Income Tax Return: If you also file Income Tax Return (ITR Filing) every year, then from this time you need to be alert. The Income Tax Department is going to make a big change for the tax payers. Let’s know the complete details about it.
The department’s eye will now be specially on those who buy expensive flats, form houses and luxury vehicles. The Income Tax Department has got an inkling that some people who do foreign tours in the country and live a luxury life give less details of their annual income. The department suspects that such people are evading tax.
Notice will be sent on discrepancy in ITR
Now the details of income given by such people and the property purchased (expensive vehicles and flats etc.) will be matched. If anything wrong is found in the ITR declared by these people, notice will be sent to them immediately.
Action will be taken on the basis of receipt of reply to the notice from the income tax payer. According to the information given by CBDT, the target of direct tax collection in the current financial year has been kept at Rs 16 lakh crore.
15 to 20 percent increase expected in the target
According to the data released by the Income Tax Department, till January 10, the direct tax collection has reached Rs 14.71 lakh crore. After refund, this tax collection is Rs 12.31 lakh crore.
Less than one and a half month is left for the financial year, in such a situation the target of direct tax collection is expected to be met. In the financial year 2023-24, the target of direct tax collection is expected to increase by 15 to 20 percent. That is, next time it can increase to 19 to 20 lakh crore rupees.
Purpose of preventing tax evasion
The CBDT official said that along with increasing the direct tax collection, it is necessary to stop tax evasion and increase the number of tax payers. On the other hand, it is also a fact that this time the government has made the annual income up to 7 lakhs tax free.
In such a situation, there may be a decrease in the number of ITR filers this time. But the aim of the government is that tax payers should show their income correctly. This time, preparations are on from the department to be strict about this.
