CBDT Chairman Optimistic About Direct Tax Collection for Current Fiscal Year

Mumbai, November 18, 2024: The Chairman of the Central Board of Direct Taxes (CBDT), Ravi Agarwal, has expressed confidence that India's direct tax collection for the current fiscal year will not only meet but likely exceed its budget target of Rs 22 lakh crore.

According to reports from Mumbai, CBDT Chairman Agarwal attributed this optimistic outlook to strong trends in direct tax collections. He also mentioned that a significant number of taxpayers with undeclared foreign assets above a certain threshold have been sent SMS alerts by the Income Tax Department, urging them to come forward and disclose their assets.

As part of the ongoing effort to onboard missing taxpayers, Agarwal emphasized the need for these individuals to file revised returns by December 31 to avoid any penalties or interest liabilities. Additionally, he announced that over 6,000 suggestions have been received from taxpayers during the review process of the Income Tax Act.

With six months remaining in the fiscal year, tax authorities are hopeful that direct tax collections will surpass the target and contribute significantly to the government's revenue goals. Agarwal's comments suggest a positive tone among tax officials as they gear up for the year-end rush of filing returns.