Income Tax Department set to collect over Rs 60,000 crore

Hyderabad: The Income Tax Department on Monday said it is set to collect Rs 60,845 crores during this financial year against Rs 49,775 crore 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 tax payers in the region.

"For 2018-19, the target for the region is Rs 60,845 crore as against Rs 49,775 crore during 2017-18. As many as 8,13,759 new returns were received from the region and the target for the current fiscal is 10.13 lakhs," he told newsmen. The region had 36.1 lakh 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 nearly Rs 30 crore 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 40.95 crores. This year, Rs 14.28 crores have so far been seized, it said. The undisclosed income in 2017-18 was Rs 1,166.97 crore and it was Rs 285.70 crore so far this year, the release said.

In 2107-18, 415 surveys were conducted leading admission of unaccounted income of Rs 589.41 crore, it said. In three cases, defaulting assessees were convicted and arrest warrants were issued in seven cases, it added.