"Provisional direct tax collections show that the department will exceed the revised estimate of direct tax collection target by about Rs 5,000 crore," Central Board of Direct Taxes (CBDT) Chairman R K Tewari said, the PTI reported.
According to the revised target, the government was eying a target of Rs 641,835 crore from direct tax revenue in FY 2013-14 which ended on March 31, 2014. The previous budget estimate for direct tax revenue collection stood at Rs 6.68 lakh crore.
Corporate advance tax collection as on March 22, 2014 grew by 10.8 per cent in FY 2013-14 to Rs 2,44,396 crore. Personal advance tax grew by 11.2 per cent to Rs 45,927 crore in the same period, the PTI reported recently. Higher revenue from direct taxes will help prune the government's fiscal deficit.
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