22% jump in net direct tax revenue in HI FY24

Access to data of "undisclosed" real estate assets located overseas-under active consideration of G20 countries. will further boost the technology-driven compliance system of the income tax authority, which was one of the key factors behind a robust 22% jump in annualised net direct tax collections in the first half of 2023-24 at over 9.50 lakh crore, a senior official said on Tuesday.

- Rajeev Jayaswal

G20 countries are working on automatic exchange of data related to undisclosed "immovable properties" abroad beyond the current arrangement of sharing financial data, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said.

On the initiative of the Indian presidency, leaders of the G20 agreed to cooperate towards "a globally fair, sustainable and modern" international tax system and adopted the OECD Report on Enhancing International Tax Transparency on Real Estate in their Delhi Declaration on September 9.

The OECD report proposed automatic exchange of such information among countries on a real-time basis.