FM Asks CBDT To Tax Receipts From Direct Taxes - June 10, 2008

The Finance Minister, Mr P. Chidambaram, on June 9 urged the Central Board of Direct Taxes (CBDT) to substantially revise upwards the direct tax collection target for 2008-09, in the wake of continued optimism in the economy, improved tax compliance and attendant jump in such tax receipts. The move to go in for a sharp upward revision in the budget estimates comes on the back of record direct tax collections in 2007-08, which witnessed a hefty increase of 36.6 per cent over the previous year. Against the Budget estimate of Rs 3,65,000 crore for the current fiscal, the Finance Minister had on June 9 impressed upon them the possibility of getting Rs 4,00,000 crore tax receipts from direct taxes.