On Monday, Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal stated the government is optimistic of meeting and exceeding the FY24 direct tax collection target.
Positive tax collection trends exist for both corporate and non-corporate (PIT) entities.
The Centre’s direct tax receipts after refunds rose 15.4% to Rs 12.1 lakh crore from April 1 to November 10, exceeding the Budget’s 12.8% growth.
Direct tax receipts (before state transfers) should reach Rs 22.07 lakh crore.
Corporation tax collections grew 6.5% to Rs 5.1 trillion, while non-corporate tax (PIT) receipts rose 20.8% to Rs 6.62 trillion. The Budget predicts 12% growth for the former and 13.6% for the latter.
Income Tax Department Pushes for Foreign Asset Disclosure; 6,000 Comments on Act Review
“Under automatic exchange of information, we receive foreign asset information that many have not declared,” stated the ChairmanIn the event of high-value assets, we are emailing and sending SMS messages,” he said, adding that a “substantial number” of those with undeclared foreign assets above a threshold received the SMS.
Agarwal further reported that the Income Tax Act,1961, review has received over 6,000 public comments. “The objective will be to streamline the Income Tax Act language,” he stated.
Finance Minister Nirmala Sitharaman presented the FY25 Budget on July 23 and announced a “comprehensive review” of the I-T Act by an internal committee.The objective is to make the Act succinct, transparent and easy to read and understand,” she said.
The CBDT has 22 specialized “sub-committees” to study Act provisions.Last Monday, the finance ministry tweeted that these committees have met with domain experts many times to “collaboratively review and recommend improvements” to the Act.
