NEW DELHI: The current fiscal year is likely to be a watershed for income tax compliance and the tax department is returning the favour with quick refunds. The government has budgeted a fiscal deficit of 3.3% of GDP for the current fiscal year.At the end of November, the fiscal deficit had already touched 114.8% of the fullyear estimate, triggering concerns about a breach of the target. The government expects income tax returns to touch 70 million this year. Gross personal income tax witnessed a growth of 17.53% in the period under review, while corporate tax collections rose 14.76%. The government has budgeted Rs 11.5 lakh crore from direct taxes in the current fiscal, up 14% from Rs 10 lakh crore collected in FY18.

Source: Economic Times January 07, 2019 02:48 UTC