CBDT Readies 7 Lakh Notices
Posted on October 01 2020
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Taxpayers can become clean under the Income Declaration Scheme by 30th September.
The government of India is increasing the pressure on the taxpayers to become clean. The income tax office will issue a 7 lakh notices to find out the details on dealing with cash, property purchases and visible expenditure from earnings that are suspicious to have escaped tax.
The main aim is to push out the individuals as well as the business to disclose their hidden income and assets under this scheme, which is merchandise by the government as an opportunity for them to clear their tax and disclose their black money and remove taxman from behind them by splitting out 45% tax.
The transactions under tax contact which include cash deposits of Rs. 10 lakh or more in a savings bank account and on sale or purchase of the immovable property whose value is Rs. 30 lakh or more.
The Income Tax Department will issue notices of Rs 2 lakh in Mumbai, after digging out the annual information about the income tax returns filed by the brokers, property registrars and others.
The Income Tax Department has also mobilised the third country’s direct taxes. The department has taken out information that there are many transactions during the period in between 2009-10 to 2016-17, where the transaction has taken place without the link with the Pan card. The department as grouped these non-Pan transactions and identified 7 lakh high risk collections which is having around 14 lakh non-Pan transactions which are being scrutinised.
A chance has been given to the tax offenders by the IDS to disclose the hidden assets by 30th September. They are required to pay a total 45% tax on the amount which are declared and can be paid in instalments, in case of immovable property by 30th September 2017.
Many of them are waiting, going through all the clarifications and taking some time to plan out. While the government has overlapped the payment of tax where there will be enough time for them to arrange liquidity.
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With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
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