New Delhi, June 9 : Finance Minister P Chidambaram wants the Central Board of Direct Taxes (CBDT) to up the target of tax collections from Rs 3, 65,000 crore estimated in the Budget for 2008-09, by 25 percent.
"Given the actual collection during 2007-08 at Rs 3, 14,468 crore, I have asked the CBDT to quickly revise upwards the (budget) estimate. The estimate will no longer be Rs 3, 65,000 crore. The CBDT will meet over the next couple of days and increase the estimate upwards," Chidambaram told reporters on Monday after the Annual Conference of Chief Commissioners of Income Tax in Vigyan Bhawan here.
He said that the estimates for collection of tax should be raised by 25 percent. Considering 25 percent growth over the last year's figures, the estimate should rise to around Rs 3, 92,000 crore.
Chidambaram warned of prosecution, if anyone tried to escape from filing returns on income for the last three years. Fifteen such cases have already been identified, he added.