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  3. Confident of achieving direct tax collection target for current fiscal: CBDT

Confident of achieving direct tax collection target for current fiscal: CBDT

25 Mar 2014 Evaluate

The Central Board of Direct Taxes (CBDT) expressed confidence to acheive the revised tax target set in February. At the interim Budget during February this year, the direct tax collection target for 2013-14 was lowered by Rs 32,000 crore to Rs 6.32 lakh crore from 6.68 lakh crore set earlier. As on March 22, net direct collections stood at 5.82 lakh crore which was around Rs 50,000 crore lower from the revised target.

CBDT Chairman R K Tewari has said that tax department is taking more steps to garner Rs 50,000 crore of which some amount is to be received by way of advance tax, particularly from the corporates. He further added that the department has also launched a number of searches and survey operations across the country to clamp down on cases of tax evasion which has resulted in a number of entities declaring their hidden incomes and remitting the money in government treasury.

The overall advance tax collection as on March 22 increased by 8.7 percent to Rs 2,90,323 crore this financial year as against Rs 2,66,192 crore in year ago period. Corporate advance tax collection till March 22 grew by 10.8 percent to Rs 2,44,396 crore, while, personal advance tax grew by 11.2 per cent to Rs 45,927 crore. Furthermore, 2.56 crore online Income Tax returns were filed during the reported period, which is 40 per cent higher than same period in the last fiscal. The total refund payout by the department as on March 22 this fiscal stood at Rs 84,993 crore, a 5.3 per cent increase over Rs 80,729 crore paid last fiscal. Tax revenue collection is the main source of income for the government, which is struggling with the high fiscal deficit.

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