The IT Department has set a tax collection target of Rs 60,485 crore in the 2018-19 financial year, disclosed S.P. Choudhury, IRS, Principal Chief Commissioner of Income-Tax, Andhra Pradesh and Telangana here today.
Choudhury said the target was set as against the collection of Rs 49,775 crore during the previous 2017-2018 financial year — an increase of more than 22 percent over the previous year.
Choudhury said he was expecting to receive some 10.13 lakh new returns as against the last year’s 8.13 lakh new returns. “In the current financial year, till date, we have collected 14.8 percent tax as against the national average of 6.8 percent”, Choudhury said, adding that out of Rs 49,775 crore tax collected in the last financial year, Rs 24,242 crore tax was paid by the Corporate Sector alone and includes 17 companies from AP and Telangana. These companies paid more than Rs 100 crore each tax, he added. He also said Rs 25,530 crore was collected through personal income tax.
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 168cr and the Hyderabad based Dr. Reddy Labs Ltd, a major Pharmaceutical company Rs 161crore, the Principal Chief Commissioner informed.
Replying to a query, Choudhury disclosed a woman working in the IT sector in the city drew a salary of Rs 30 crore during 2018 under the Salaried Employee’s category. Stating that only 36 lakh PAN Card Holders paid tax as against the total one crore PAN Card Holders in both the Telugu States, Choudhary said action will be taken against those in possession of duplicate or multiple PAN Cards. He also warned all the TDS defaulters would be prosecuted.