• banner
  • banner
  • banner
News / Events
Union Budget 2024 - Capital Gains Taxation Simplified and Rationalised
Union Budget 2024 - Govt Makes New Tax Regine More Attractive
Summary of the Union Budget 2024-2025
Highlights of the Union Budget 2024-25
ITR filing deadline on July 31 - Will Govt extend last date to file tax return?
Union Budget 2024 - FM Nirmala Sitharaman's record seventh Budget today
Banks must be fair in conduct with consumers - RBI Governor
RBI mandates lenders to listen to loan defaulters before declaring accounts as fraud
IRDAI imposes Rs 2 crore penalty on Bajaj Finance for violating regulations
NCLT admits Byju's to Insolvency Resolution Process
Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals
RBI issues revised circular to declare accounts as fraud, incorporates SC ruling on borrower rights
Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)
Master Directions on Fraud Risk Management in Urban Cooperative Banks (UCBs) / State Cooperative Banks (StCBs) / Central Cooperative Banks (CCBs)
Master Directions on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions
Processing of refund applications filed by Canteen Stores Department (CSD).
Mechanism for refund of additional Integrated Tax (IGST) paid on account of upward revision in price of the goods subsequent to export.
Clarification on various issues pertaining to taxability and valuation of supply of services of providing corporate guarantee between related persons.
Guidelines for recovery of outstanding dues, in cases wherein first appeal has been disposed of
Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)
Basel III Capital Regulations - Eligible Credit Rating Agencies (ECAI) - RBI
Release of foreign exchange for Miscellaneous Remittances - RBI
Online submission of Form A2: Removal of limits on amount of remittance - RBI
SEBI Master Circular for Electronic Gold Receipts (EGRs)
Article Details
Central Govt to target 65 lakh people for not filing income tax returns

Central Govt to target 65 lakh people for not filing income tax returns

The Union government's drive towards higher compliance has already helped it garner additional Rs 1.5 lakh crore in direct taxes during 2017-18 and get a record number of new filers. But it is not done yet with the tax department chasing 65 lakh people who it suspects did not file returns last year as it hopes to expand the taxpayer base to over 9.3 crore.

The taxpayer base includes those who file returns in addition to those with tax deducted at source (TDS), tax collected at source (TCS), advance tax payments, self-assessment tax and dividend distribution tax during the previous three financial years. The efforts, including text messages and email campaigns, have helped the government expand the taxpayer base with the authorities expecting an addition of over 1.5 crore new entities during 2017-18 and expanding the base, net of exits by over 12 per cent.

Officials told TOI said that a large part of this increase will be on account of 1.07 crore individuals who filed their returns for the first time in 2017-18, which the government believes is partly driven by the demonetisation drive in 2016 that prompted people to disclose higher income. On last count, the government had mopped up Rs over Rs 10 lakh crore as direct taxes, compared to a shade under Rs 8.5 lakh crore in 2016-17.

But there are many, who despite several reminders, have not filed their returns and are on the radar as part of the work programme for the current financial year, said an officer. An analysis by the department has shown that of the nearly 6.8 crore returns filed in 2017-18, nearly a fifth related to previous years as was the case earlier too. Separately, officials said, the text messages and emails were targeted at close to 1.75 crore "potential assessees" of which 1.07 crore have voluntarily filed returns so far. Going by this measure too, the numbers add up.

Some of the "potential assesses" will be targeted through the non-filers management system (NMS) that the tax department has deployed successfully over the last few years. One of the focus areas will be those who had deposited Rs 10 lakh or more in old Rs 500 and Rs 1,000 notes but did not care to file their returns. Of the over 3 lakh people in this category, around 2.1 lakh have filed returns and paid close to Rs 6,500 crore in self-assessment tax.
web counter