Direct tax: Taxmen asked to step up collections to meet higher target
CBDT has asked its field officers to intensify their efforts and focus more on areas of better performance, because of the overwhelming aim of Rs 10.05 million lakh crore, the highest decision-making body for direct taxes.
In the 2018-19 Budget, the government increased the direct tax, which includes the personal income tax and the corporate tax, collection target of Rs 10.05 lakh crore of Rs 9.80 lakh crore initially budgeted. At a review meeting earlier this month, the Central Board of Direct Taxes (CBDT) sets a higher goal for areas that perform well.
We are looking for a better-anticipated tax collection for the January-March quarter, if the trend continues from October to December, we can reach the target of Rs 10 lakh crore. We will check if the tax assessment matches the income profile
Adding that the reimbursements will also be monitored closely. In addition, taxpayers have been advised to ensure that taxes deducted at the source (TDS) are duly deposited in the Central Treasury and that arrears are made.
Higher targets have been set for areas that are on track to reach their initial goal.
The official also said that the demonetization data are being analyzed to verify if, according to the presented tax returns, some taxes could be recovered in the current fiscal.
In the period from April to January, the government collected Rs 6.95 lakh crore from direct taxes, which was 69.2% of the revised estimate of Rs 10.05 lakh crore for 2017-18 full fiscal. In the last fiscal year (2016-17), the government had collected Rs 8.49 lakh crore as direct taxes.