The income tax department is on a drive to target the individuals and entities who are liable to file their ITR however they haven’t done it yet. As per the reports, the department fetched a staggering 1.52 crore these people who even after secures the taxable income or tax deducted at source (TDS), have losses to meet their filing obligations.
Directions are been issued by the Central Board of Direct Taxes (CBDT) to its field formations to start the outreach of such defaulters beginning from 15th April. In the FY 2022-23, out of approximately 8.9 crore taxpayers, only 7.4 crore filed their returns, including revised submissions, an official said to the website.
The same disparity recommends that there may be as many as 1.97 crore individuals who, even after securing tax deducted at source, do not comply with the need to file their Income tax return. Among such non-filers, a significant proportion includes 1.93 crore individuals, along with 28,000 Hindu Undivided Families (HUFs), and 1.21 lakh firms, with the remaining falling into different other categories.
The report shows the cases in which unusually high bank transactions linked to Permanent Account Numbers (PAN) are there that specify the requirement to file Income tax returns. Field officials have been mandated to engage with such non-compliant individuals, furnishing them with complete data concerning their obligations and the outcomes of non-compliance.
The CBDT shows data displaying nearly 8,000-9,000 potential assessees, flagged for purchases or cash deposits, who shall obtain the tax notices. Individuals discovered to be deliberately evading tax liabilities might suffer penalties, and those with proper reasons for impulsive income changes will be directed to provide explanations or file returns as required.
The income tax department leveraging extensive data analysis has the objective of determining non-filers and addressing any discrepancies. The announcement complies with the disclosure of the CBDT in the last month of an influential rise in the net direct tax collections showing a 19.88% increase to over Rs 18.90 lakh crore by March 17th, navigated via robust advance tax collections.
The net direct tax collection comprises Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT), at Rs 9,72,224 crore (net of refund), showing a favourable trajectory in the generation of revenue.
