3,500 under lens for tax evasion
In a bid to curb the menace of tax evasion in the city, the Central Board of Direct Taxes (CBDT) has selected 3,500 taxpayers from the district for the scrutiny assessment process.punjab Updated: Oct 12, 2014 14:01 IST
In a bid to curb the menace of tax evasion in the city, the Central Board of Direct Taxes (CBDT) has selected 3,500 taxpayers from the district for the scrutiny assessment process.
According to the local tax professionals, the process will continue till March next year. The taxpayers are usually selected by the CBDT through an application — computer assisted scrutiny system (CASS) — which randomly suggests names of taxpayers.
As a part of the assessment process, the recommended taxpayers’ account books, and disclosed and undisclosed income sources would be thoroughly scrutinised and if any illegality is found or any detail pertaining to income tax return filing was kept hidden, strict action will be taken against defaulters.
Jatinder Khurana, general secretary, Taxation Bar Association (TBA), said, “If any of the taxpayers selected for the scrutiny is found guilty, he will have to pay interest on the undisclosed income along with the penalty.”
However, taxpayers will have the privilege of challenging their case (if defaulting) before the chief commissioner of the income tax department within a period of one month through a letter.
Khurana said they had also requested the income tax department officials to conduct the scrutiny process with ease and asked them not to adopt any tough stance against the taxpayers.
He said, “The periodical scrutiny of taxpayers by the income tax department is a welcome move as it helps in keeping a regular tab on any kind of tax evasions.”
Nishi Singh, chief commissioner of the income tax department, said, “Scrutiny cases are carried out in every two years. We have begun the process and required action will be taken against all defaulters.”