Direct Tax Collection:  Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal said on Monday that the government will exceed the direct tax collection target of Rs 22.07 lakh crore set for the current financial year. He also stated that taxpayers who have not disclosed their foreign income or assets in their ITRs have until December 31 to file revised returns for the financial year 2023-24.

The tax department is in the process of sending SMS and emails to taxpayers who have not disclosed high-value assets. While inaugurating the taxpayer lounge at the India International Trade Fair (IITF), Agarwal also stated that over 6,000 suggestions have been received for reviewing the income tax law to make the language simpler and easier to understand.

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We expect and are confident that we will surpass the budget target for tax collection. Collections from corporate and non-corporate taxes have increased, Agarwal told the media.

According to the most recent tax collection statistics released by the CBDT, net direct tax collection between April 1 and November 10 climbed 15.41 per cent to Rs 12.11 lakh crore. This includes a net corporate tax of Rs 5.10 lakh crore and non-corporate tax (including taxes paid by individuals, HUFs, and firms) of Rs 6.62 lakh crore.

During this period, securities transaction tax (STT) of Rs 35,923 crore was collected. The government has set a target of collecting Rs 22.07 lakh crore from direct taxes for the current financial year. This includes Rs 10.20 lakh crore from corporate tax and Rs 11.87 lakh crore from personal income tax, corporate tax, and other taxes.

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(With Agencies Inputs)