I-T department scanner on 40.72-lakh high spenders
17 Feb 2014 1:29 AM GMT
According to data, the department has information on 40,72,829 persons who had made cash deposits amounting to Rs 10 lakh or more in their saving bank accounts in the current fiscal.
‘With technical solutions at the department's disposal, there is a lot of information that is readily available to the authorities.
‘We just want to send across the message that nothing in clandestine and the department would get to know every transaction especially high value ones,’ a senior I-T department official said. Amongst other information that the department possesses is that 40,40,396 people who purchased mutual fund units of Rs 2 lakh or more, bonds or debentures of Rs 5 lakh or more, shares issued by companies of Rs 1 lakh or more and bonds issued by RBI of Rs 5 lakh and above.
The tax department's official data prepared recently also states that 15,55,220 persons purchased or sold immovable property worth Rs 30 lakh or more; 20,61,443 persons made payments of Rs 2 lakh or more in a year against their credit card bills; people who received interest income of Rs 50,000 and above from banks and people who purchased bullion or jewellery of Rs 5 lakh or more.
The I-T department, sources said, has also send notices for non-filing of taxes to close to 12 lakh people and entities even as many more such notices are in the offing. With the enhancement of technology, a lot of electronic data is now available to tax sleuths including that from the Financial Intelligence Unit (FIU) which has a specific task of looking for suspicious and high-value money transfer cases in the country's banking and economic channels. The I-T department, by releasing such data, intends to bring all such transactions into the tax net before the closing of the 2013-14 fiscal on 31 March and garner as much revenue as possible. Failure to declare correct income is now taken on a priority basis in the department and defaulters stand to be penalised upto 300 per cent on the evaded tax and prosecution in a court of law is also initiated, the official said.
‘GST will benefit electronics manufacturing industry’
New Delhi: Stating that present tax system is hindering its progress, the electronics manufacturing industry has demanded implementation of GST in the next financial year. ‘While government is making all efforts to promote the electronics manufacturing, the anomalies in tax system are resulting in slowing down our progress and having a regressive impact on the industry,’ industry body ELCINA’s Secretary General Rajoo Goel said.
‘ELCINA demands urgent implementation of GST (Goods and Services Tax), definitely not later than April, 2014,’ he added. Another industry body Consumer Electronics and Appliances Manufacturers Association (CEAMA) also said GST should be introduced without any delay. ‘A set-top-box maker in India has to pay VAT between 12.5 and 14 per cent when it is given to cable companies while imported STB attracts zero duty. GST will address this anomaly,’ CEAMA SG Suresh Khanna said.
‘With technical solutions at the department's disposal, there is a lot of information that is readily available to the authorities.
‘We just want to send across the message that nothing in clandestine and the department would get to know every transaction especially high value ones,’ a senior I-T department official said. Amongst other information that the department possesses is that 40,40,396 people who purchased mutual fund units of Rs 2 lakh or more, bonds or debentures of Rs 5 lakh or more, shares issued by companies of Rs 1 lakh or more and bonds issued by RBI of Rs 5 lakh and above.
The tax department's official data prepared recently also states that 15,55,220 persons purchased or sold immovable property worth Rs 30 lakh or more; 20,61,443 persons made payments of Rs 2 lakh or more in a year against their credit card bills; people who received interest income of Rs 50,000 and above from banks and people who purchased bullion or jewellery of Rs 5 lakh or more.
The I-T department, sources said, has also send notices for non-filing of taxes to close to 12 lakh people and entities even as many more such notices are in the offing. With the enhancement of technology, a lot of electronic data is now available to tax sleuths including that from the Financial Intelligence Unit (FIU) which has a specific task of looking for suspicious and high-value money transfer cases in the country's banking and economic channels. The I-T department, by releasing such data, intends to bring all such transactions into the tax net before the closing of the 2013-14 fiscal on 31 March and garner as much revenue as possible. Failure to declare correct income is now taken on a priority basis in the department and defaulters stand to be penalised upto 300 per cent on the evaded tax and prosecution in a court of law is also initiated, the official said.
‘GST will benefit electronics manufacturing industry’
New Delhi: Stating that present tax system is hindering its progress, the electronics manufacturing industry has demanded implementation of GST in the next financial year. ‘While government is making all efforts to promote the electronics manufacturing, the anomalies in tax system are resulting in slowing down our progress and having a regressive impact on the industry,’ industry body ELCINA’s Secretary General Rajoo Goel said.
‘ELCINA demands urgent implementation of GST (Goods and Services Tax), definitely not later than April, 2014,’ he added. Another industry body Consumer Electronics and Appliances Manufacturers Association (CEAMA) also said GST should be introduced without any delay. ‘A set-top-box maker in India has to pay VAT between 12.5 and 14 per cent when it is given to cable companies while imported STB attracts zero duty. GST will address this anomaly,’ CEAMA SG Suresh Khanna said.
Next Story
