Hopeful of achieving direct tax collection target of FY14: CBDT
March, 26th 2014
Pinning hopes on last minute rush of payment of taxes by corporate and individuals, the government is hopeful of achieving revised direct tax collection target of Rs 6.36 lakh crore for this fiscal.
The government has as on March 22 collected Rs 5.82 lakh crore of direct taxes, a CBDT official said today, adding, there is still one more week to go before the close of the current financial year.
"We are hopeful of achieving revised direct tax collection target of Rs 6.38 lakh crore for 2013-14. We have, as on March 22, collected Rs 5.82 lakh crore, which is 13.6 per cent higher than the last year's collection in the corresponding period," Central Board of Direct Taxes (CBDT) Chairman R K Tewari told reporters here.
"We are optimistic about the economy an tax collection," he added.
Tewari said they have also taken "certain steps to galvanise the entire department so that in the remaining days of the current fiscal, the department is able to collect Rs 45,800 crore. We will be receiving some taxes by way of advance tax also," he added.
According to official data, as of March 22, the I-T department needs to further achieve a net collection of Rs 45,800 crore before the current fiscal closes this month on March 31.
Tewari further said that the overall advance tax collection as on March 22 grew by 8.7 per cent to Rs 2,90,323 crore. Advance tax collection in the corresponding period last year had stood at Rs 2,66,192 crore, he said.
Corporate advance tax collection as on March 22 grew by 10.8 per cent in 2013-14 to Rs 2,44,396 crore. Personal advance tax grew by 11.2 per cent to Rs 45,927 crore.
The CBDT top boss further said that 2.56 crore online Income Tax returns were filed (till March 22) in the current fiscal year, which is 40 per cent higher than same period in the last fiscal.
"Our electronic I-T filing is well received by the public. Even persons who are not mandatory required to file online ITR, are filing their returns online," Tewari said.
Talking about refunds, the CBDT Chairman said, that the numbers under this head also grew by 13.61 per cent to Rs 84,999 crore against Rs 80,729 crore in the last fiscal.