Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal expressed hope on Monday that the income tax revenue target of ₹24.20 lakh crore set in the current financial year's budget can be achieved.
When asked why refunds are being delayed even after taxpayers have filed their income tax returns long ago, he stated that several high-value refunds or those flagged in the system are being scrutinised through automated processes. He informed that taxpayers have also been urged to file revised returns by adding any information they may have forgotten to include while filing their returns.
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Mr Agarwal also expressed that the process of issuing smaller refunds has started. Analysis has revealed that several incorrect refund applications have been made. This is an ongoing process. The department is hopeful that issuance of the remaining refunds will be completed within this month or by the month of December.
Regarding tax collection, he informed that direct tax collection is growing at a rate of 6.99% compared to last year, which is extremely encouraging. We hope that it will be possible to achieve the target adopted in the budget by the end of this year.
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He claimed that a good response has also been received from taxpayers. Net direct tax collection from April 1 to November 10 of the current financial year has increased by 6.99% to ₹12.92 lakh crore. Substantial revenue from corporate tax and the slow pace of refunds are the main reasons for this.
