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Business EconomyPosted at: Dec 2 2024 6:56PM


Income Tax Dept collects Rs 59,000 crore tax in AP and Telangana so far in this fiscal

Hyderabad, Dec 2 (UNI) The income tax Department has collected Rs 59,000 crore tax so far in this fiscal against Rs 1.21 lakh crore tax collection target set for Andhra Pradesh and Telangana states, said Mitali Madusmita, Principal Chief Commissioner of Income Tax (AP & Telangana) here on Monday.
She said the department was expecting a 15 percent tax collection growth for two Telugu states this fiscal compared to last year,but achieved a growth rate of 20
percent, Madusmita told reporters on the sidelines of an interactive meeting on ."Faceless Assessment under Income Tax and Vivad-Se-Vishwas Scheme" held at the Federation of Telangana Chamber of Commerce & Industry (FTCCI) here.
Around 18 to 19 percent growth rate was achieved in Telangana alone this year, but the collection in Andhra Pradesh was not good, she said,
Over Rs 2 lakh crore of tax collection pending in both the Telugu states is under dispute, she shared.
She urged people to cooperate with the Income Tax Department and respond to the notices issued by the department seeking more information, she added.
Unfortunately, the response to Vivad se Vishwas and the Dispute Resolution Committee ('DRC') is lukewarm. We anticipated getting inundated with the cases, but, unfortunately, that has not happened said Shravan Kumar Gotru, Principal Commissioner of Income Tax (Review Unit-I)
The Direct Tax Vivad se Vishwas Rules, 2024, aim to streamline the resolution of direct tax disputes, ensuring an amicable closure of long-pending litigations, he said.
The primary objective of rolling out the Faceless Assessment Scheme was to eliminate the direct human interface for the Assessment Process using the latest technologies online, accessing and dealing from anywhere.
Although there are many advantages to both schemes, assesses are facing a few challenges.
Sudhir VS, Chairman of the Direct Taxes Committee of FTCCI said both taxpayers and tax administrators have some pain points and challenges. Efforts are on to facilitate a dialogue for better understanding and cooperation so that it would be a win-win for both.
Taxes allow the government to run and manage the country efficiently. At the same time the tax administration also needs to facilitate comfortable tax compliance, he added.
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Tags: #Income Tax Dept collects Rs 59#000 crore tax in AP and Telangana so far in this fiscal
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