Expressing optimism over tax collection, the Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra stated that direct tax collection has already crossed Rs 5 lakh crore and will exceed the budgeted target of Rs 11.5 crore set for the current fiscal (FY19). He added that so far the I-T department has issued refunds to 2.15 crore assessees amounting to Rs 1.15 lakh crore and from now onwards the net collections will increase.
Chandra elaborated that the government already crossed the Rs 5 lakh crore figure that is 44% of the net direct tax collection target. This is despite the fact there is a surge in refund. He also said the number of people voluntarily filing tax returns has gone up substantially, and 6.85 crore income tax returns (ITRs) were filed last year.
The CBDT chief said that this year so far 6.02 crore ITRs have been filed with the Income Tax Department. He also said that so far the net growth rate in direct tax collection is 14.5%, while the gross collection grew 16.5%. Meanwhile, he said in the second quarter, there has been good profit to India Inc and they saw very good advance tax collection.
