All tax payers to disclose their true income and pay appropriate taxes within the current financial year-Finance Minister

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.

PIB

Related to Your Search:

• Government urges all tax Payers to pay Appropriate taxes and to disclose their True income within the Current Financial Year…
• Government sets target to add one crore more Income Tax payers this year
• CBDT: Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days
• Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax
• Finance Minister conveys Government’s Appreciation to tax payers for their contribution towards Nation building
• CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building
• IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March
• Income Tax Offices shall remain open on 29th, 30th and 31st of March, 2014
• Income Tax Refund : Interest on Income Tax refund amount due to delay