IT collections to exceed targets

Direct tax collection is set to cross Rs 100,000 crore during this fiscal, crossing the target set by finance ministry by a good margin.

In the first nine months of this fiscal, direct tax collection was up 24 per cent, M F Alam, chief commissioner of income tax - II, Kolkata, said. Direct tax collection would be more than proceeds from customs and excise duties.

"Even though the total tax collection under indirect tax (customs and excise) will be higher than direct tax collection, on a standalone basis, the latter would be higher than customs or excise duty," Alam said.

Speaking about the scenario in West Bengal, he said corporate tax payment has gone up in six month. However, the collection from private tax has been lagging behind in the state mainly due to IT refunds, he noted.

Alam was speaking at a book release ceremony in Kolkata today. In the ceremony, 12th edition of the book 'How to Handle Income Tax Problems' written by Narayan Jain and Dilip Loyalka was formally released by justice V K Gupta, chief justice of Himachal Pradesh High Court.