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The number of income tax assessees is expected to touch 20 million by October 1999, compared to 14.3 million in April 1998. According to projections made by the Central Board of Direct Taxes, there will be around 25 million assessees by the end of the financial year ending 31 March 2000.
A broadened tax base, has resulted in a 25 per cent rise in personal income tax collections during the current fiscal. This has happened for several reasons. Filing of returns has been made compulsory for those who own a phone, a car, a house, a credit card, have travelled abroad, or have a club membership for which more than Rs.25,000 has been paid. In Finance Bill 1999, tax deduction at source was found out to be the best method of expanding the tax base. The direct tax collections of the central government for the last 13 years, the revised estimates for the year 1998-99 and the budget estimates for the year 1999-2000 are given in the following table. | Year | Amount collected
Rs. crore | | 1985-86 | 5,563 | | 1986-87 | 6,236 | | 1987-88 | 6,748 | | 1988-89 | 8,825 | | 1989-90 | 10,005 | | 1990-91 | 11,024 | | 1991-92 | 15,207 | | 1992-93 | 18,132 | | 1993-94 | 20,298 | | 1994-95 | 26,966 | | 1995-96 | 33,563 | | 1996-97 | 38,891 | | 1997-98 | 48,274 | | 1998-99 (RE) | 49,854 | | 1999-2000 (BE) | 56,135 | Source: Government of India website RE - refers to revised estimates
BE - refers to budget estimates
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