Govt Set to Exceed Rs 22.07 Lakh Crore Direct Tax Collection Target: CBDT Chairman

The direct tax collection in India surged during the April-November period in the current fiscal year

The deadline to file revised returns for the 2023-24 fiscal is December 31.

Source : ABPLIVE AI

The government is poised to surpass its Rs 22.07 lakh crore direct tax collection target for the current fiscal year, Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal announced on Monday. Speaking at the inauguration of the Taxpayers Lounge at the India International Trade Fair (IITF), Agarwal expressed optimism about achieving higher-than-expected collections.

"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," he told reporters.

The direct tax collection in India surged during the April-November period in the current fiscal year. The central government logged a collection of Rs 12.1 lakh crore in the period under review, climbing 15.41 per cent against the corresponding period in the preceding 2023-24 fiscal year (FY24).

Revised ITR Deadline for Undisclosed Foreign Income

Agarwal also issued a reminder for taxpayers to disclose foreign income or assets in their Income Tax Returns (ITRs). The deadline to file revised returns for the 2023-24 fiscal is December 31. The tax department has begun sending SMS and emails to assessees who have not reported high-value assets.

Tax Collection Growth

As per the latest CBDT data, net direct tax collections between April 1 and November 10 have grown by 15.41%, reaching Rs 12.11 lakh crore. This includes:

Net corporate tax: Rs 5.10 lakh crore

Non-corporate taxes (including individual, HUF, and firm contributions): Rs 6.62 lakh crore

Securities Transaction Tax (STT): Rs 35,923 crore

The government’s target for the fiscal includes Rs 10.20 lakh crore from corporate tax and Rs 11.87 lakh crore from personal income tax and other sources.

Income Tax Law Review Receives Overwhelming Response

Agarwal also highlighted efforts to simplify income tax laws, revealing that the CBDT has received over 6,000 suggestions to make the legal language more user-friendly.

The developments underline the government’s robust tax revenue growth and ongoing reforms aimed at easing taxpayer compliance.