Centre hopes to surpass the direct tax target of Rs 22 lakh crore in the current fiscal year 2024-25, Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal said on Monday.
Speaking to media persons at the inauguration of the Taxpayers’ Lounge at India International Trade Fair 2024, the CBDT chief said, “Will not only meet but also hope to exceed direct tax budget target of (Rs) 22 lakh crore in FY25. Trends of direct tax collection indicate we will meet budget target.”
Recently, the CBDT launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their income tax returns (ITRs) for AY 2024-25.
“A substantial number of people who have undeclared foreign assets above a certain threshold have been sent SMS. This is an effort to onboard the taxpayer and they need to file revised returns by December 31,” he said.
CBDT chief further talked about the ongoing review of the Income Tax Act. He said that more than 6,000 suggestions have been received from the public on it.
The changes in the Income Tax Act are likely to be incorporated in the upcoming Budget.
“The focus will be to simplify the Income Tax Act language,” he said.
The income-tax (I-T) Department warned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law.
The department issued a public advisory as part of a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25.
CBDT also launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR).
In a statement, CBDT said informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITRs for AY 2024-25.
Ravi Agarwal said a substantial number of people have been sent SMS who have undeclared foreign assets above a certain threshold. This is an effort to onboard the taxpayer and they need to file revised returns by December 31.