CBDT Confident Of Meeting Rs 11.7 Lakh Crore Direct Tax Target In FY20
The tax department is "reasonably confident" of meeting the revised direct tax collection of Rs 11.7 lakh crore in current fiscal, a senior official said on Wednesday.
Central Board of Direct Taxes Chairman PC Mody said the department is doing data mining and using artificial intelligence to augment revenue, and will not undertake any coercive action.
“Whatever estimates have now been given, I think there is absolute realism to that. I am reasonably confident that we will be able to meet this year's target,” Mody said at a Confederation of Indian Industry post-budget interaction. He said tax collection so far has been fairly good and, historically, tax collections are highest in the last quarter of fiscal.
Of the total direct tax collection for 2019-20, estimated income tax collection stands at Rs 5.59 lakh crore and corporate tax mop at Rs 6.10 lakh crore.
With regard to 2020-21 fiscal direct tax revenue target, Mody said the tax department will use technology and encourage voluntary compliance.
“We are going to make use of technology in a big way. We are doing data mining, using artificial intelligence very very extensively. And the results of that will be visible in the time to come,” he said. Income tax collection target for next fiscal is pegged at Rs 6.38 lakh crore and corporate tax collection at Rs 6.81 lakh crore.