Government to surpass US$ 261.52 billion (Rs. 22,07,000 crore) direct tax collection target: Central Board of Direct Taxes (CBDT) Chairman, Mr. Ravi Agarwal
- IBEF
- November 19, 2024
The Central Board of Direct Taxes (CBDT) Chairman, Mr. Ravi Agarwal, announced that the government is set to exceed its direct tax collection target of US$ 261.52 billion (Rs. 22,07,000 crore) for FY25. As of November 10, net direct tax collection has grown by 15.41% to US$ 143.50 billion (Rs. 12,11,000 crore), driven by increases in both corporate and non-corporate tax receipts. Corporate tax collections reached US$ 60.43 billion (Rs. 5,10,000 crore). In contrast, non-corporate taxes, including those from individuals, Hindu Undivided Families (HUFs), and firms, amounted to US$ 78.45 billion (Rs. 6,62,000 crore). Additionally, Securities Transaction Tax (STT) collected during this period totalled US$ 4.26 billion (Rs. 35,923 crore). The target for the current fiscal includes US$ 120.87 billion (Rs. 10,20,000 crore) from corporate tax and US$ 140.66 billion (Rs. 11,87,000 crore) from personal income tax and other taxes.
He also mentioned that taxpayers who have not disclosed foreign income or assets in their Income Tax Returns (ITRs) have until December 31 to file revised returns for FY23. The tax department notifies these taxpayers via SMS and email, focusing on high-value asset disclosures. The CBDT utilises the automatic exchange of information with other countries to verify foreign asset details against ITR filings. Furthermore, he revealed that over 6,000 suggestions have been received for the ongoing review of the Income Tax Act 1961, which aims to simplify its language, reduce litigation, and eliminate obsolete provisions. This review is part of a government initiative to make the tax law more transparent and easier to understand.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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