IT dept set to collect Rs 608 billion from Andhra and Telangana this year

The Income Tax Department on Monday said it is set to collect Rs 608 billion during this financial year against Rs 497 billion mopped up last year from Andhra Pradesh and Telangana.

Principal chief commissioner of income-tax in the two States S P Choudhury said State-owned NMDC Limited and Andhra Bank have been the top corporate taxpayers in the region.

"For 2018-19, the target for the region is Rs 608 billion as against Rs 497 billion during 2017-18. As many as 8,13,759 new returns were received from the region and the target for the current fiscal is 1.01 million," he told newsmen.

The region had 3.61 million tax payers last year.

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. He said approximately 30 per cent of that income was taxed.

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 in a press release.

Last year, income tax sleuths seized Rs 409.5 million. This year, Rs 142.8 million have so far been seized, it said.

The undisclosed income in 2017-18 was Rs 11.66 billion and it was Rs 2.85 billion so far this year, the release said.

In 2107-18, 415 surveys were conducted leading admission of unaccounted income of Rs 5.89 billion, it said.

In three cases, defaulting assessees were convicted and arrest warrants were issued in seven cases, it added.