Finance Minister P Chidambaram is living in the hope of tax collections remaining buoyant. Advance tax numbers so far reflect a hope. But there is a massive problem at the ground level. FM''s own men are saying that the tax department lacks the capacity to absorb and process growing number of tax returns. With over 3 crore taxpayers on the IT department''s record, the taxman has admitted that the department has a capacity to process only 2.48 cr tax returns. For the fiscal ended, 2.75cr returns have already been filed. What is more shocking is the fact that the no of tax returns lying unprocessed or the cumulative pendency of returns has shot up to 1.78 crore, upto April 1, 2008.
These numbers have been shared with the finance minister during the chief commissioner''s meeting held last month. It is ironic that in the same meeting, the finance minister told his taxmen to hike the target for tax collections to Rs 4 lakh crore.
These numbers have been shared with the finance minister during the chief commissioner''s meeting held last month. It is ironic that in the same meeting, the finance minister told his taxmen to hike the target for tax collections to Rs 4 lakh crore.
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