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The government is poised to surpass the direct tax collection target of Rs 22.07 lakh crore set for the current fiscal year, according to Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal. Speaking on Monday, Agarwal expressed confidence in exceeding the ambitious target based on robust collections from both corporate and non-corporate taxes.
As per PTI, the CBDT chairman also reminded taxpayers who have not disclosed their foreign income or assets in their Income Tax Returns (ITRs) that they have until 31 December to file revised returns for the 2023-24 fiscal year. To encourage compliance, the tax department is reaching out via SMS and email to individuals identified as holding high-value assets but failing to report them.
Inaugurating the Taxpayers Lounge at the India International Trade Fair (IITF), Agarwal highlighted the department's efforts to simplify tax laws. "We have received over 6,000 suggestions for reviewing the income tax law. Our goal is to make the language clear and user-friendly," he stated.
According to PTI, the CBDT's latest figures reveal that net direct tax collections between April 1 and November 10 grew by 15.41%, reaching Rs 12.11 lakh crore. This amount comprises Rs 5.10 lakh crore from corporate taxes and Rs 6.62 lakh crore from non-corporate taxes, including taxes paid by individuals, Hindu Undivided Families (HUFs), and firms. The collection from Securities Transaction Tax (STT) during this period stood at â¹35,923 crore.
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The government's fiscal target includes Rs 10.20 lakh crore from corporate tax collections and Rs 11.87 lakh crore from personal income tax, corporate tax, and other taxes combined. Agarwal added, "Collections have shown consistent growth, reflecting the strength of our tax system and the compliance of taxpayers."
According to PTI, the Taxpayers Lounge at IITF is designed to promote awareness about the tax system and encourage voluntary compliance. It also showcases the Income Tax Department's initiatives in leveraging technology to make tax filing more accessible and transparent.
The government remains optimistic about achieving and surpassing its fiscal goals, demonstrating confidence in both the country's economic activity and the efficiency of the tax collection system.
(With inputs from PTI)
