I-T dept to continue sending letters to non-filers: FinMin
26 March 2013 1:37 AM GMT
Encouraged by the 'results', Finance Ministry on Monday said it will continue to send letters to assesses who do not file income tax return. 'We have been sending letters. We are getting results.
The number of returns filed are showing an increase. We intend to continue with the efforts,' Revenue Secretary Sumit Bose said at an Assocham event here.
The Income Tax Department has already issued letters to over one lakh non-filers for failure to file I-T returns in the past couple of months.The letters contain summary of information about financial transactions along with customised response sheet with a view to know why the person has not filed the income tax return.
As per the department, there are over 12 lakh PAN (Permanent Account Number) holders who had not filed income tax returns. After identifying the defaulters, the department has already sent letters to over one lakh such assessees.
Finance Minister P Chidambaram recently said the steps taken by the tax department to check evasion is reaping results as over 10,000 assessees have disclosed their income and filed taxes on receiving the letter.
Bose further said the Tax department's effort is to widen the tax base in order to augment revenue.
'As the tax base widens, hopefully in near future, tax rates could fall,' Bose said.
Although the Budget 2013-14 has kept the tax rates unchanged, it has proposed a 10 per cent surcharge on those whose annual income exceeds Rs one crore.The measure is likely to impact about 42,800 assesses and contribute about 1 per cent additional revenue to the government.
The number of returns filed are showing an increase. We intend to continue with the efforts,' Revenue Secretary Sumit Bose said at an Assocham event here.
The Income Tax Department has already issued letters to over one lakh non-filers for failure to file I-T returns in the past couple of months.The letters contain summary of information about financial transactions along with customised response sheet with a view to know why the person has not filed the income tax return.
As per the department, there are over 12 lakh PAN (Permanent Account Number) holders who had not filed income tax returns. After identifying the defaulters, the department has already sent letters to over one lakh such assessees.
Finance Minister P Chidambaram recently said the steps taken by the tax department to check evasion is reaping results as over 10,000 assessees have disclosed their income and filed taxes on receiving the letter.
Bose further said the Tax department's effort is to widen the tax base in order to augment revenue.
'As the tax base widens, hopefully in near future, tax rates could fall,' Bose said.
Although the Budget 2013-14 has kept the tax rates unchanged, it has proposed a 10 per cent surcharge on those whose annual income exceeds Rs one crore.The measure is likely to impact about 42,800 assesses and contribute about 1 per cent additional revenue to the government.
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