Indian Government Set to Surpass Direct Tax Collection Target

The Indian government is expected to exceed the Rs 22.07 lakh crore direct tax collection target for the fiscal year. Taxpayers have until December 31 to disclose foreign income or assets in revised ITRs. The CBDT highlights increased collections and ongoing efforts to simplify tax laws.

The Indian government is on track to exceed its ambitious direct tax collection target of Rs 22.07 lakh crore for the current fiscal year, according to Ravi Agarwal, chairman of the Central Board of Direct Taxes (CBDT).

Highlighting a remarkable 15.41% growth in net direct tax collection, reaching Rs 12.11 lakh crore as of November 10, 2023, Agarwal emphasized that both corporate and non-corporate taxes have surged considerably. This includes Rs 5.10 lakh crore from corporate taxes and Rs 6.62 lakh crore from non-corporate entities.

Taxpayers who have yet to disclose foreign income or assets in their Income Tax Returns have a deadline till December 31 to submit revised returns. Meanwhile, the department is actively contacting those with undisclosed high-value assets. The CBDT's efforts to make tax legislation more comprehensible have garnered over 6,000 suggestions in a recent review effort.

(With inputs from agencies.)