CBDT Chairman urges taxpayers to correct foreign income omissions by Dec 31 to avoid penalties.

The CBDT Chairman, Ravi Agarwal, urges taxpayers with foreign income or assets to correct omissions in their tax returns by December 31. The CBDT is identifying discrepancies via the Automatic Exchange of Information system and has received over 6,000 suggestions to simplify tax laws. Agarwal is optimistic about surpassing the direct tax collection target of Rs22 lakh crore for the current fiscal year, with Rs12 lakh crore already collected.

November 18, 2024
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