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Will meet FY20 direct tax target of Rs 11.7 lakh cr: Mody

Will meet FY20 direct tax target of Rs 11.7 lakh cr: Mody

The tax department will meet the revised direct tax target of Rs 11.7 lakh crore in the ongoing financial year, Central Board of Direct Taxes (CBDT) chairman PC Mody said, owing to high tax collections expected in the fourth quarter, which has been the trend for the past years.

In the next financial year, the department will use artificial intelligence and data mining to enhance revenue collections, which will help it meet the target for FY21as well. “Whatever estimates have now been given, I think there is absolute realism to that... I am reasonably confident that we will be able to meet this year’s target,” Mody said at a CII post-budget interaction Wednesday.

“We are going to make use of technology in a big way. We are doing data mining, using artificial intelligence very very extensively. And the results of that will be visible in the time to come,” he said.

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