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'CBDT to meet Rs 95,000 cr tax target'
July 15, 2003 16:24 IST
The target of Rs 95,000 crore (Rs 950 billion) tax realisation through income and corporate tax for the current financial year will be achieved, P L Singh, chairman of Central Board of Direct Taxes said in New Delhi on Tuesday.
"We are confident of meeting the Rs 95,000 crore target this year," Singh told reporters on the sidelines of the 19th All India Conference of Chief Commissioners and Director Generals of Income Tax, Central Excise and Customs.
He said the revenue collection has risen by 26 per cent till the end of June.
Earlier, he told the conference that the department is reducing its paper work and providing friendly taxpayer service so that people do not feel they are being harassed.
Currently 50 out of the 501 income tax stations are computerised and networked. This work is expected to be completed in all stations by November, he said.
As many as 2.61 crore (26.1 million) income tax applications were processed during the last financial year and refunds have been cleared till December 12, 2002, Singh added.