Central Board of Direct Taxes (CBDT) Chairman Ravi Aggarwal on Monday said the government will easily meet the direct tax collection target of Rs 22.07 trillion for this financial year. He also reported that taxpayers who have not declared their income or assets abroad have until December 31 to submit their revised Income Tax (ITR) return. The tax department is informing those taxpayers who have not disclosed high value foreign assets through SMS and email.
Inaugurating the Taxpayer Hall at the India International Trade Fair (IITF), Agarwal said that more than 6,000 suggestions have been received to make the Income Tax Act simple and understandable. He expressed hope that the government will surpass the tax collection target as there has been an increase in corporate and individual tax collections. According to CBDT data, from April 1 to November 10, net direct tax collection increased by 15.41% to Rs 12.11 trillion, including corporate tax of Rs 5.10 trillion and personal taxes and others of 6.62 trillion rupees.
Aggarwal said the tax department receives information on foreign assets from abroad through Automatic Information Exchange and compares it with taxpayers’ income tax returns. He reminded taxpayers that they can disclose their foreign assets and file revised returns until December 31. Foreign assets include foreign bank accounts, foreign insurance, foreign property, foreign stocks or other capital assets.
On the issue of reforming the Income Tax law, Aggarwal said the department has so far received more than 6,000 suggestions and they are working to make it simple, effective and contemporary. CBDT has formed 22 special committees to review various aspects of this law.
