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Direct Tax department sets target of Rs 13.19 lakh crore for FY21

Direct Tax department sets target of Rs 13.19 lakh crore for FY21

The income-tax department has set its budgetary direct tax collection target for 2020-21 at Rs 13.19 lakh crore, 28% more than the actual collections in the year ended March 31. 

The department is heavily relying on the Vivad se Vishwas scheme, a direct tax dispute resolution mechanism, which it wasn’t able to roll up owing to the outbreak of the Covid-19 pandemic and the national lockdown that started on March 25, officials privy to the development told ET. 

The country’s direct tax collections for FY20 stood at Rs 10.27 lakh crore, 12.2% short of the revised estimate of Rs 11.7 lakh crore mentioned in the Union budget for FY21 presented in February, and 8% lower than the previous year’s collections.

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