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New Tax Plan Targets ₹25.20 Lakh Crore Revenue

New Tax Plan Targets ₹25.20 Lakh Crore Revenue

The Central Board of Direct Taxes has released a new action plan for 2025-26, setting a bold target of ₹25.20 lakh crore for the Income Tax department. This plan includes detailed strategies to improve tax collection, such as analyzing sectors with poor tax payments and encouraging taxpayers to reassess their advance tax obligations. The department aims to tackle incorrect claims on deductions that lead to revenue losses and focus on areas with low tax collection. Additionally, it plans to educate taxpayers about filing returns correctly and issue faster refunds to minimize budget impacts.

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