NEW DELHI: The finance ministry's crackdown on tax evaders
has begun with over 35,000 nonfilers , who had made significant transactions,
sent I-T notices to substantiate their source of income and why they had not
filed their tax returns.
Notices were sent after the intelligence wing of the Income
Tax Department's Directorate of Criminal Investigation sifted through more than
4.7 crore financial transactions , accessed through banks and Financial
Intelligence Unit. Of the transactions analyzed by the I-T department, more
than 12 lakh entities with valid PAN numbers have been identified who did not
file their returns. The government, struggling to meet its tax target , had
last year started a business intelligence project to identify PAN holders, who
have not filed their returns and about whom specific information was available
with various financial institutions and with the government's own revenue
intelligence agencies.
Revenue secretary Sumit Bose had on December 10, 2012 warned
non-filers to disclose their income as the government was considering
initiating action against those who were suppressing their income and evading
taxes. "In the first batch, letters are being sent to 35,170 PAN holders
by the Directorate of Intelligence and Criminal Investigation," a finance
ministry press note said on Monday. The notices sent to non-filers contain a
summary of the information of their transactions along with a customized
response sheet and reasons why they had missed filing returns.
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