The Hindu Business Line : 24% rise in direct tax collections

THE direct tax collection for the period April -December 2003-04 has registered a growth of 24 per cent compared to the corresponding period of the previous financial year, 2002-03.

Tax authorities are confident that direct tax collections will not only meet the budgeted target of Rs 95,000 crore but in all probability cross the Rs 1,00,000 crore mark by the end of the current financial year.

This was stated by Mr M.F. Alam, Chief Commissioner - II at a function in the city. According to him, direct tax collections will be more than the individual revenue collections of customs authorities and excise departments. However, total indirect tax collection will be more than direct tax collection.

Mr Alam was addressing a small gathering after the launching of the 12th edition of the book, `How to Handle Income-Tax Problems', written by Mr Narayan P. Jain, advocate, tax consultant and visiting faculty member of National University of Juridical Sciences, and Mr Dilip Loyalka, a chartered accountant. The book was launched by Chief Justice of Himachal Pradesh High Court Mr V.K. Gupta.

In West Bengal, Mr Alam said, corporate tax collections have already exceeded the budgetary target but in the personal tax sector the authorities are lagging behind the targeted amount. "This is more because of the huge refunds being made by the department," he said.