Have You not Filed Your Income Tax Return (ITR)? Department Getting Ready to Prosecute/Penalize You…

Banking Finance News News
Save

Business Mantra: Faridabad


Income Tax Department has prepared a database of such persons, whose names are appearing in Annual Information Report (AIR) prepared by Courts, Banks and other Government agencies and have not filed their ITR.

Number of such persons is as follows:

In Financial Year 2012-13              12 Lakhs (Approx.)

In Financial Year 2013-14              22 Lakhs (Approx.)

In Financial Year 2014-15              59 Lakhs (Approx.)

The Income Tax Department is ready to serve notices to such persons. With the wide use of Information Technology System, Income Tax Department has been able to collect data of such persons/entities, who have not filed their ITR, notices to whom are ready to be served.

If the department is successful in compliance of return filing ITR from the people who have failed to do so, then there shall be big increase in the number of taxpayers and income tax money thus collected.

Where applicable, the department is ready to heavily penalize the persons maximum up to Rs.5000/- under Section 271-F, who failed to file their ITR and may also start prosecution proceedings under Section 276-CC of The Income Tax Act, 1961. This means that Income Tax Officers (ITOs), may apparently start criminal proceedings against each and every defaulting person, whether he/she is guilty or not. It is also possible that ITOs may genuinely or ingenuinely prosecute the guilty under Section 276 CC, which may lead to corruption and fascism. Which means, if 1% people are prosecuted under Section 276 CC, then 99% people may suffer through corruption, because of fear of invocation of Section 276 CC under The Income Tax Act, 1961.

About the author

admin