Govt to surpass direct tax collection target: CBDT chief
The government will exceed the Rs 22.07 lakh crore direct tax collection target set for the current fiscal, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal said on Monday.
As per the latest data released by the CBDT, between April 1 and November 10, net direct tax collection has grown 15.41 per cent to Rs 12.11 lakh crore. This includes net corporate tax of Rs 5.10 lakh crore and non-corporate taxes of Rs 6.62 lakh crore. Securities transaction tax (STT) worth Rs 35,923 crore was also mopped up during the period.
Agarwal also said that taxpayers who have not disclosed their foreign income or assets in their ITRs have time till December 31 to file their revised return for the 2023-24 fiscal. The tax department is in the process of sending SMS and emails to those assessees, who have not disclosed high-value assets.
Inaugurating the Taxpayers Lounge at the India International Trade Fair (IITF), Agarwal also said that more than 6,000 suggestions have come in for a review of the I-T law to make the language simple and easy to understand. The CBDT has set up 22 specialised sub-committees to review various aspects of the six-decade-old I-T Act.
