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‘Will not only meet but hope to exceed direct tax budget target of Rs 22 lakh crore in FY25. Trends of direct tax collection indicate we will meet budget target,’ says CBDT Chairman Ravi Agarwal.
During the current financial year so far, the Union government’s net direct tax collection grew 15.4 per cent year-on-year to Rs 12.1 lakh crore.
CBDT Chairman Ravi Agarwal on Monday said the central government is hopeful of surpassing the direct tax target of Rs 22 lakh crore in the current fiscal year 2024-25.
“Will not only meet but hope to exceed direct tax budget target of (Rs) 22 lakh crore in FY25. Trends of direct tax collection indicate we will meet budget target,” Agarwal told mediapersons at the inauguration of the Taxpayers’ Lounge at India International Trade Fair 2024 in New Delhi, according to Moneycontrol.
According to the official data, during the current financial year so far (April 1-November 10), the Union government’s net direct tax collection grew 15.4 per cent year-on-year to Rs 12.1 lakh crore.
Recently, the Central Board of Direct Taxes (CBDT) launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their income tax returns (ITRs) for AY 2024-25.
“A substantial number of people have been sent SMS who have undeclared foreign assets above a certain threshold. This is an effort to onboard the taxpayer and they need to file revised returns by December 31,” he said.
On the ongoing review of the Income Tax Act that was announced by Finance Minister Nirmala Sitharaman, he said that more than 6,000 suggestions have been received from the public on it.
The changes in the Income Tax Act are likely to be incorporated in the upcoming Budget. “The focus will be to simplify the Income Tax Act language,” he said.
