New Delhi : In the recent Union Budget, the government unveiled a range of new tax measures. To help make sense of these changes, ETV Bharat had an exclusive chat with Central Board of Direct Taxes Chairman Ravi Agrawal. He shared that the government’s main goal is to help taxpayers understand their responsibilities and streamline the payment process.
Agrawal also highlighted the growing problem of cyber frauds targeting taxpayers. He warned people to be on guard against scams that promise fake tax refunds or freebies. He explained that many of these fraudulent schemes are offered through calls and SMS messages with harmful links, asking for OTPs or directing people to click on suspicious links to supposedly receive a refund.
No Plan to Extend Deadline
When asked about the possibility of extending the income tax filing deadline as many people are facing glitches, Ravi Agrawal told ETV Bharat that there are no plans to do so as of now. He noted that by July 31 last year, 6.77 crore returns had been filed. This year, over 5 crore returns have already been submitted, which is 8 percentage points more than the same date and time last year, indicating improved compliance and a more efficient system.
Agrawal also emphasized that the next five days are critical due to the anticipated increase in filings. The department is working closely with Infosys, their technology partner, to keep the system running smoothly and address any issues promptly.
According to the latest data, 28 lakh returns were filed on Thursday and 15 lakh returns had been submitted by 5 PM today. With an average of 2 lakh returns being filed every hour, the system is handling the volume well, so there’s no need to extend the filing deadline at this point.
More Tax Collection
Last year, the CBDT collected ₹19.58 lakh crore in taxes. This year’s target has been set at ₹22 lakh crore, reflecting a 12.5% increase. Ravi Agrawal said, "currently, we are about 22% ahead of the same period last year, and we are on track to meet our budget goals".
According to the CBDT Chairman, the government is now accessing data from multiple sources, including 2.25 crore TDS transactions and 400 crore third-party transaction records. This extensive data makes tax evasion less likely. We are providing this information to taxpayers through the Annual Information Statement (AIS), which helps them plan their returns more effectively. Additionally, the scheme for updated tax returns has been launched, and so far, 72 lakh updated returns have been filed, demonstrating that taxpayers are willing to comply with their tax responsibilities.
On Vivad Se Vishwas Scheme
When asked about the reintroduction of the Vivid Se Vishwas scheme, the Chairman explained that the Income Tax Department wants to give taxpayers another chance to settle unresolved direct tax appeals and end disputes. The scheme is set to take effect from December 31, 2024.
LTCG Issue
Addressing concerns about long-term capital gains, he assured that the scheme will be beneficial for taxpayers. The rebate clause for reinvesting in the same asset class remains unchanged. This means that if someone uses the proceeds from selling a property to buy another property, they will continue to receive the usual benefits.
He also highlighted that the new proposed Direct Tax Code aims to simplify tax regulations, making the tax system easier to understand. This is not about eliminating existing tax norms but about improving clarity and accessibility.
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