Enthused by over 36 per cent increase in direct tax collections during 2007-08, Finance Minister P Chidambaram on Monday asked the department to aim for higher collections this fiscal than the Rs 3,65,000 crore (Rs 3,650 billion) estimated in the Budget for 2008-09."Given the actual collection during 2007-08 at Rs 3,14,468 crore (Rs 3144.68 billion), I have asked the Central Board of Direct Taxes to quickly revise upwards the (budget) estimate.
"The estimate will no longer be Rs 3,65,000 crore. The CBDT will meet over the next couple of days and increase the estimate upwards," Chidambaram said. He said even if a 25 per cent growth is estimated over last year's figure, the budget estimate must be revised upwards sharply.
Twenty five per cent growth over the last year's collection will push the estimate to over Rs 3,92,000 crore (Rs 3,920 billion).
Chidambaram also said that during searches and surveys, if anybody is found not filing or has stopped filing returns on income for the last three years, their case will be taken up for prosecution. Fifteen such cases have already been identified, he added.
CBDT is planning to introduce bio-metric PAN (Permanent Account Number) cards, for which it would invite bids from suppliers.
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