Summary:

Mr. Ravi Agarwal, Chairman of the Central Board of Direct Taxes (CBDT), announced that India is on track to exceed its direct tax target of US$ 261.52 billion (Rs. 22,07,000 crore) for fiscal year 25. By November 10, net direct tax collections had increased by 15.41%, reaching US$ 143.50 billion (Rs. 12,11,000 crore), with corporate taxes at US$ 60.43 billion (Rs. 5,10,000 crore) and noncorporate taxes totaling US$ 78.45 billion (Rs. 6,62,000 crore).

Taxpayers who have not reported foreign income or assets on their ITRs must file updated forms for FY23 by December 31. The tax department notifies them via SMS and email, with an emphasis on high-value assets. The CBDT verifies foreign assets through automatic information sharing with other governments. Over 6,000 proposals have been submitted for the ongoing review of the Income Tax Act of 1961, aimed at simplifying the language, reducing litigation, and eliminating outdated provisions.

Source: IBEF 

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