Direct tax collection to exceed target this fiscal: CBDT chief

The I-T department issued 1.15 lakh crore worth of refunds: CBDT chairman Sushil Chandra

PTI
Updated14 Nov 2018
CBDT chairman Sushil Chandra said 6.85 crore income tax returns were filed last year. Photo: PTI
CBDT chairman Sushil Chandra said 6.85 crore income tax returns were filed last year. Photo: PTI

New Delhi: Direct tax collection has already crossed 5 lakh crore and will exceed the budgeted target of 11.5 crore set for the current fiscal, CBDT chairman Sushil Chandra said on Wednesday.

The I-T department had issued refunds to 2.15 crore assessees amounting to 1.15 lakh crore, he added.

“We have already crossed the 5 lakh crore figure, which is 44% of the net direct tax collection target. This is despite the fact there is a surge in refund,” Chandra said.

Speaking to reporters after inaugurating the pavilion of the Central Board of Direct Taxes (CBDT) at the India International Trade Fair (IITF), Chandra said the number of people voluntarily filing tax returns had gone up substantially, and 6.85 crore income tax returns were filed last year. This year so far, 6.02 crore ITRs were filed with the tax department.

The number of direct taxpayers was 3.8 crore when the Modi-led government took office in May 2014.

The CBDT chief said so far the net growth rate in direct tax collection was 14.5%, while the gross collection grew 16.5%. “Our asking rate is 14.55% and definitely we will exceed our target of 11.5 lakh crore. There is buoyancy. India Inc reported good profits in the second quarter and we saw very good advance tax collection.”

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeindustrybankingDirect tax collection to exceed target this fiscal: CBDT chief

Most Active Stocks

Indus Towers

334.00
10:29 AM | 19 JUN 2024
-9.9 (-2.88%)

Bharat Electronics

309.30
10:26 AM | 19 JUN 2024
-8.95 (-2.81%)

HDFC Bank

1,658.00
10:24 AM | 19 JUN 2024
49.25 (3.06%)

Tata Steel

180.05
10:25 AM | 19 JUN 2024
-1.1 (-0.61%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Alok Industries

29.50
10:27 AM | 19 JUN 2024
2.15 (7.86%)

Jubilant Ingrevia

554.95
10:16 AM | 19 JUN 2024
39.85 (7.74%)

Triveni Engineering & Indus

413.75
10:29 AM | 19 JUN 2024
28.85 (7.5%)

Shree Renuka Sugars

51.22
10:29 AM | 19 JUN 2024
3.47 (7.27%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,281.00-238.00
    Chennai
    72,711.00-1,095.00
    Delhi
    73,495.00-24.00
    Kolkata
    73,566.00191.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsloanPremiumGet App