Not filing proper income tax return – expect a notice from IT department soon
If you have made a cash deposits of more than Rs. 10,00,000.00 in your saving bank accounts, or have invested more than Rs. 1 lakh in shares, or have received interest income of more than Rs. 50,000, but have not filed your taxes for this assessment year, beware, as over 40.72 lakh high value spenders are under the scanner of the Income Tax department, and your name may be featuring in their list.
Not only cash deposits, the income tax department has compiled a list of persons who have invested more than Rs. 2,00,000.00 in mutual funds, or more than Rs. 5,00,000.00 in bonds or debentures, more than Rs. 1,00,000.00 in stocks.
The income tax department official data contains a list of 15,55,220 people who have purchased or sold immovable property of Rs 30,00,000.00 or more; 20,61,443 people who have made transactions of Rs 2,00,000.00 or more in a year through credit card; people who have received interest income of Rs 50,000 and above from banks and people who have purchased bullion or jewelry of Rs 5,00,000.00 or more.
The Financial Intelligence Unit (FIU) has been assigned task of looking for such suspicious and high-value money transfer. “We just want to send the across the message that nothing in clandestine and the department would get to know every transaction especially high value ones”, and failure to declare correct income and liability is now taken on a priority basis in the department and defaulters stand to be penalised up to 300 % on the evaded tax and prosecution in a court of law is also initiated, said a senior I-T department official. Income tax department has compiled a list of 40,72,829 potential tax evaders.
The idea behind publicising this is to make such people file their tax return before 31st March 2014 and increase the tax collection in this fiscal year. With technical solutions at the department’s disposal, there is a lot of information that is readily available to the authorities.