Quick Summary
In a bold move to curb black money and strengthen the formal economy, the Central Board of Direct Taxes (CBDT) has unveiled an aggressive action plan for the fiscal year 2025-26. According to sources, the board has set an ambitious target of unearthing Rs 2.4 lakh crore in undisclosed income-the first time such a massive goal has been officially laid out. The CBDT's strategy, aimed at plugging systemic loopholes and bringing the informal economy into the mainstream tax net, involves a two-prong
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FAQ :
The CBDT aims to unearth Rs 2.4 lakh crore in undisclosed income for the fiscal year 2025-26.
The CBDT will use a two-pronged approach combining intrusive methods like searches and raids (60% of the target) and non-intrusive methods such as data analytics and financial intelligence (40% of the target).
High-risk sectors prone to tax evasion, including manufacturing, services, agriculture, healthcare, mining, liquor trade, hawala operations, and scrap dealing, are being targeted.
Directorate Generals of Income Tax must identify these sectors by May 2025.
Mumbai has a target of Rs 60,000 crore, Delhi Rs 45,000 crore, and Bengaluru and Ahmedabad Rs 20,000 crore each.
The initiative aligns with the government's agenda to promote a less-cash, more formal economy, improve tax compliance, boost revenues, and combat the shadow economy.
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