Direct tax revenue may exceed target, says FM

Jul 22 2014, 01:32 IST
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SummaryJaitley asks income tax officers to focus efforts on unearthing black money within the country

Finance minister Arun Jaitley on Monday said direct tax revenue collections would not only meet the R7.36 lakh crore target set for this fiscal, but also be exceeded.

The Income Tax Department will closely monitor the advance tax payments of top assessees, tax deducted at source by those who make large payments to clients and tax payments made by entities covered by the minimum alternate tax and alternate minimum tax.

At a two-day annual conference of the Income Tax Department, Jaitley told senior officers that they have to work in a non-adversarial, non-intrusive, transparent and fair manner, while at the same time dealing firmly with tax evaders.

An official statement issued by the finance ministry said Jaitley has asked senior officers to focus efforts on unearthing black money within the country, which the minister estimated to be quite large. Efforts to bring back the black money stashed abroad are also under way.

The government has already set up a special investigation team (SIT) headed by former Supreme Court Judge MB Shah to unearth black money stashed abroad.

Revenue secretary Shaktikanta Das urged senior officers to find innovative means to achieve revenue targets, while being fair and transparent. He also asked them to avoid frivolous and avoidable litigation.

Chairman of the Central Board of Direct Taxes (CBDT) RK Tiwari informed that officials collected R6.38 lakh crore in direct taxes last fiscal, against the revised target of R6.36 lakh crore. Direct tax receipts have gone up sixfold over the last decade.

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