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May 21, 2013, 07.29 PM IST | Source: CNBC-TV18

Govt urges tax payers to disclose true income

The income tax dept has set up a compliance management cell to ensure follow-up action, and track returns filed and tax payment of the target segment.

The government has issued a statement, where it has urged all tax payers to disclose their true income - something which the Finance Minister too had emphasised in his Budget speech.

The income tax department has set up a compliance management cell to ensure follow-up action, and track returns filed and tax payment of the target segment.

Also read: Foreign investors can enjoy withholding tax benefits

This month 70,000 letters are being sent in two batches to high priority cases, out of which 35,000 have already been dispatched.

The department had earlier sent 1.05 lakh letters to tax assesses, after which taxes of more than Rs 600 crore were paid as self assessment tax and advance tax by the target segment in last three months.

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