Direct tax collections, that include corporate tax and income tax collected by the Income Tax department for Telangana and Andhra Pradesh, witnessed a growth of 8.5% in the 2022-23 financial year compared to the previous year. Around 91,083 crore was collected in 2022-23 against 83,913 crore in 2021-22.
Hyderabad’s Income Tax wing covering the two Telugu states stood sixth in tax collection in the country after Mumbai, Delhi, Bangalore, Chennai and Pune.
TDS collections in Hyderabad stood at 45,583 crore. Searches conducted by investigations wing of Hyderabad resulted in realisation of 4,610 crore. The I-T investigations wing conducted major searches on real estate firms in Hyderabad during 2022-23. Several top real estate companies like Vasavi, Phoenix, and Vamsiram Builders were all searched by the tax sleuths.
An official of the I-T department said, “Hyderabad has witnessed huge real estate growth in the past two to three years. Several major real estate land deals were done. We have focused on these deals.”
Surabhi Ahluwalia, Pr. Commissioner, Income Tax (Media & Technical Policy) and spokesperson, Central Board of Direct Taxes (CBDT) said, “Provisional figures of direct tax collections for the financial year 2022-23 show net collections are at 16.61 lakh crore, compared to 14.12 lakh crore in the preceding financial year representing an increase of 17.63% in the country.”