IT Department Current Affairs - 2019

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61 Individuals Declared Annual Income of Over Rs 100 Crore

As per the information provided by Minister of State for Finance Pon Radhakrishnan to the Lok Sabha 61 individuals who declared an income of more than Rs 100 crore during the assessment year 2017-18.

Even though the numbers have increased sharply from the 38 individuals reporting income over Rs 100 Crore in the previous assessment year, it is still a minuscule number in a population of 1.3 billion Indians.

In the assessment year 2014-15, the number of individuals disclosing a gross total income of over Rs 100 crore in a year in his/her return of income filed with the Income Tax (IT) department was 24.

Even though there has been a sharp increase in the number of individuals declaring income of over 100 crore, it has been said the actual numbers are predominantly more and reported numbers are less due to the large scale underreporting.

The following steps have been initiated to prevent the under-reporting:

  • Government is taking stringent actions under the Benami Properties Transactions Act and properties valued at Rs 6,900 crore were under attachment by agencies.
  • Income tax authorities had identified more than 2,000 benami transactions till December 2018 which includes include deposits in bank accounts, land, apartments and jewellery and the provisional attachment of properties had been done in over 1,800 cases.
  • The Revenue Department under the Ministry of Finance is setting up a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously to increase the compliance in the filing of IT returns.

The government has already sanctioned Rs 4,200 crore for the upgrade of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.

Month: Categories: Business, Economy & BankingUPSC

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Income Tax Department launches on-line chat service

Income Tax (IT) Department under the Union Finance Ministry has launched an on-line chat service on its national website www.incometaxindia.gov.in with a prominent icon stating ‘Live Chat Online- ask your query’.

It was announced by Minister of State (MoS) for Finance, Shiv Pratap Shukla while replying in the Lok Sabha. Since its launch in October 2017 it has altogether benefited 8,424 people.

Key Facts

The on-line chat service is aimed at facilitating the taxpayers resolve their queries by answering their basic queries and doubts relating to direct tax issues. The facility is available on all working days from Monday to Friday between 10 AM and 6 PM.

The module can also be accessed through a mobile application called ‘AayakarSetu’ on Android phone. Customer support executive having expertise in tax-related matters through this platform helps users in resolving their queries on-line.

Moreover, it has dedicated team of experts from IT department and independent tax practitioners to answer general queries of a taxpayer. This first-time initiative is aimed to enhance taxpayer services in the country.

Month: Categories: National

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