Hyderabad: S.P. Choudhury, Principal Chief Commissioner of Income Tax, Andhra Pradesh and Telangana State, today said that income tax collections in both the states increased by 13% this year. Till March 2018, an amount of Rs. 49,775 crores has been collected against the target of Rs. 60,845 crores, he said.
The target for financial year 2018-19 is Rs.10,13,000 crores. About 46 per cent of the taxes paid are through TDS (tax deducted at source).
Addressing a press conference here today, Choudhury said that in the financial year 2017-2018, 8,13,759 new returns were received. He said that under the newly introduced Benami Property Transactions Act, 83 properties have been attached and notices were issued in 108 cases till June 2018.
In 2018-19, property worth Rs.14.28 crore was seized in 11 searches conducted by the department. A significant sum of Rs. 1166.97 crore was admitted by tax payers in 2017-18. In the current financial year, till now, Rs.285.70 crore undisclosed money was admitted, he said.
Choudhury, further said that, Income Tax Day celebrations would be organised on July 24. Governor of AP & TS E S L Narasimhan would be the chief guest at the celebrations, he said.
Top tax payers CMD of NMDC, Baijendra Kumar, Chairman of Dr. Reddy’s Labs, K.Satish Reddy, Ramachandra N Galla, CMD of Amara Raja batteries and Uday Bhasker, CMD of BDL, a public sector enterprise would be the guests of honour at the celebrations.
He emphasised the need to pay taxes which aid in nation building and thanked all the tax payers for paying income tax conscientiously. In AP & TS about 17 companies pay more than Rs.100 crore as taxes.
A salaried lady from Information Technology sector (IT) earning about Rs. 29-30 crore per month is the highest tax payer in AP & TS, he said. (INN)