Telangana, AP Set To Achieve Rs 1.21L-cr I-T Target For FY25

Hyderabad: The target set for collecting Income Tax (I-T) in Telangana and Andhra Pradesh for the current financial year is Rs 1,21,000 crore, out of which the tax amount has reached the Rs 59,000 crore mark. The I-T department is hopeful of achieving the set target, said Mitali Madhusmita, Principal Chief Commissioner of Income Tax, Telangana and Andhra Pradesh.

Speaking at an interactive meeting on, “Faceless Assessment under Income Tax and Vivad-Se-Vishwas Scheme,” organised by The Federation of Telangana Chamber of Commerce & Industry (FTCCI), on Monday, here, she said that Telangana has witnessed better growth rate compared to Andhra Pradesh.

“Both the Telugu states have been able to collect Rs 59,000 crore in income tax. There has been an overall 15 per cent growth rate compared to the last financial year. The growth rate in Telangana is comparitively better, with a 22 per cent increase, however, the same cannot be said for Andhra Pradesh,” Madhusmita pointed out.

Speaking about Faceless Income Tax Assessment scheme, she informed that Faceless Assessment is a system where income tax assessments are conducted electronically without any direct interaction between the taxpayer and the assessing officer. The Scheme was introduced in 2019 to impart efficiency, transparency and accountability. However, taxpayers response to I-T notices is not very satisfactory, and so is the response lukewarm for Vivad se Vishwas, and the Dispute Resolution Committee, she added.