Saturday, Jun 22, 2002
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By Our Special Correspondent
Disclosing this here today, the CBDT chairman, P. K. Sarma, told presspersons that instructions had been issued to all commissionerates to complete tax refunds by July 15. Mr. Sarma also said that the tax department had expedited the computerisation drive to ensure correct assessment of tax and refund. He was optimistic of higher revenue collections this year, particularly going by the collection trends in April-June. "I have reason to be upbeat about the tax collections. The collections for income tax and corporation tax have been good.'' He said advance tax collections were also better in the initial months of this fiscal year. The overall tax collections grew at around 20 per cent in the first two months, with the direct tax mop-up being 19 per cent higher in April-May 2002 compared with the same period last year. Corporation tax collections were growing by 16 per cent while income tax was up by 6.66 per cent in the first two months of the current fiscal. However, revenue collections, especially direct taxes, would have been higher but for the hefty refund of Rs. 5,034 crores during the first two months.
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