The Hindu Business Line : Direct tax collections up 32 pc in Q1: CBDT chief

DIRECT tax collections have increased by 32 per cent in the first quarter of the current fiscal to about Rs 16,000 crore, a top Finance Ministry official has said.

"This increase has come even after a more than 7 per cent drop in the personal income-tax collections during the April-June period of the current year," Mr Berjinder Singh, Chairman of the Central Board of Direct Taxes (CBDT), told reporters on the sidelines of the 21st Annual Conference of Chief Commissioners and Director-General of Income-Tax here on Thursday.

While the corporate tax collection for the April-June 2005 period stood at about Rs 9,000 crore, the personal income-tax collection stood at about Rs 7,000 crore.

"The main reason why personal income-tax has come down this quarter is the readjustment of income tax slabs undertaken in this year's budget. Besides the scaling up of tax brackets, a consolidated limit of Rs 1 lakh for savings in addition to the basic exemption limits was also granted. All this is impacting the personal income tax collections," he said.

The CBDT Chairman, however, expressed confidence that the department would be able to make up for the shortfall by September. For 2005-06, the Government has budgeted direct tax revenues at Rs 1,76,812 crore (personal income-tax of Rs 66,239 crore and corporate income-tax of Rs 1,10,573 crore).

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