New Delhi, Nov 16: Government is hopeful of surpassing direct tax target of Rs 95,714 crore this fiscal and would soon put in place national tax tribunal to ensure that disputes are resolved within six months. Although cases have been filed in some high courts opposing the setting up of NTT, the Central Board of Direct Taxes Chairman P L Singh said "this issue will be sorted out and the tribunal will be in place shortly."
He said the government will also increase the number of benches in Income Tax Appellate Tribunal (ITAT) by 50 in phases from the present 53 benches now.
Once NTT comes up and ITAT benches are increased, Singh said "within one and half year, we will be in a position to dispose of any tax dispute within six months from the date of filing of the case."
Commenting on the tax situation, he said "industry is doing very well and we shall be able to cross the budget target for direct tax this fiscal. May be this will be achieved for the first time in many years."
Direct tax collections grew by 18.62 per cent to Rs 38,758.61 crore till October this year from Rs 32,674 crore in April-October 2002.
The direct tax mop up till October works out to be 40 per cent of the Rs 95,714 crore estimated in the budget for the entire fiscal year.
Bureau Report