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Indian Income Tax Dept Stresses Need For Compliance

by Mary Swire, Tax-News.com, Hong Kong

15 March 2013


The Indian Income Tax Department has stressed the need for all self-assessment taxpayers to meet filing and payment requirements as newly released figures show extensive levels of non-compliance.

The 1961 Income Tax Act stipulates that after prepaid taxes have been taken into account, any remaining tax due must be paid before a tax return is completed. Analysis carried out by the Income Tax Department of returns filed electronically in the current financial year has revealed that over 73,000 taxpayers have defaulted on such payments. The cost to the Department is estimated at INR38.59bn (USD710.54m).

It is therefore calling on all defaulters to come forward and settle their outstanding taxes before March 31. It warns that filing a return without paying the full tax due renders an individual an "assessee in default", which could result in a number of penalties.

The Finance Ministry's Economic Survey 2012-13, published last month, shows that Indian gross tax revenue for the first nine months of the current financial year fell significantly short of target. Revenues for the period April-December 2012 totaled INR6.83 trillion. Budget estimates projected a figure of INR10.77 trillion.

TAGS: compliance | Finance | tax | tax compliance | India | revenue guidance | revenue statistics | penalties | individual income tax

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