Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal said on Monday announced that The government will exceed the Rs 22.07 lakh crore direct tax collection target set for the current fiscal.
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.
Collections from corporate and non-corporate taxes have risen.
As per the latest tax collection data released by the CBDT, between April 1 to November 10, net direct tax collection has grown 15.41 per cent to Rs 12.11 lakh crore.
This includes net corporate tax of Rs 5.10 lakh crore and non-corporate taxes (including taxes paid by individuals, HUFs, firms) of Rs 6.62 lakh crore.
Securities transaction tax (STT) worth Rs 35,923 crore was mopped up during the period.
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