I-T SLEUTHS RACE TO MEET TARGET BEFORE MARCH 31
`46,551cr collected so far increasing growth rate by 15.6%
For the next 16 days, industrialists, businessmen and anyone who has the potential to be a tax evader in Telangana state and Andhra Pradesh can expect unwanted guests in the form of income tax sleuths turning up at their doorsteps. Income tax raids and searches will be stepped up till March 31 as the taxmen are racing against time to achieve the target.
For the next 16 days, industrialists, businessmen and anyone who has the potential to be a tax evader in the two Telugu states of Telangana and Andhra Pradesh can expect unwanted guests in the form of income tax sleuths turning up on their doorsteps!
Income tax raids, surveys and searches will be stepped up till March 31 as the taxmen are racing against time to achieve the target set for them by the Union finance ministry.
The total net collection in the I-T Hyderabad region (which includes Telangana and AP) stands at `46,551 crore for the financial year 2018-19 (till March 12, 2019). Of this `23,574 crore is corporate tax and `22,913 crore is personal income tax.
The income tax department’s target is `60,845 crore (`26,987 crore to be collected as corporate tax and `33,858 crore as personal income tax).
With the total net collection at `46,551 crore (till yesterday), Hyderabad has registered a growth rate of 15.6 per cent, slightly better than the national growth rate of 12.6 per cent.
While the all-India tax collection stands at close to `8.74 lakh crore (as of yesterday), the all-India target for 2018-19, set by the Union finance ministry, is a staggering
`11.5 lakh crore for the
18 I-T regions across the country including Chennai, Bengaluru, Hyderabad and Kochi.
According to regionwise collection of taxes, accessed by Deccan Chronicle, Mumbai, as always, topped the list with total net collection of over `2.65 lakh crore, registering a growth of
7.2 per cent, and New Delhi stood second with over `1.34 lakh crore. However, in terms of growth rate, Delhi was ahead of Mumbai, registering a growth rate of
23.7 per cent.
In the last financial year, the net collection of Hyderabad I-T region was `40,270 crore.
Among other south Indian cities, Bengaluru, with a total net collection of `98,405 crore, registered a growth rate of
14 per cent, Chennai, with total tax collection of `60,145 crore, registered a growth rate of 8.8 per cent. Kochi, with total tax collection of
`12,665 crore had a growth rate of 1.3 per cent.
Interestingly, the Bhubaneshwar I-T region collected `10,195 crore as against `7,549 crore, registering a growth rate of
35.1 per cent.
The worst performer was the Nagpur I-T region with total net tax collection of `3,294 crore and a growth rate plunging down to -4.3 per cent.
Sources told this newspaper that with the Union finance ministry expressing its displeasure at the tax collection of the Hyderabad region, the I-T department is geared up to conduct a string of raids and surveys to achieve the target, or at least come closer to it.
“Staggering targets obviously lead to more raids, searches and investigations. Till March 31, we will be doing everything possible to increase the tax collection as there is tremendous pressure,” admitted one I-T official.
THE NET col- lection in Gujarat, which is Prime Minister Narendra Mod’s home state, stood at `40,353 crore as against `36,766 crore, registering a growth rate of 9.8 per cent.
WHILE THE all-India tax collection stands at close to `8.74 lakh crore (as of yesterday), the all-India target for 2018-19, set by the Union finance ministry, is a staggering `11.5 lakh crore for the 18 I-T regions