Hyderabad, Jul 23 (UNI) Income Tax Department has set a collection target of Rs 60,845 crore from Telangana and Andhra Pradesh in the current fiscal (2018-19), an increase of more than 22 per cent over the previous year of 2017-18 .

Last year, we had a healthy growth in the income tax as well a corporate tax and the National Mineral Development Corporation (NMDC), a Public Sector Enterprise, had paid Rs 2259 crore tax, the highest tax payer, out of Rs 49,775 crore collected in the last fiscal ( 2017-18), Principal Chief Commissioner of Income Tax Department (Andhra Pradesh and Telangana states) Shyam Prasad Choudhury said at a press conference here on Monday organised in connection with the celebrations of the Income tax day on July 24.
He said in last year, about 8.13 lakh new returns were received, however, in this fiscal, we are expected to receive about 10.13 Lakh new returns, he said till date in the current financial year, we have collected 14.8 per cent tax against the national average of 6.8 per cent.

Out of Rs 49,775 crore tax collected in the last financial year, Rs 24,242 crore tax paid by Corporate Sector
and in which 17 companies (from AP and Telangana), are more than Rs 100 crore (each company) tax payers, Mr Choudhury said.

There are four sectors which is contributing highest tax -- Manufacturing ( Pharma and others), IT and ITEs and banks, he said in the previous financial year, the second highest tax payer was Andhra Bank (Rs 475 crore) followed by Tirupati-based Amara Raja ( Rs 237 crore), Bharat Dynamics Ltd, a public sector unit ( Rs 168 crore) and Hyderabad-based Dr Reddy Labs Limitedd, a major Pharmaceuticalcompany ( Rs 161 crore), the IT Principal Chief Commissioner said.
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