Returns filing: Over 44-lakh high-value spenders on I-T radar
4 March 2015 12:51 AM GMT
In order to mop up a larger share of revenue before the end of the current financial year, the Income Tax department has identified over 44 lakh high-value spenders in the country who have not filed their returns till now. A total of 44,07,193 non-filers for assessment year 2013-14 who are expected to file their tax returns by March 31, the closing date for fiscal 2014-15, are on the radar of the I-T department.
“Over 44 lakh filers have potential tax liabilities. The department expects them to file their I-T returns on time,” a senior tax department official said. High value transactions include purchases of expensive goods, purchase of immovable assets and big deposits in bank accounts among others.
The official added that failure to file returns or late filing will invite prosecution or penalty action by the I-T department and notices in this regard will “immediately” be issued to the assesses after the end of this month. The taxman tracks high value spenders through its electronic data mining tools and it keeps track of each such transaction till the appropriate taxes are paid in this regard.
“Over 44 lakh filers have potential tax liabilities. The department expects them to file their I-T returns on time,” a senior tax department official said. High value transactions include purchases of expensive goods, purchase of immovable assets and big deposits in bank accounts among others.
The official added that failure to file returns or late filing will invite prosecution or penalty action by the I-T department and notices in this regard will “immediately” be issued to the assesses after the end of this month. The taxman tracks high value spenders through its electronic data mining tools and it keeps track of each such transaction till the appropriate taxes are paid in this regard.
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