Ravi Agarwal Urges Taxpayers to Correct Foreign Income Discrepancies by December 31
Ravi Agarwal Urges Taxpayers to Correct Foreign Income Discrepancies by December 31
Ravi Agarwal, Chairman of the Central Board of Direct Taxes (CBDT), has called on taxpayers with foreign income or assets to rectify any omissions in their tax returns by December 31. Speaking at the India International Trade Fair (IITF), Agarwal highlighted the department's use of the Automatic Exchange of Information system to identify discrepancies. He encouraged taxpayers to file revised returns if needed and noted that guidance notes are available to assist them.
Agarwal expressed confidence in surpassing the government's direct tax collection target of Rs22 lakh crore for the fiscal year, with Rs12 lakh crore already collected. He attributed this success to taxpayer compliance and the Indian economy's growth. Reflecting on the Income Tax Department's presence at the IITF, Agarwal recalled initiating the taxpayer lounge concept in 2008, which has since expanded significantly, enhancing taxpayer services and accessibility.
Doubts Revealed
Ravi Agarwal
Ravi Agarwal is the Chairman of the Central Board of Direct Taxes (CBDT) in India. The CBDT is a part of the Indian government that deals with taxes.
Central Board of Direct Taxes
The Central Board of Direct Taxes (CBDT) is a government agency in India that manages the collection of direct taxes like income tax.
Foreign Income Discrepancies
Foreign income discrepancies refer to mistakes or missing information about money earned or assets owned in other countries that should be reported in tax returns.
Automatic Exchange of Information
The Automatic Exchange of Information is a system where countries share financial information with each other to help find tax evasion.
Rs22 lakh crore
Rs22 lakh crore is a large amount of money, specifically 22 trillion rupees, which is the target for tax collection in India.
India International Trade Fair
The India International Trade Fair is a big event where businesses from India and other countries show their products and services.
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