Income Tax Dept, TS and AP sets a target for the region to collect Rs 60 845crore in this financial year as against Rs 49,775 crore in the last fiscal year
Governor ESL Narasimhan to grace 158th Income Tax Day Celebrations tomorrow in the city
Hyderabad, July 23, 2018: IT Department sets Tax Collection Target of Rs 60, 485crore in the Financial Year 2018 and 2019 disclosed S.P.Choudhury, IRS Principal Chief Commissioner of Income-Tax, Andhra Pradesh and Telangana while addressing a press conference here in the IT Towers at Masab Tank today.
This target set as against the collection of Rs 49,775crore during the last financial year 2017-2018, an increase of more than 22 percent over the previous year.
Regarding new taxpayers filing returns, said S. P. Choudhury disclosed that the target for this financial year is 10,13,000 as against 8,13,759 in the last fiscal year 2017-2018.
S.P.Choudhury addressed the press conference along with his colleagues, Dr. Rajendra Kumar, Commissioner of IT, Pr-CCIT and K.Sridhar, Pr. Commissioner IT- in connection with the celebrations of 158th Income Tax Day Celebrations to be graced by Governor of AP & TS , ESL Narasimhan and others on Tuesday 24th July at 11am at JRC Convention Centre, Jubilee Hills.
Last year, we had healthy growth in the income tax as well as a corporate tax. National Mineral Development Corporation (NMDC), a Public Sector Enterprise, had paid Rs 2259crore tax, the highest tax payer.
Speaking about a number of new returns filed, last year registered 8.13lakh new returns. However, in this fiscal, we are expecting to receive about 10.13lakh new returns, he said.
In this current financial year, till date, we have collected 14.8 percent tax as against the national average of 6.8 percent, Shaym Prasad Choudhury informed.
Out of Rs 49,775crore tax collected in the last financial year, Rs 24, 242crore tax was paid by the Corporate Sector alone and in which 17 companies from AP and Telangana. These companies paid more than Rs 100crore each tax, he added. Rs 25,530 crore was collected through personal income tax, he added.
There are four sectors which contributing highest tax in these two 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 said a woman working in the information technology sector in the city drew a salary of Rs nearly 30crores during 2018 under the salaried employee's category. He said approximately 30 percent of that paid as income tax.
Speaking further, the top IT Official added that only 36 lakh PAN Card Holders paid tax as against the total of one crore PAN Card Holders in both the Telugu States of Telangana and Andhra Pradesh.
Strict action will be taken against those in possession of duplicate or multiple PAN Cards, he cautioned. We can identify the duplicate or multiple card holders and non-function PAN cards through a deep dye data analysis. He also warned all the TDS defaulters, that they would be prosecuted.
Hyderabad is one of the top tax collection centers in the country. We have 17 regions here. We are in the top six in the country in terms of growth rate of tax collection.
Choudhury informed that 83 properties were also attached under the newly introduced Benami Property Transactions Act. Also, notices were issued in 108 cases till the end of June 2018 under the Black Money Act, 2015.
We have conducted 38 searches and Rs 40,95crore seized in the year 2017-2018. IN 2018-19, 11 searches were conducted and Rs 14.28crore was seized.
The undisclosed income admitted by the taxpayers on account of searches in the year 2017-2018 was a significant sum of Rs 1166.97core and in the present year till now it is 285.70crore. In the FY 2017-2018, 415 surveys were conducted leading admission of unaccounted income of Rs 589.41crore. In 3 cases defaulting assesses were convicted by the assesses and in 7 cases arrest warrants were issued.
Speaking about the Income Tax Day, Choudhury informed that Income Tax was introduced in India on 24th July 1860. Since then, every year the day is celebrated as Income Tax Day.
First Income Tax Act came in force on 24th July 1860 with the approval of The Governor General. It was a tax selectively imposed on the rich royalty and Britishers. For the first year of tax, the government collects Rs 30 Lakhs, informed Choudhury.
All the units of Income Tax Department throughout the States of AP and TS would also be celebrating the Income Tax Day at their respective stations, added S.P. Choudhury.
Besides the Chief Guest, ESL Narasimhan, the Governor of TS, several guests of honour: N. Baijendra Kumar, CMD, NMDC; K. Satish Reddy, Chairman, Dr. Reddy's Labs Ltd; Ramachandra N. Galla, Chairman, Amara Raja Batteries Ltd and V. Uday Bhaskar, CMD, Bharath Dynamics Ltd. The function would also be attended in large numbers by officers and staff of the Department, Representatives of Tax Bar, FTAPCCI, CII, ASSOCHM, FICCI as well as other important dignitaries of the Government.
We are organizing Rangoli, Painting, Essay Writing and Slogan Writing Competition in connection with the proposed Income Tax Celebrations, he added. I am impressed by one young student, who through is painting depicted “Tax at Work.” I appreciate him for his awareness on how paying Income Tax is essential for the nation said, Choudhury.