payers last year.
As many as 83 properties have been attached under the newly introduced Benami Property Transactions Act and also notice was issued in 108 cases till end of June 2018 under the Black Money Act, 2015, the I-T Department said State-owned NMDC Limited and Andhra Bank have been the top corporate tax payers in the region.
In FY 2017-18, Income Tax department seized Rs 40.95 crore. This year, Rs 14.28 crores have so far been seized, it said.The undisclosed income in 2017-18 was Rs 1,166.97 crores and it was Rs 285.70 crores so far this year. In 2107-18, 415 surveys were conducted leading admission of unaccounted income of Rs 589.41 crores, it said.
In three cases, defaulting assessees were convicted and arrest warrants were issued in seven cases, it added.TS and AP had the corporate accounting for Rs 24,242 crore and individual tax payers Rs 25,232 crore. Manufacturing, led by pharma sector, accounted for Rs 2,035 crore and other sectors paid Rs 2,889 crore. The IT and ITeS segment paid an Income Tax of Rs 1,440 crore. Banking contributed Rs 1,645 crore. The official said cinema and entertainment came in at the fourth position.
Within the corporates, State-owned mining company NMDC topped the list with Rs 2,259 crore, Andhra Bank Rs 475 crore, BDL Rs 168 crore. In the private sector Amara Raja pair Rs 237 crore and Dr Reddy’s Laboratories paid Rs 161 crore.
Replying to a query, he said a woman working in the Information Technology sector in the city drew a salary of Rs nearly 30 crores during the 2018 under salaried employees category. Approximately 30 per cent of that income was taxed, he said.
Income Tax Day celebrations
The department will hold its 158th Income Tax Day at JRC Convention Centre on July 24. Governor ESL Narasimhan, NMDC Chairman and Managing Director Baijendra Kumar, Dr Reddy’s Chairman K Satish Reddy, Amara Raja Chairman Ramachandra Galla and BDL Chairman and Managing Director V Uday Bhaskar will attend. Income Tax was introduced in India on July 24, 1860.