The Union Finance Minister Arun Jaitley on Thursday asked the senior officers of the Central Board of Direct Taxes (CBDT) not to lose sight of domestic black money keeping in view its much higher magnitude.
He asked the senior officers of the Income Tax Department to make their best efforts to chase those sectors where the domestic black money is most prevalent. He said that the recovery of black money and taxes due thereon will also help the Department in achieving its tax collection targets.
Speaking on the occasion, Jaitley said that with the rise in economy prospects, it is expected that the Revenue Department would be able to achieve its targets for the year 2014-15. Revenue Collection targets for Direct taxes for the Financial Year 2014-15 has been fixed at Rs. 7,36,221 crore and the Department has made net collections as on 20th October, 2014 of Rs. 2,96,802 crore during the current year (1st April-20th October, 2014). Gross collections were to the tune of Rs. 3,77,652 crore while Refunds were made of Rs.80,850 crore during this period. Thus Gross Collections grew at the growth rate of 13.6 per cent.