I-T dept confident of meeting Rs 4 lakh cr target

Having collected Rs 2.8 lakh crore from direct taxes till February, the Income Tax department today exuded confidence that it will meet the target of Rs 4-lakh crore in the current fiscal.

"This year, total IT target is Rs 4,00,000 crore and we have already collected Rs 2,80,000 crore," Central Board Direct Taxes (CBDT) Chairman SSN Moorthy told reporters here today on the sidelines of a CII seminar.

"We are making all efforts to collect the remaining amount within the limited time and are hopeful of achieving the target," he said.

From Mumbai alone, the department has so far collected Rs 1,00,000 crore out of its target of 1,42,000 crore which is 10-12 per cent higher than last year's collection, he said.

On the proposed direct tax code, he said the department is working on a revised draft which should be ready in the next three-four months.

The department is in the process of preparing Saral 2 forms and will bring it within two months, he said, adding "the new Saral 2 forms will include salaried people and the minimum income interest/house property section too."

On the centralised processing centre for processing tax returns, he said "we have already have a centre in Bangalore and are planning to open two more centres. We have yet to decide the locations", but added it would not be in Mumbai.