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Ms S.S.N. Moorthy

Our Bureau

Mumbai, Feb. 3 The direct tax collections as of date are short by around Rs 1 lakh crore of the target set for the current financial year, said Mr S.S.N Moorthy, the newly appointed Chairman of Central Board of Direct Taxes.

The Income-Tax department had targeted to collect Rs 3,65,000 crore for the financial year 2008-09, which was revised upwards to Rs 3,95,000 crore in September last year, before the financial crisis broke out.

“We are hopeful of reaching the target,” Mr Moorthy said.

The slowdown in the economy will make it tough to meet the target, said Mr P.V. Bhide, Revenue Secretary.

However, the Government will mobilise all the resources at its disposal to meet the targets, Mr Moorthy said.

The officials were speaking on the sidelines of the foundation stone laying function of the residential complex for income-tax employees.

For the financial year 2007-08, the total direct tax collected stood at Rs 3,14,668 crore. Of this, Mumbai contributed Rs 1,13,991 crore, around one-third of total direct tax collections.

In the current financial year so far, the total direct tax collections are estimated to be over Rs 2,50,000 crore till date, a senior Income-Tax official said.

Last year, the total direct tax collections stood at Rs 2,28,745 crore as on February 15.

This fiscal, Mumbai has contributed Rs 87,941 crore to the direct tax kitty.

The Government is hoping to collect around Rs 1,50,000 crore from the financial capital by the end of the financial year.

A senior I-T official said that since around 30 per cent of the collections come in the month of March, the shortfall would be more or less met.

The direct tax collections have been growing at around 12 per cent, said Mr Moorthy.

By the end of the year, we expect the collections to grow at around 20 per cent, he said.

The advance tax collections have seen a slowing down in the December quarter, he said.

More Stories on : Taxation | Economy

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