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Income Tax: Big News! Now the tax department will tighten the screws on these people, will charge hefty tax; order issued

ITR Filing Update: Income tax officials have been given a target to increase the number of income tax return filers by 10 percent.

Income Tax Return: If you do shopping for luxury brands including Desire clothes, watches and do not file income tax return, then your difficulties are going to increase. You can come under the target of the Income Tax Department. Not only this, the Income Tax Department is also going to keep a strict vigil on the transactions done in NRI quota medical colleges, IVF clinics, hospitals, hotels and banquet halls. CBDT is aiming to increase the number of ITR filers by around 10 per cent. This is the reason why the Income Tax Department is keeping an eye on such costly transactions.

The Annual Action Plan has been circulated to the Income Tax officials. In which it has been said that large-scale violations are being seen in the reporting of transactions of more than Rs 2 lakh. Providing PAN while doing high value transactions is not being followed properly. According to the Income Tax Department, those who are doing such high value expensive transactions, this transaction is not matching at all with their income tax returns. Income tax officials have been asked to trace such transactions while taking action in this direction. The Income Tax Department has detected many such high value cash transactions. But watch stores or luxury brand stores do not report the data. Last year, the tax department had also conducted a survey of the stores of many watch retailers, in which irregularities were found.

A total of 7.8 crore income tax returns were filed in the financial year 2022-23. While 7.3 ITR was filled in 2021-22. That is, there has been a jump of 7.3 percent in the number of people filing income tax returns in one year. For the past several years, the Income Tax Department has been taking action against such people who do high value transactions but do not declare their correct income in ITR. Along with this, many such people have also been found who do not even fill ITR.

The Income Tax Department has asked field officers to emphasize on increasing the number of people filing income tax returns. He has been given a target of increasing the number of ITR filers by 10 per cent. On 25 April 2023, Finance Nirmala Sitharaman also held a review meeting with the Central Board of Trustees (CBDT) to increase the number of taxpayers in the country. It was told in the review meeting that there has been a jump of 1118 per cent in the information to be reported due to new sources of data on dividends, interest, shares, mutual funds and financial transactions from GSTN. Information of 3 crore additional people has been received.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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