The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between income and transactions, the Ministry of Finance informed on Tuesday.
Compliance with Schedule FA and FSI is mandatory under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which requires the full disclosure of foreign assets and income.
According to the latest figures released by the Central Board of Direct Taxes (CBDT), the net direct tax collection surged 15.4 per cent to Rs 12.1 lakh crore as of November 10, 2024, after refunds of Rs 2.91 lakh crore.
This is in pursuance of the announcement in the Union Budget 2024-25 by Union Finance Minister Nirmala Sitharaman.
In pursuance of the announcement made by Finance Minister Nirmala Sitharaman in the Union Budget, the Central Board of Direct Taxes (CBDT) has notified the Direct Tax Vivad Se Vishwas Scheme, 2024 (referred as DTVSV, 2024) to resolve pending appeals in the case of income tax disputes.
In 2023, gross tax collections of Rs. 12.67 lakh crore mark a 17.7% YoY increase, with net collections reaching Rs. 10.64 lakh crore, reflecting a 23.4% growth.
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Net direct tax collections so far this financial year are at Rs 700,669 crore, an increase of 23 per cent as compared to Rs 568,147 crore till the same period
Income Tax department said that CBDT has issued refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers.
