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14
November 2018
 |
Tax
(The Total Investment & Insurance Solutions)
Direct tax collection has already crossed Rs
5 lakh crore and will exceed the budgeted target of Rs 11.5 crore set for the
current fiscal, CBDT Chairman Sushil Chandra said Wednesday. He further said
that so far the I-T department has issued refunds to 2.15 crore assessees
amounting to Rs 1.15 lakh crore and from now onwards the net collections will
increase. "We have already crossed the Rs 5 lakh crore figure that is 44
per cent of the net direct tax collection target. This is despite the fact
there is a surge in refund," Chandra said.
Speaking to reporters after inaugurating the
pavillion of the Central Board of Direct Taxes (CBDT) at the India
International Trade Fair (IITF), Chandra said the number of people voluntarily
filing tax returns has gone up substantially, and 6.85 crore income tax returns
were filed last year. This year so far 6.02 crore ITRs have been filed with the
Income Tax Department. The number of direct taxpayers was 3.8 crore when the
Modi-led government took office in May 2014.
The CBDT chief said that so far the net
growth rate in direct tax collection is 14.5 per cent, while the gross
collection grew 16.5 per cent. "Our asking rate is 14.55 per cent and
definitely we will exceed our target Rs 11.5 lakh crore. There is buoyancy. In
the second quarter, there has been good profit to India Inc and we saw very
good advance tax collection," Chandra said. The Total Investment & Insurance Solutions
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