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Record-Breaking Tax Recovery: CBDT Collects Rs 20,000 Crore, Doubling Last Year's Figures

Unprecedented Tax Recovery Efforts by CBDT

The Central Board of Direct Taxes (CBDT) has achieved a monumental milestone by recovering Rs 20,000 crore in pending dues within the first quarter of the current financial year. This figure is nearly double the amount collected during the same period last year, marking a significant leap in tax recovery efforts.

Tax evasion or underreporting: CBDT sees whopping Rs 20,000 crore income tax recovery; almost double of last year

Breaking down the recovery: Corporate tax contributed Rs 17,244 crore, personal income-tax added Rs 2,714 crore, and Rs 180 crore came from inadequate or non-payment of tax deducted at source.

Targets and Strategies for Fiscal Year

With an ambitious target to recover Rs 1.96 lakh crore this fiscal year, the CBDT has directed regional offices to intensify their collection efforts. Special focus is being placed on cases where initial appeals have favored the tax department.

Officials are optimistic about achieving this target, citing improved recovery mechanisms and rigorous enforcement against tax evasion and under-reporting.

Challenges and Future Outlook

Despite these successes, tax arrears remain a daunting challenge, with pending demands soaring to Rs 42 lakh crore as of October 1, 2024. The department is committed to recovering Rs 27 lakh crore from this outstanding amount, underscoring the ongoing battle against tax evasion.