Penalty can be levied at 100 to 300 % tax evaded, while tax is imposed at highest rate of 30 %...!

I - T Captures Transactions to Nab Tax Evaders..!

Sometimes many people instruct banks  not to deduct tax on their deposits. The income tax department has captured this information and is asking people on what basis are they claiming the deduction. If you do not report now it will be treated as willful concealment.

Inthis case, penalty can be levied at 100 to 300 % of the tax evaded, while tax is imposed at the highest rate of 30 %. 
 

Central Processing Centre (CPC) for Tax Deducted at Source (TDS) at Vaishali in Ghaziabad & CPC for electronic tax returns in Bangalore are working as the brain of the tax department. By matching income tax returns filed by the taxpayer with the data available in their systems, these processing Centres are helping detect cases where correct income is not reported by a taxpayer, knowingly or unknowingly.
 

The Income Tax department identified 12 lac taxpayers who had a PAN card. but did not file their income tax return. Letters have already been sent to 1.75 lac such people. More letters are on the way.

Currently, there are only 3.4 lac taxpayers in India a country of 120 crore people. Of these, 2.1 crore people filed their returns online past year & the number is expected to go up to 2.8 crore this year as Budget 2013-14 made it mandatory for people with taxable income more than Rs. 5 lakh in a year to file their returns in the electronic mode. Besides, if the exempt income of a person is above than Rs. 5,000, he or / she can not file the simple ITR - 1 form & would be required to furnish details under ITR 2.  

The Income Tax department has geared up to make their e-filing utility more user - friendly through a revamped & simplified portal. It is planning to introduce electronic PIN based verification for e - filers from this year so that they need not send a hard copy of acknowledgment  ITR - V to the CPC in Bangalore after filing returns. The new portal will provide pre - filled information in the income tax return forms such as tax credits. It is looking at migration to electronic clearance service for swift payment of refund.

Share: