Govt to surpass Rs 22.07 trn direct tax collection target: CBDT chief

 Agarwal also said that taxpayers who have not disclosed their foreign income or assets in their ITRs have time till December 31 to file their revised return for the 2023-24 fiscal.

The tax department is in the process of sending SMS and emails to those assessees who have not disclosed high-value assets.

 Inaugurating the Taxpayers Lounge at the India International Trade Fair (IITF), Agarwal also said that more than 6,000 suggestions have come in for a review of the income tax law to make the language simple and easy to understand.

 This includes net corporate tax of Rs 5.10 trillion and non-corporate taxes (including taxes paid by individuals, HUFs, firms) of Rs 6.62 trillion.

 With regard to notifying taxpayers for non-disclosure of foreign assets, Agarwal said the tax department gets all details about foreign assets from nations under the automatic exchange of information and match such details with the disclosures in the ITRs.

 Foreign assets include foreign bank accounts, foreign cash value insurance, financial interest in any business/entity, immovable property outside India, foreign equity or debit interest, accounts in which an assessee has signing authority, and any other capital assets.