Income Tax Department becomes more VIGILANT
Income Tax Department
becomes more VIGILANT
The Income Tax department has started a new drive to catch
Tax evaders. In order to catch tax evaders and black money hoarders it has
started collecting information related to high value transactions of purchase/
sale, investment and other expenditures in the income tax return itself.
Further it also collects corresponding information from Banks, financial
institutions, mutual funds AMCs and land revenue department and security
depositories to cross check the same from the filed tax return of the tax payers.
Today we shall share with you the important nature of
transactions which you must disclose in you tax return. As the income tax
department may take serious action in case of non disclosure and in case of tax
evasion the consequences may involve levy of interest and penalty upto 300% of
tax evaded and also launching prosecution.
Income Tax Department
collects information about your investments/expenses related to:
1.Purchase or Sales of immovable property valued at Rs 30
lac or more;
2.Credit card expenditure exceeding Rs 2 lac per annum;
3.Mutual fund investments excess of Rs 2 lac;
4.Purchase of Bonds or debentures of a company or an
institution for 5 lac or more in a year;
5.Cash deposits of Rs 10 Lac or more per annum in your
saving bank account;
6.Payments of Rs 1 Lac or more for acquiring shares of a
company through its public or rights issue;
7.Purchase of bonds issued by the reserve bank of India
amounting in aggregate to Rs 5 lac or more in a year;
As mentioned earlier banks,
financial institutions, Mutual Fund Asset Management Companies, land revenue
department and security depositories are instructed to furnish the particulars
of tax payers falling under any of the above criteria.
As per the press
release of the Income tax department, it has information about:
◦40,72,829 persons who made cash deposits exceeding 10 lac
or more in their savings bank account;
◦40,40,396 persons who purchased mutual fund unit of Rs. 2
lac or more, bonds or debentures of Rs. 5 lak or more, shares issued by company
of Rs. 1 lac or more and bonds issued by RBI of Rs. 5 lac or more;
◦20,61,443 persons who made payments of Rs. 2 lac or more in
a year against their credit card bills;
◦Persons who received interest income of Rs. 50,000 or more
from banks;
◦Persons who purchased bullion or jewellery of Rs. 5 lac or
more.
Action taken by the
Income Tax department
The Income Tax department has already issued notices to more
than 12 lac persons who have not filed their Return or who have not disclosed
the above transactions in their return. Department is taking strict action
against non filers and tax evaders by way of levy of Interest, penalty and
launching prosecution in several cases.
Consequences
Apart from mandatory levy of interest, Failure to declare
your correct income may lead to penalty upto 300% of the evaded tax and you may
also face prosecution.
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