« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately «  Govt offers bonus, tax relief on PO savings... Revamped tax administration has upped collection: FM... » Tax collections record unprecedented growth: Chidambaram December, 08th 2007 Finance Minister P. Chidambaram today said that several new legislative and administrative measures taken by the government have resulted in fiscal stability, improved tax revenues and tightened expenditure. Addressing the meeting of the Parliamentary Consultative Committee attached to the Finance Ministry, Chidambaram said that the tax buoyancy is the result of good performance of Indian economy and the new initiatives taken by the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC). On the Direct Taxes, Chidambaram said that the TDS administration, refund bankers, tax return prepares scheme, large tax payers unit, e-filing of taxes and business process reengineering are some of the important initiatives which have brought an unprecedented growth of tax collections. He said that attitude of people to pay taxes has now been changing. The personal income tax grew by 42.5 percent and corporation tax by 46.6 percent during April-November 2007 over the corresponding period of last fiscal. The overall direct tax collection growth rate is 44.9 percent during this period, he added. Chidambaram said that the number of taxpayers in the country has been increasing. While the number of assesses increased from 301.78 lakhs in 2003-04 to 319.26 lakhs in 2006-07, the number of assesses filing return of income increased from 234.25 lakhs to 275.44 lakhs during this period. The number of PANs as on October 31, 2007 is 5,74,74,806 and around 8-9 lakhs PANs are being allotted every year. PANs de-duplication has been completed in respect of more than 95 percent cases, he said. Chidambaram said that pilot project of the State Bank of India acting as a Refund Banker has been extended to select charges of four more cities -- Mumbai, Kolkata, Chennai and Bangalore -- apart from the existing cities at Delhi and Patna. On indirect taxes, Chidambaram said that customs duty rates are being decreased continuously, while the excise duty rates have decreased.