While the income tax department is non-intrusive, tax evasion will not be tolerated, CBDT Chairman Sushil Chandra said at an industry event.
The government is taking steps to stop refunds from bogus investment claimed by taxpayers, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said today.
The income tax department conducted searches in Bengaluru, Mumbai and some places in Punjab, to find that there was a similar pattern of individuals claiming refunds based on bogus investments or tax benefits under Section 80C of the Income Tax Act.
“If fraudulent return is filed, it needs to be stopped... Need to put more filter in the system,” Chandra said, adding that taxpayers' mentality has to change and they must honestly pay their share of tax owed to the government.
While the income tax department is non-intrusive, tax evasion will not be tolerated, he said at an industry event.
As of today, the tax department has issued refunds to 2.4 crore persons, up 53 percent from a year ago, which amounts to Rs 1.26 lakh crore.
Referring to the issue of benami properties, Chandra said that the government has attached 1,777 properties, worth more than Rs 6,500 crore.
The government has taken several steps in its fight to eradicate black money as well as corruption. Taking action against ‘benami’ property --purchased in the name of others -- is one of the steps.
Besides, last year, as many as 4,500 returns were filed for prosecution by the income department, out of which 3,150 or 70 percent of them have been convicted, Chandra said.“This year, the work is under progress,” he said.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.