Skip to main content

39% comply with I T´s online audit

By
While the incometax (IT) department identified 1.8 million people whose cash deposits of banned noted did not appear to be in line with their taxpaying profile for the previous years, only 700,000 have complied with the tax department´s requirement of online verification.
Reaching the 1.1 million remaining depositors is going to beadaunting task, say tax officials.
The cumbersome process of getting them to explain their large deposits falls on the ITdepartment, which is facingamanpower crunch.
The Central Board of Direct Taxes (CBDT) had launched Operation Clean Money, which involved everification of large cash deposits made between November 9 and December 30. The ITdepartment had also issued advertisements asking depositors to check if they were named in the list of 1.8 million people and explain the source their cash deposits.
Tax officials extended the deadline for this verification from February to February 15.
ITofficials say the department´s current strength of 8,000 assessing officers in the country is not enough to go after the 1.1 million people.
Each officer will need to verify details of 1,375 cases, on an average, of such deposits during the demonetisation drive.
The ITdepartment hasasanctioned strength of 72,000, but is operating with 30 per cent vacancy at the moment.

Another big challenge in the process would be to reach out to the actual depositors, as 30 per cent of them are out of reach via emails or SMS.

The ITdepartment will now send letters to those who have not replied to the tax query in the given time period, asking them to disclose their source of cash deposits.

Under Operation Clean Money, the tax department has framed around eight categories of questions for filing the response.

One of the questions also asks how much of this money would be disclosed under the Pradhan Mantri Garib Kalyan Yojana, in whichataxpayer can pay 50 per cent tax and penalty, and come clean.

Meanwhile, considering the exhaustive data profiling required, the CBDT is in the process of hiring an external agency to do the advance profiling of potential tax evaders.

“We are in talks withafew external agencies to do the data mining.

We will finalise the name inaweek´s time,” said Sushil Chandra, chairman, CBDT.
Business Standard New Delhi,16th Feburary 2017

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more