Pranab asks I-T Dept to meet tax mop-up target

Finance Minister Pranab Mukherjee today directed the Income Tax Department to make all efforts to achieve the revised direct tax target of Rs 4 lakh crore to contain the critical parameters of the economy, especially when there was slippage in indirect tax collections. He said this while addressing the All-India Conference on Tax Deduction at Source (TDS).

Income tax collections grew 8.5 per cent in December 2009 to 2 lakh crore.

“To achieve the revised target, the role of TDS Directorates and Commissionerates is crucial for widening as well deepening of the tax base as TDS is one of the most efficient non-intrusive ways of tax collection at the earliest point of a financial transaction,” he said.