So far in the current financial year, the central government’s net direct tax collection has increased by 15.4 percent year-on-year to Rs. 12.1 lakh crore has happened.
CBDT chairman Ravi Aggarwal on Monday said that the central government in the current financial year 2024-25 will spend Rs. 22 lakh crore hopes to cross the direct tax target.
“Not only that but the direct tax budget is expected to cross the target of (Rs) 22 lakh crore in FY25. Direct tax collection trends indicate that we will meet the budget target,” Agarwal told media at the inauguration of the Taxpayers’ Lounge at the India International Trade Fair 2024 in New Delhi. Money Control.
According to official data, in the current financial year so far (April 1-November 10), the central government’s net direct tax collection rose 15.4 percent year-on-year to Rs. 12.1 lakh crore has happened.
Recently, the Central Board of Direct Taxes (CBDT) has launched a campaign to send messages to taxpayers who have not declared high value foreign income or assets in their Income Tax Returns (ITRs) for AY 2024-25.
“A significant number of SMSes have been sent to people who have undeclared foreign assets above certain limits. This is an attempt to onboard the taxpayer and they need to file revised returns by December 31,” he said.
On the ongoing review of the Income Tax Act announced by Finance Minister Nirmala Sitharaman, he said more than 6,000 suggestions have been received from the public.
Changes in the Income Tax Act are likely to be included in the next budget. “The focus will be on simplifying the language of the Income Tax Act,” he said.