Hyderabad: After a robust growth of 25 per cent in 2017-18 fiscal, the income-tax (I-T) department has set a target of Rs 60,845 crore for FY19 and this is 22.24 per cent higher than the previous year. Seventeen companies paid over Rs 100 crore tax, while one woman taxpayer from the IT sector filed a return of Rs 30 crore for assessment year 2017-18, the highest in the non-corporate segment, according to principal chief commissioner of I-T for Telangana state and Andhra Pradesh.
He cautioned taxpayers to file returns by July 31 otherwise heavy penalties will be imposed. However, the department clarified that a penalty of Rs 1,000 will be imposed on assessees with total income of between Rs 1 lakh and Rs 5 lakh, if returns are filed after July and before December. The fine will be Rs 5,000 on assessees with total income of above Rs 5 lakh for filing returns after July 31 but before December and Rs 10,000 if the return is furnished after December 31.
“We had reached saturation level in the previous fiscal with significant growth and set a target of Rs 60,845 crore in tax collections for the current fiscal. NMDC, Andhra Bank, AP Grameena Bank and Amara Raja Batteries are the top taxpayers in both the Telugu states. Manufacturing, including mining, banking, pharma and IT sectors are contributing the most to the tax kitty. In terms of growth, Hyderabad is among the top six in the country. We expect Rs 24,000 crore in collections from TDS space,” principal chief commissioner of income-tax for TS and AP S.P. Choudhury told the media here on Monday.
Hyderabad is the headquarters for 17 tax divisions spread across TS and AP, and recorded Rs 49,775 crore tax collection in FY18 with 25 per cent growth rate over Rs 39,865 crore in 2016-17 fiscal. Some 36 lakh returns were filed in the previous fiscal including 8.13 lakh new taxpayers. “We expect 10,13,000 new assessees this financial year. Last year before July 31, as many as 7,41,450 individual tax payers submitted returns and 16 companies. We have over one crore PAN card holders in both states, but assessees are only 36 lakh,” said Mr Choudhury.
Companies with TDS and undergoing NCLT proceedings can deposit tax with the I-T department. The Chief Commissioner said that is because that is the liability of employees not the company. Otherwise, these companies can be punished under Section 276 (C). The I-T department has deployed a data analysis tool to identify duplicate PAN cards as India has over 10 crore PAN card holders as against less than six crore tax payers.
“The department seized Rs 40.95 cr in 38 searches in FY18 and Rs 14.28cr in 11 searches this fiscal so far. The undisclosed income was to the tune of Rs 1,166.97 crore in FY18 and Rs 285.70 crore this fiscal so far. As many as 415 surveys were carried out in FY18 identifying undisclosed income of Rs 589.41cr,” he added. Seven arrest warrants were issued and three defaulting assessees were convicted,” said Mr Choudhury
In the recent I-T raids, officials noticed about Rs 40-cr worth undervaluation of stock value from a real estate company and Rs 500-cr worth benami properties just from one business family, said sources. The I-T department has attached 83 properties under the newly introduced Benami Property Transactions Act and served 108 notices under the Black Money Act till June 2018. Commissioners Rajendra Kumar and K Sridhar and other officials were present at the briefing. The department is celebrating 158th 'I-T Day' on July 24 in commemoration of the date of authorisation to levy duty on personal income that came into force on July 24, 1860 in British India.
