Having already reached the revised direct tax collection estimate of Rs 3,04,000 crore, the Central Board of Direct Taxes (CBDT) is likely to mop up Rs 3,20,000 crore as direct taxes during 2007-08.
Finance Minister P Chidambaram also appears hopeful that the Rs 3,04,445 crore target will be surpassed by a few thousand crores, a PTI report has said.
While the chief controller of accounts is yet to confirm the numbers, sources say the revised estimate has been achieved, prompting the board to hike the target to Rs 3,20,000 crore.
We are looking to close the year anywhere between Rs 3,10,000 crore and Rs 3,20,000 crore, said an official. The official said the optimism stemmed from a 50 per cent surge in TDS (tax deducted at source) collections.
Tax collections in 2007-08 have already exceeded the original target for the fiscal which was set at Rs 2,67,490 crore as against the actual collections of Rs 2,30,091 crore in 2006-07.
To help collections from small tax-payers , the Reserve Bank of India has been asked to extend banking hours and provide special clearing facilities over the weekend.
Mumbai, which traditionally contributes the most to the tax kitty, saw a near 50 per cent growth in advance tax paid by the top 100 companies in the zone.