The government is set to surpass the Rs 22.07 lakh crore direct tax collection target for FY25, according to CBDT Chairman Ravi Agarwal. Taxpayers with undisclosed foreign income or assets have until 31st December to file revised returns, with the tax department notifying high-value asset holders via SMS and email.

CBDT Chairman Ravi Agarwal stated that the government expects to surpass the Rs 22.07 lakh crore direct tax target for FY25, with corporate and non-corporate tax collections showing growth.

Between 1st April and 10th November, net direct tax collection rose 15.41% YoY to Rs 12.11 lakh crore, including Rs 5.10 lakh crore from corporate taxes and Rs 6.62 lakh crore from non-corporate taxes.

While inaugurating the Taxpayers Lounge at IITF, Agarwal mentioned receiving over 6,000 suggestions for simplifying income tax laws and improving their accessibility.

The Securities Transaction Tax (STT) collection amounted to Rs 35,923 crore between 1st April and 10th November.

The government’s FY25 direct tax target is Rs 22.07 lakh crore, including Rs 10.20 lakh crore from corporate tax and Rs 11.87 lakh crore from personal income tax and other taxes.

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