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Spending more than you earn? Get ready for I-T
January, 02nd 2007

If youve spent more than your declared income on high-end goods such as pens, plasma TV, big cars, the income-tax department sleuths may soon be knocking at your door. Ditto for companies which are underplaying their stock in their account books. The message of income tax department which will intensify surveys in the last three months of the current fiscal is clear: Pay tax, karo relax (pay your tax and relax).

With surveys generating desired results in the first six months, the department may go after tax evaders till March, 2006. The income surrendered in surveys jumped to Rs 1,000 crore in first six months of 2006-07 against Rs 211 crore in last fiscal.

In a double bonanza of sorts for the department, the compulsory scrutiny of income-tax returns for the assessment year 2004-05 has also brought encouraging results. Sources said the additional demand from assessees is likely go up to Rs 60,000 crore.

In fact, the scrutiny of 2003-04 income-tax returns last fiscal has resulted a recovery of Rs 24,000 crore. The total additional demand out of scrutiny was Rs 56,000 crore.

The department conducts scrutiny of 2% of income-tax returns which are selected under the computer assisted scrutiny system. The Parliamentary standing committee has in its action taken report asked the department to enhance number of surveys.

 
 
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