Govt to surpass Rs 22.07 trn direct tax collection target: CBDT chief
New Delhi, Nov 18, 2024
The government will exceed the Rs 22.07 trillion 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 assessees 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 Rs 12.11 trillion.
This includes net corporate tax of Rs 5.10 trillion and non-corporate taxes (including taxes paid by individuals, HUFs, firms) of Rs 6.62 trillion.
Securities transaction tax (STT) worth Rs 35,923 crore was mopped up during the period.
The government has set a target to collect Rs 22.07 trillion from direct taxes during the current fiscal.
This includes Rs 10.20 trillion from corporate tax and Rs 11.87 trillion from personal income tax, corporate tax and other taxes.
With regard to notifying taxpayers for non-disclosure of foreign assets, Agarwal said the tax department gets all details about foreign assets from nations under the automatic exchange of information and match such details with the disclosures in the ITRs.
"The basic intent is to remind taxpayers to declare the foreign assets. They can file revised return by December 31," he said.
Foreign assets include foreign bank accounts, foreign cash value insurance, financial interest in any business/entity, immovable property outside India, foreign equity or debit interest, accounts in which an assessee has signing authority, and any other capital assets.
When asked about the progress in income tax law review, the CBDT chief said that public consultation is ongoing and more than 6,000 suggestions have been received by the department.
"I would invite tax payers to come forward and give suggestions on international best practice, statute," he added.
Last month, the CBDT's internal committee invited public inputs for review of the the six-decade-old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. The CBDT has set up 22 specialised sub-committees to review various aspects of the Act.
Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the CBDT had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
[Press Trust of India]
