Direct tax mop-up may shoot over FY25 target

New Delhi : The government will exceed the Rs22.07 lakh crore direct tax collection target set for the current fiscal, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal said on Monday. 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 assesses, 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 income tax law to make the language simple and easy to understand.

“We are hopeful and we believe that we will exceed the budget target for tax collection. Collections from corporate and non-corporate taxes have risen,” Agarwal told reporters here. 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 Rs12.11 lakh crore.