Monday, 11 February 2013

Government Once again urges all Tax Payers to Disclose their true income and pay appropriate Taxes within the Current Financial Year

Government Once again urges all Tax Payers to Disclose their true income and pay Appropriate Taxes within the Current Financial Year; Nodal Cell set up to Capture the Response and take Follow-up Action; an Online Monitoring System to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment 

The Union Finance Minister Shri P. Chidambaram has repeatedly emphasized that there is need for a non–intrusive tax administration to enable the tax payer to file his return and pay appropriate taxes. 

In the statement made by the Revenue Secretary to the media on 10th December 2012, he had stated that there is no advantage in suppressing the true income or avoiding paying income tax that is due because, sooner or later, the information available with the Income Tax Department will lead the department to the doors of such persons. 

The Directorate of Systems of the Income Tax Department has undertaken a business intelligence project to identify PAN holders who have not filed Income Tax Return and about whom specific information is available in 148 information codes of Annual Information Return (AIR), Central Information Branch (CIB) data and TDS/TCS Returns. Information in the Cash Transaction Reports (CTRs) of FIU-IND has also been included as part of this data matching exercise. This data analysis has identified target segment of 12,19,832 non-filers linked to more than 4.7 crore information records. Rule based algorithms have been used to identify high priority cases for follow-up and monitoring. 

In the first batch, letters are being sent to 35,170 PAN holders by the Directorate of Intelligence and Criminal Investigation. The letter contains the summary of the information of financial transaction(s) along with a customized response sheet and seeks to know whether the person had filed his Income Tax return or not. A Nodal cell has been set up to capture the response and take follow-up action. There will be an online monitoring system to ensure follow-up action and track return filing and tax payment of the target segment. 

The Government would once again urge all tax payers to disclose their true income and pay appropriate taxes within the current financial year. 


suman haq said...

That's a misconception. The millionaires you speak of pay the capital gains rate only on their investment income. Their regular income is tax at 35%, the highest possible rate. Everyone has an opportunity to take advantage of the capital gains rate of 15%, but you have to invest your money to do it.

Sushma Joiya Pandit said...

In the opinion of Integrated Congress of Women Entrepreneurs all the traders, shopkeepers ( Micro, small or medium ) must have
1. PAN Card
2. Sales Tax Registration Number ( whether they are eligible or not)
3. Every shopkeeper must have a service tax registration.

Simply by having these formalities, annual return will become compulsory.

Dr Mrs Sushma Joiya Pandit
Integrated Congress of Women Entrepreneurs.

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