|
- By Parinda News Bureau, January 2, 2007, 16:00 IST
The tax department is going all out to increase tax collections in an economy that is clearly booming. It is expected to go after tax evaders with renewed interest. Surveys have unearthed over Rs 1,000 crore hidden income and the Central Board of Direct Taxes (CBDT) is expected to use the measure to extract concealed income even as it appears set to close the financial year with collections of around Rs 2,20,000 crore instead of the budget target of Rs 2,10,000 crore.
"With our officers being mobile, we have managed to generate around Rs 1,000 crore through surveys between June and December as against Rs 211 crore during the last financial year," CBDT spokesperson A K Sinha told a press conference.
He said one survey alone had revealed an additional income of Rs 25 crore. While the exercise had revealed large amounts of income, only a third would be taxed, which will mean that the exchequer will be able to realise an additional Rs 300 crore.
While on an all-India basis, over 200 surveys have been conducted — including one on the premises of a company promoted by Shah Rukh Khan — eight surveys in Delhi's Chandni Chowk alone resulted in businessmen revealing income of Rs 1-2 crore instead of the Rs 5-6 lakh that they had reported according to a report in The Times of India.
And with more information on high value transactions like investment in mutual funds, purchase and sale of immovable property and large spending through credit cards, the department intends to track more people who have been splurging but not paying taxes. Retailers and those hawking expensive pens or LCD monitors may face surveys to ensure that they pay their dues to the taxman on the cash transactions that they have entered into.
The move is also expected to throw up names of those who have purchased high-end items, who could also be put under the scanner. Unlike a search, which is often referred to as a raid, tax officials launch surveys, based on information received, which are less invasive and the operations are confined to the business premises.
Taxmen scan through books to ascertain whether things are in order. During the searches conducted so far, it has often come to light that stocks had been under reported and were not reflected in the books. With the department's field formation busy completing the assessment of returns by December 31 deadline, number of surveys last month were fewer, Sinha said.
But as the officials scurry to meet the targets set for them for the fiscal, more surveys appear a near certainty
|
