Income Tax News: If you file an income tax return, you might find this information helpful. Currently, the Indian Income Tax Department is implementing severe measures. He is tightening the screws on people who file income tax returns with irregularities, who fail to pay taxes even after reaching the threshold, or who pay less in taxes. A report about this has surfaced.
1.52 Crore Defaulters Identified
1.52 crore individuals who have income or who have paid Tax Deducted at Source (TDS) but have not submitted their forms have been discovered by the nation’s Income Tax Department. The Income Tax Department has announced that it will launch a campaign to penalize people and organizations that are obligated to file their Income Tax Returns (ITRs) but have failed to do so.
The Income Tax Department has identified 1.52 crore people who have income or who have not completed their forms despite filing TDS, according to a report published in the economic journal and website Economic Times. The Central Board of Direct Taxes has requested that these defaulters be contacted through field formation by April 15th, per the aforementioned report.
Tax Return Filing Statistics
According to an official, 7.4 crore income tax returns were filed for the fiscal year 2022–2023, out of approximately 8.9 crore income tax payers. The official added that updated returns are included in the total number of returns.
As a result, it’s possible that 1.97 crore individuals failed to file an ITR even after TDS was deducted. 1.93 crore of the people who failed to file their taxes were individuals, 28,000 were members of Hindu Undivided Families (HUF), and 1.21 lakh were businesses. The remainder, aside from this, belonged to other categories.
Bank Transactions and Tax Notices
According to the report, there were numerous cases where there were a lot of bank transactions linked to PANs, necessitating the filing of an ITR. The Income Tax Department has instructed field officers to get in touch with these individuals, provide accurate data and information, and clarify to them the necessity of filing an ITR.
Approximately 8,000–9,000 potential taxpayers are receiving tax notices, according to statistics from CBDT. The government has records of large ticket sales and substantial cash deposits made against these individuals.
Penalties and Tax Collection
Those who are discovered to be deliberate defaulters will be penalized, but taxpayers who can legitimately explain their unexpected income may also need to submit a return or provide an explanation. The CBDT said last month that higher advance tax collection was the reason for a 19.88% increase in net direct tax collection through March 17 to over Rs 18.90 lakh crore.
