CBDT sets Rs. 5.30 lakh crore as tax collection target

Buoyed by mammoth tax mobilisation in last fiscal, Central Board of Direct Taxes (CBDT) has set a tax collection target of Rs 5.30 lakh crore for the current fiscal, which is up by 19 per cent compared with last fiscal’s collections.

“The tax collection target for current fiscal is Rs 5.30 lakh crore,” CBDT Chairman Sudhir Chandra told reporters here.

The Income Tax department had collected record collection to the tune of 4.46 lakh crore in 2010-11 despite issuing record tax refunds of Rs 74,000 crore.

“We issued 85 lakh tax refunds worth Rs 74,000 crore last fiscal. Despite issuing huge amount of refunds, we crossed our tax collection target of Rs 4.46 lakh crore in 2010-11,” he said.

Asked about staff shortage, Chandra admitted that the I-T Department was facing severe shortage of staff across the country.

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