FY25 direct taxes: Govt to exceed FY25 direct tax collection target: CBDT chief

The government will exceed the Rs 22.07 lakh crore direct tax collection target set for the current fiscal, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal said on Monday. 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.

“We are hopeful and we believe that we will exceed the budget target for tax collection. Collections from corporate and non-corporate taxes have risen,” Agarwal told reporters here.

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. The government has set a target to collect Rs 22.07 lakh crore from direct taxes for the current fiscal.

This includes Rs 10.20 lakh crore from corporate tax and Rs 11.87 lakh crore from personal income tax, corporate tax and other taxes.