The government is expecting to exceed the direct tax collection target of Rs 4.30 lakh crore for 2010-11 on the backdrop of high economic growth of 8.9 per cent recorded during the first half of the current fiscal. Pinning hopes on higher tax realisation in the fourth quarter, Central Board of Direct Taxes (CBDT) chairman Sudhir Chandra today said, “we are hoping to exceed the budgeted target for net direct tax collections this fiscal.”
According to certain estimates, total direct tax collections could be around Rs 4.5 lakh crore as against the budgetary estimate of Rs 4.3 lakh crore.
Encouraged by the high economic growth, Finance Minister Pranab Mukherjee recently raised the direct tax collection target by Rs 20,000 crore to Rs 4.5 lakh crore for the current fiscal.
Direct taxes mainly include corporate tax, income tax and wealth tax.
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