<h1>Finance Minister Urges Income Tax Department to Transition to Direct Tax Code; Sets Rs. 5.33 Lakh Crore Target for 2011-12.</h1> The Finance Minister inaugurated the 27th Annual Conference of Chief Commissioners and Directors General of Income Tax, urging the department to prepare for the transition from the Income Tax Act 1961 to the Direct Tax Code Bill. The Minister set a tax collection target of Rs. 5.33 lakh crores for 2011-12, emphasizing the need for improved tax administration and technology use. He highlighted the importance of addressing tax refunds and grievances, enhancing taxpayer services, and preparing for the Direct Tax Code Bill's implementation. The Minister also discussed the establishment of a Directorate of Criminal Investigation to tackle tax crimes related to illegal activities.