In order to mop up a larger share of revenue before the end of the current financial year, the Income Tax department has identified...
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.
The department expects taxpayers, the official said, to file their I-T returns for AY 2013-14 and 2014-15 before the said time limit.
“Online filing of tax returns is the best option. However, a taxpayer can always go to a tax office, take help of a Tax Return Preparer or visit tax filing stalls which be held this month,” the official said.
The department, in order to achieve the direct tax collection target, is undertaking all-round efforts to collect as much revenue as possible including undertaking steps to get good collection under the Tax Deduction at Source (TDS) category.
“TDS collections is less by about 50 per cent this time as compared to the last period.
According to figures of February, in 2013-14 financial year the growth under this head was 16.73 per cent while in the current fiscal of 2014-15 the growth percentage is just 7.84 per cent.
The CBDT, the apex policy making body of the I-T department, also asked the taxman to ensure that those assesses who have made “handsome” self-assessment tax declarations should be tapped to deposit it as advance tax so that the figures could be collated and reflected in this fiscal.
The budgeted target under the direct tax category is fixed at Rs 7.36 lakh crore for the current fiscal and as per the CBDT it had collected Rs 5,46,661 crore till January 23.
In order to ensure better TDS and Advance Tax collections, I-T officials have been asked to make on-spot visits to defaulting organisations and also interact with officials and individuals responsible under the established official mechanism in this regard, another tax department official said.
The official, however, asserted that the department was confident of achieving and even surpassing the budgeted tax target despite issuing large number of refunds.