Wednesday, 26 March 2014

CBDT Chairman hopeful of achieving revised tax target

With less than a week to go before this fiscal comes to an end, the Income-Tax Department still has ₹54,000 crore more to collect to meet the revised estimate target set in February.

But the top brass of the Central Board of Direct Taxes (CBDT) is hopeful of meeting this shortfall and also achieving the revised estimate.
“We are hopeful. Our officers are working hard 24x7 this week.
“Even last year, we collected about ₹45,000 crore in the last seven days,” CBDT Chairman RK Tewari told reporters here on Monday.
Till March 22, this fiscal, net direct collections stood at ₹5.82 lakh crore, he said.

Target lowered
At the interim Budget stage in February this year, the direct tax collection target for 2013-14 was lowered by ₹32,000 crore to ₹6.32 lakh crore from ₹6.68 lakh crore.

More refunds
The Income-Tax Department has given more refunds this fiscal than last fiscal, when refunds outgo actually dropped on a year-on-year basis.
The total refund payout by the department till March 22 this fiscal stood at ₹84,993 crore, a 5.3 per cent increase over ₹80,729 crore paid last fiscal.

Advance tax mop-up
Tewari also said that the total advance tax mop-up this fiscal grew 9.06 per cent to ₹2.90 lakh crore (2.66 lakh crore).
There is more advance tax monies to come in the next few days, he said.
Advance tax mop-up saw robust increase in both corporate tax and personal income tax fronts.

While corporate advance tax grew 8.7 per cent, the personal income tax advance tax was up 11.23 per cent.

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