Income Tax Action against Non-Filers/Evaders
Posted on October 01 2020
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The Finance Ministry and the Income Tax Department has recently initiated enquiry against more than 12 lakh assesses who may have evaded taxes, knowingly or unknowingly, primarily on the basis of non filing of tax returns and property or large value transactions made by them over the past years. Once you are in this net of assumed evaders/defaulters, it is going to be an expensive gateway in terms of time, money and anxiety.
With enhanced computing and networking across Departments, tracking transactions has become much easier for the Income Tax Department. Hence, future years will call for stricter policing and law implementation by the Income Tax Department.
It is better to be safe than sorry, hence do get you house in order..
A Stitch in Time
If you have not been compliant with the law and have not been filing your tax returns or have unpaid tax liabilities, it is best advised to contact a qualified and experienced NRI Tax Consultant immediately. Once you have updated the consultant of the details, they will best be able to advise you on the way forward and clear your dues and tax files of liabilities.
It is better no to cry over the spilt milk and concentrate on the milk available in the cup. Hence whichever best possible way to clear and update your previous tax compliances, it is advisable to put things in order from now onwards.
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
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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