NEW DELHI: Tax authorities are set to crack down on those not
paying their due taxes and will soon send out letters to about 35,000
individuals seeking to know why they have not filed tax returns. The finance ministry
on Monday again issued a stern warning to taxpayers to disclose their
true income and pay taxes or be ready to face action, warning that it
has information on over 12 lakh non-filers.
This is the second such warning issued by the ministry that is on an overdrive to raise more taxes in order to meet the fiscal deficit target of 5.3 per cent of GDP. "Rule- based algorithms have been used to identify high priority cases for follow-up and monitoring," the finance ministry said in a statement.
The ministry said that letters are being sent to 35,170 PAN holders by the directorate of intelligence and criminal investigation. The ministry has also set up a nodal cell to capture the response and take follow-up action. "It is the first batch (of letters)," the ministry statement said.
The letter sent to the PAN card holders contains the summary of the information of financial transactions along with a customised response sheet and seeks to know whether the person had filed his income tax return or not.
"There will be an online monitoring system to ensure follow-up action and track return filing and tax payment of the target segment," the ministry said in a statement. The government has urged all tax payers to disclose their true income and pay appropriate taxes.
"The directorate of systems of the Income Tax department has undertaken a business intelligence project to identify permanent account number (PAN) holders who have not filed income tax return and about whom specific information is available," the finance ministry said
This is the second such warning issued by the ministry that is on an overdrive to raise more taxes in order to meet the fiscal deficit target of 5.3 per cent of GDP. "Rule- based algorithms have been used to identify high priority cases for follow-up and monitoring," the finance ministry said in a statement.
The ministry said that letters are being sent to 35,170 PAN holders by the directorate of intelligence and criminal investigation. The ministry has also set up a nodal cell to capture the response and take follow-up action. "It is the first batch (of letters)," the ministry statement said.
The letter sent to the PAN card holders contains the summary of the information of financial transactions along with a customised response sheet and seeks to know whether the person had filed his income tax return or not.
"There will be an online monitoring system to ensure follow-up action and track return filing and tax payment of the target segment," the ministry said in a statement. The government has urged all tax payers to disclose their true income and pay appropriate taxes.
"The directorate of systems of the Income Tax department has undertaken a business intelligence project to identify permanent account number (PAN) holders who have not filed income tax return and about whom specific information is available," the finance ministry said
Source : The Economic Times, 12 Feb, 2013
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