The Income Tax Department has set a collection target of around Rs 47,000-crore from Andhra Pradesh and Telangana in the current financial year, said a senior official today.
The Income Tax Department has set a collection target of around Rs 47,000-crore from Andhra Pradesh and Telangana in the current financial year, said a senior official today.
Shyama Prasad Choudhary, Principal Chief Commissioner of Income Tax (AP and Telangana Region), said the department collected Rs 39,865 crore against a target of Rs 41,000 crore in the last fiscal.
He said they see a growth of 43 per cent in the payment of advance taxes in the first instalment in the personal income tax category as a result of demonetisation.
Post-GST rollout, the tax collection is expected to rise, Choudhary said at a press conference here.
"With an assessee base of 25 lakh, we have set a collection target of Rs 46,925 crore this year. Of which Andhra Pradesh is likely to contribute Rs 7,000 crore and the rest (roughly Rs 40,000 crore) would come from Telangana," Choudhary said.
He said of the Rs 47,000 crore, they aim to collect Rs 21,000 crore from companies and the rest from individuals.
"Last year, we collected Rs 39,865 crore (from the region), of which Rs 15,945 crore was as advance tax and Rs 20,934 crore as TDS. The key sectors that contributed for the income tax kitty were pharma, manufacturing, mining, infrastructure, banking and infotech," the officer explained.
He said all deposits made during the demonetisation period (Nov 9-Dec 30, 2016) have been categorised into various priorities for verification.
"We have done one round of verification. We will verify each one of the account above a certain level." Choudhary said the Income Tax Day would be celebrated on July 24 with an objective of creating awareness about the direct taxes and addressing the concerns of stakeholders.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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