Direct tax collection expected to exceed budget target by 30 per cent: CBDT chairman

New Delhi, Nov 15 (PTI) Direct tax collections in the current fiscal are likely to be around 30 per cent higher than the budget target of Rs 14.20 lakh crore.

Central Board of Direct Taxes (CBDT) chairman Nitin Gupta on Tuesday said the budget for the next fiscal may bring some changes in the tax deducted at source (TDS) provision on online gaming to check tax evasion.

The CBDT Chairman said this during the inauguration of the Taxpayers Lounge at the India International Trade Fair (IITF).

He said, “At present there is a provision for deduction of TDS on online gaming. This is an existing provision and will be reviewed if it needs to be amended or retained as such.

At present, the source tax deduction (TDS) on income from online gaming is 10 per cent.

Gupta said the budget target for the financial year 2023-24 is also likely to be higher, given the current buoyancy in tax collections.

“For the current year, we are confident that we will exceed the budget estimate or target by a wide margin,” Gupta told reporters here. This could be 25 to 30 per cent more than the projected target. Looking at the boom in tax collection, next year we will give a good collection to the government.

With a 25 to 30 per cent increase in tax collection, the net direct tax collection for the current financial year will increase from Rs 17.75 to Rs 18.46 lakh crore.