ITR Filing Update: Income tax officials have been given a target to increase the number of income tax return filers by 10 percent.
Income Tax Return: If you shop for luxury brands including Desire clothes, watches and do not file income tax returns, then your difficulties are going to increase. You can come under the target of the Income Tax Department. Not only this, the Income Tax Department is also going to keep a close watch on the transactions in NRI quota medical colleges, IVF clinics, hospitals, hotels and banquet halls. The CBDT aims to increase the number of ITR filers by about 10 per cent. This is the reason why the Income Tax Department is keeping an eye on such costly transactions.
The Annual Action Plan has been distributed to the Income Tax officers. In which it has been said that large-scale violations are being seen in the reporting of transactions of more than Rs 2 lakh. Providing PAN while doing high value transactions is not being followed properly. According to the Income Tax Department, those who are doing such high value expensive transactions, this transaction is not matching with their income tax returns at all. Income Tax officials have been asked to trace such transactions while taking action in this direction. The Income Tax Department has detected several such high value cash transactions. But watch stores or luxury brand stores don’t report the data. Last year, the tax department had also conducted a survey of shops of many watch retailers, in which irregularities were found.
A total of 7.8 crore income tax returns were filed in the financial year 2022-23. While 7.3 ITRs were filled in 2021-22. That is, there has been a jump of 7.3 percent in the number of people filing income tax returns in a year. For the past several years, the Income Tax Department has been taking action against such people who do high value transactions but do not declare their correct income in ITR. Along with this, many such people have also been found who do not even fill ITR.
The Income Tax Department has asked the field officers to lay emphasis on increasing the number of income tax return filers. He has been given a target of increasing the number of ITR filers by 10 per cent. On 25 April 2023, Finance Nirmala Sitharaman also held a review meeting with the Central Board of Trustees (CBDT) to increase the number of taxpayers in the country. The review meeting was informed that there has been a jump of 1118 per cent in reporting information due to new sources of data on dividend, interest, shares, mutual funds and financial transactions from GSTN. Information of 3 crore additional people has been received.
