In an effort to increase tax collection and clamp down on tax evasion,the income department has asked for clarifications with regards to cash deposits carried out in FY11, The Economic Times reported.
The Prime Minister has reportedly set a target for officials to double the number of GST taxpayers to 3 crore in the next 12 months.
Filing taxes without linking them is going to be a burden as a PAN number is necessary for the same.One must get a new PAN card which can take anywhere from two to four weeks to arrive.
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The department has decided to use persuasion to communicate with taxpayers and send them reminders and such important messages
The statement by the tax department follows some doubting the numbers over different figures quoted at different points of time.
The I-T department came across the fresh names while probing the money trail of the market operators.
Finance Minister Jaitley had earlier said that every account named is being probed and that nobody would be punished without a proper process.
It is imperative to check if your PAN is still active as the deadline to link Aadhaar with PAN ends on August 31.
E-filing of ITR is mandatory for all individuals except those whose income is less than Rs 5 lakh per annum and who are above 80 years of age
You should efile your returns well within the stipulated deadline to avoid penalties and future problems with the tax department.
The Ministry of Finance, however, said the returns will not be processed until the two numbers are linked.
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The Income Tax returns filed after November 8 last year were scrutinised against their earlier tax compliance following which these cases were detected.
The bizarre demand has left many of them perplexed as they are not comfortable sharing details of their foreign account with the I-T department which cannot tax earnings generated from such assets.
The affidavit said that during the three year period, searches were undertaken by the IT department in over 2,027 groups "which led to the admission of undisclosed income of more than Rs 36,051 crore".
Rule 114E of the Income Tax Rules says banks, including cooperative banks, have to report to taxmen cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
The government has made it mandatory to provide both Aadhaar and PAN number for filing taxes from July 1 onward.
Agriculture income in the country is exempt from tax, and so the I-T feels that income is being misreported to evade tax.
Net income tax collection till June 15 grew at a healthy 26.2 percent to Rs 1,01,024 crore from across the country as of Rs 80,075 crore in June 15 in the year ago period.
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However, the apex court upheld the validity of Section 139AA of the I-T Act, subject to the outcome of the batch of petitions before its Constitution bench which is examining if the Aadhaar scheme infringes on the Right to Privacy and if there is threat of data leakage.
Get ready to face tax scrutiny if you have filed a revised tax return showing a significant jump in income after demonetisation.