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FM asks CBDT to target higher tax collection

FM asks CBDT to target higher tax collection
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First Published: Mon, Jun 09 2008. 02 49 PM IST
Updated: Mon, Jun 09 2008. 02 49 PM IST
PTI
New Delhi: Enthused by over 36% increase in direct tax collections during 2007-08, Finance Minister P Chidambaram has asked the department concerned to aim for higher collections this fiscal.
“Given the actual collection during 2007-08 at Rs3,14,468 crore, I have asked the Central Board of Direct Taxes to quickly revise upwards the (budget) estimate.
“The CBDT will meet over the next couple of days and increase the estimate upwards,” Chidambaram told reporters after the annual conference of Chief Commissioners of Income Tax.
He said even if a 25% growth is estimated over last year’s figure, the budget estimate must be revised upwards sharply. This will push the estimate to over Rs3,92,000 crore.
Chidambaram also said that during searches and surveys, if anybody is found not filing or has stopped filing returns on income for the last three years, their case will be taken up for prosecution. “Fifteen such cases have already been identified,” he added.
CBDT is planning to introduce bio-metric PAN (Permanent Account Number) cards, for which it would invite bids from suppliers.
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First Published: Mon, Jun 09 2008. 02 49 PM IST