Hopeful of meeting direct tax collection target for this financial year: CBDT

The CBDT on Monday said it is hopeful of meeting the direct tax collection target for this financial year. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra told reporters here that the Income Tax department “expects to meet the target” and collections will be on expected lines in the remaining months of the fiscal that ends on March 31 next year.

“We are moving at 11.3 per cent net growth and collections till now have been good,” he said.

As per last updated data, Rs 3.77 lakh crore was collected in direct taxes during the April-October period of 2016-17, 10.6 per cent higher than collections in the same period a year ago.

“Till October 2016, 44.5 per cent of the budget estimates of direct taxes for 2016-17 fiscal has been achieved,” the CBDT had said.

Direct tax collection is estimated to grow by 12.64 per cent to Rs 8,47,097 crore in the current fiscal from Rs 7,52,021 crore in 2015-16.