New Delhi: In order to mop up a larger share of revenue before the end of the current financial year, the Income Tax department has identified over 44 lakh high-value spenders in the country who have not filed their returns till now.
A total of 44,07,193 non-filers who are expected to file their tax returns by March 31, the closing date for fiscal 2014-15, are on the radar of the I-T department.
"Over 44 lakh filers have potential tax liabilities. The department expects them to file their I-T returns on time," a senior tax department official said.
High-value transactions include purchases of expensive goods, purchase of immovable assets and big deposits in bank accounts among others.
The official added that failure to file returns or late filing will invite prosecution or penalty action by the I-T department and notices in this regard will "immediately" be issued to the assesses after the end of this month.
The tax department tracks high value spenders through its electronic data mining tools and it keeps track of each such transaction till the appropriate taxes are paid in this regard.
The department, in order to achieve the direct tax collection target, is undertaking all-round efforts to collect as much revenue as possible including undertaking steps to get good collection under the Tax Deduction at Source (TDS) category.
According to figures of February, in 2013-14 financial year the growth under this head was 16.73 per cent while in the current fiscal of 2014-15 the growth percentage is just 7.84 per cent.
The budgeted target under the direct tax category is fixed at Rs 7.36 lakh crore for the current fiscal and as per the tax department it had collected Rs 5,46,661 crore till January 23.
New Delhi: In order to mop up a larger share of revenue before the end of the current financial year, the Income Tax department has identified over 44 lakh high-value spenders in the country who have not filed their returns till now.
A total of 44,07,193 non-filers who are expected to file their tax returns by March 31, the closing date for fiscal 2014-15, are on the radar of the I-T department.
"Over 44 lakh filers have potential tax liabilities. The department expects them to file their I-T returns on time," a senior tax department official said.
High-value transactions include purchases of expensive goods, purchase of immovable assets and big deposits in bank accounts among others.
The official added that failure to file returns or late filing will invite prosecution or penalty action by the I-T department and notices in this regard will "immediately" be issued to the assesses after the end of this month.
The tax department tracks high value spenders through its electronic data mining tools and it keeps track of each such transaction till the appropriate taxes are paid in this regard.
The department, in order to achieve the direct tax collection target, is undertaking all-round efforts to collect as much revenue as possible including undertaking steps to get good collection under the Tax Deduction at Source (TDS) category.
According to figures of February, in 2013-14 financial year the growth under this head was 16.73 per cent while in the current fiscal of 2014-15 the growth percentage is just 7.84 per cent.
The budgeted target under the direct tax category is fixed at Rs 7.36 lakh crore for the current fiscal and as per the tax department it had collected Rs 5,46,661 crore till January 23.
New Delhi: In order to mop up a larger share of revenue before the end of the current financial year, the Income Tax department has identified over 44 lakh high-value spenders in the country who have not filed their returns till now.
A total of 44,07,193 non-filers who are expected to file their tax returns by March 31, the closing date for fiscal 2014-15, are on the radar of the I-T department.
"Over 44 lakh filers have potential tax liabilities. The department expects them to file their I-T returns on time," a senior tax department official said.
High-value transactions include purchases of expensive goods, purchase of immovable assets and big deposits in bank accounts among others.
The official added that failure to file returns or late filing will invite prosecution or penalty action by the I-T department and notices in this regard will "immediately" be issued to the assesses after the end of this month.
The tax department tracks high value spenders through its electronic data mining tools and it keeps track of each such transaction till the appropriate taxes are paid in this regard.
The department, in order to achieve the direct tax collection target, is undertaking all-round efforts to collect as much revenue as possible including undertaking steps to get good collection under the Tax Deduction at Source (TDS) category.
According to figures of February, in 2013-14 financial year the growth under this head was 16.73 per cent while in the current fiscal of 2014-15 the growth percentage is just 7.84 per cent.
The budgeted target under the direct tax category is fixed at Rs 7.36 lakh crore for the current fiscal and as per the tax department it had collected Rs 5,46,661 crore till January 23.
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