FBT collection at Rs 1,740cr: CBDT chief

M S Dharda, chairman of Central Board of Direct Taxes (CBDT), said the government has collected Rs 1,740 crore from fringe benefit tax (FBT) till now.

Considering the complex calculations, he said in a lighter vein: "FBT is fast becoming trauma."

The budget will simplfy FBT provisions, and revise rates on some heads, he added.

The government was confident of meeting the budget target of 34% growth for direct taxes at Rs 1,75,000 crore although collections have only been Rs 96,000 crore till the third week of December, Dharda said.

"Collection till now is about Rs 96,000 crore. Normally, we expect 60% of the budget estimate to be collected by December. We should have collected over Rs 1,00,000 crore," Dharda said.