Financial Daily from THE HINDU group of publications
Tuesday, Jul 27, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 27, 2004 |
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Industry & Economy
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Taxation Direct tax mop-up records 52% jump Our Bureau
New Delhi , July 26 NET direct tax collections of the Central Government up to July 15 increased by 52.02 per cent to Rs 16,412 crore, against Rs 10,796 crore collected in the same period last year. This was stated by the Chairperson of the Central Board of Direct Taxes (CBDT), Ms Shoba Mazumdar, in her address at the 20th conference of Chief Commissioners and Director Generals of Income-Tax here on Monday. "The target for the current year is, to say the least, daunting. Going by the present trend in collection, we should be able to achieve the targets that have been set for the current fiscal," Ms Mazumdar said. She said that the initiatives on computerisation and the significant changes in the business processes of the I-T Department would enable the in meeting the targets. The Budget estimates for direct tax collections during 2004-05 has been pegged at Rs 1,39,500 crore, which is about 32.55 per cent more than the actual collections of Rs 1,05,236 crore achieved in 2003-04. The two-day conference has been convened to devise effective strategies and action plan for achieving the budgetary targets for direct tax collections in 2004-05. During her address at the inaugural session of the conference, Ms Shoba Mazumdar announced that the scheme of electronic filing of returns would be extended to 60 cities during the current year. A pilot scheme for electronic filing of returns of income was introduced in financial year 2003-04. She also said that the rules relating to the annual information return (AIR) would be announced as soon as the Finance Bill 2004 is passed by Parliament.
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