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Income Tax Department’s in depth crackdown! Over the previous 20 months, the Income Tax Department has collected Rs 37,000 crore from individuals who had taxable income however didn’t file returns, in accordance with officers.
Officials analysed information on substantial transactions since 2019-20, together with purchases of gems, jewelry, property and luxurious holidays paid in money. “These are the cases where people were not filing tax returns despite making large purchases. The department had reached out to them over the past 20 months,” a senior official knowledgeable ET.
The official famous that an expanded and stricter tax assortment and TDS system has helped establish important transactions that beforehand went unnoticed.
The official indicated that some individuals submitted returns claiming zero income despite substantial expenditure and tax obligations. From the whole Rs 37,000 crore recovered, Rs 1,320 crore got here from individuals concerned in high-value transactions.
Income Tax Department Crackdown
The department is conducting an in depth initiative to contact taxpayers whose spending patterns do not align with their declared income.
Since FY21, it has actively used information analytics and the Non-Filer Monitoring System to establish non-compliant individuals.
“Data from multiple sources is being tapped and synchronised… This makes it easy for the department to identify such evasion and nab evaders,” the official acknowledged.
Official information revealed that direct tax collections for April-November elevated by 15.4% to Rs 12.10 lakh crore, comprising Rs 5.10 lakh crore in company tax and Rs 6.61 lakh crore in non-corporate tax.
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