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I-T department likely to pitch for lower income tax target in next Budget, says report

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I-T department likely to pitch for lower income tax target in next Budget, says report

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The department is pushing for a cut in the target for this year as the previous fiscal's target was missed.

I-T department likely to pitch for lower income tax target in next Budget, says report
The income tax (I-T) department is likely to pitch for a cut in the I-T target for the current financial year before the full Budget of the newly elected government is presented, reported Business Standard.
The department is pushing for a cut in the target for this year as the previous fiscal's target was missed, the daily said.
If the target remains unchanged, the department is likely to push for a personal income tax collection growth rate of 29 percent, higher than the 26 percent growth in the 2016-17 financial year, the report said.
I-T department officials told the paper that it will not be feasible to change a growth rate of nearly 30 percent in the personal income tax when the economy is only growing between 11 and 12 percent.
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