Govt Warns Tax Evaders: Disclose True Income or Face Action

This is a serious warning to tax evaders! The Government has asked tax evaders to disclose their true income or pay advance tax by December 15. If not, they need to be prepared to face action.

According to revenue department sources, there is gross-understatement in filing of advance taxes. Only 14.62 lakh assesses whose income is over Rs10 lakh have declared their taxable income in the assessment year 2012-13.

IT department sources say, there are 33.83 lakh people who deposited cash of Rs 10 lakh or higher in savings bank account. About 12 lakh people have bought or sold property worth of Rs 30 lakhs and more. And 16 lakh people have paid Rs 2 lakh against credit cards.

The due date for paying the second instalment of advance tax for assesses and third instalment of advance tax for corporates is December 15. According to revenue department, there is an opportunity to rectify mistakes and pay advance tax before the due date, if not sooner than later. The IT department data will enable the tax officials to know the door of such tax evaders.

Source: The Economic Times, The Hindu Business Line

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