Chidambaram to open income tax annual meet on Monday

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New Delhi, Jun 6 (UNI) Finance Minister P Chidambaram will inaugurate the 24th annual conference of chief commissioners and directors general of income tax here on Monday.

The conference will discuss measures for speeding up processing of tax returns, augmenting revenue collection and managing switchover to single national database.

The two-day conference will also deliberate on measures for improving selection and quality of tax scrutiny, creation of knowledge bank and database of best practices, implementation of the business process reengineering report, and improving investigation techniques and oversight mechanism.

Direct tax collections at Rs 3,14,468 crore surpassed indirect taxes for the first time by about Rs 34,000 crore in the fiscal 2007-08.

In 2007-08, net direct tax collections went up by 36.6 per cent to Rs 3,14,468 crore from Rs 2,30,184 crore in 2006-07.

The growth in corporate taxes was 32.1 per cent (Rs 1,90,653 crore as against Rs 1,44,318 crore), while personal income tax grew by 42.1 per cent (Rs 1,14,277 crore as against Rs 80,397 crore).

The cost of direct collection in India declined to an all-time low of 0.54 per cent, among the lowest in the world, Finance Ministry said in a statement this evening.

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