Govt says 73,388 taxpayers defaulted in 2012-13 | business | Hindustan Times
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Govt says 73,388 taxpayers defaulted in 2012-13

The government today said 73,388 taxpayers have defaulted on payments aggregating to Rs. 3,859 crore in the current financial year and steps would be taken to penalise them.

business Updated: Mar 13, 2013 16:43 IST
IANS

The government on Wednesday said 73,388 taxpayers have defaulted on payments aggregating to Rs. 3,859 crore in the current financial year and steps would be taken to penalise them.

Taxpayers have defaulted on payments after filing self-assessment returns.

“Filing a return without paying the admitted amount of tax that is payable will render such taxpayer an assessee in default under the provisions of the Income Tax Act. Such taxpayers who default in payment of self-assessment tax may invite penal consequences,” the finance ministry said in a statement.

The Income Tax Act requires that the tax payable on the returned income, after taking into account prepaid taxes, should be paid before furnishing the return.

An analysis of returns filed electronically in the current financial year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on such payments aggregating to Rs. 3,859 crore, the statement said.