File photo: Minister of State for Finance Jayant Sinha
New Delhi: Government has collected Rs 4733.61 crore in taxes since 2013 through the non-filer monitoring system that tracks large value financial transactions, including those via credit cards.
"30,68,662 new returns have been filed and additional tax of Rs 4,733.61 crore has been collected from persons identified as non-filers by the Income Tax Department through its NMS in the year 2013, 2014 and up to March 31, 2015 in the year 2015," Minister of State for Finance Jayant Sinha said in written reply in the Lok Sabha.
The non-filer monitoring system (NMS) analyses all databases of in-house and third-party information available with the department to identify persons who have not filed returns even though they have carried out large-value financial transactions.
During 2013, 2014 and 2015 (up to March 31), NMS has identified 12.9 lakh, 22.09 lakh and 44.09 lakh cases, respectively, as non-filers having potential tax liabilities.
Sinha further said tax defaulters owing tax above Rs 10 crore are regularly monitored, which include cases of arrears about Rs 500 crore also.
The Income Tax Department had recently published a list of 49 tax defaulters.
To a question whether government has informed companies about additional reporting requirements in the wake of new global taxes coming into force over the next few years, the minister replied in negative.
Mr Sinha also said that additional reporting requirements and aggressive ways to mop up revenue have not been "introduced", which may "prompt companies/industries not to invest in India".
"30,68,662 new returns have been filed and additional tax of Rs 4,733.61 crore has been collected from persons identified as non-filers by the Income Tax Department through its NMS in the year 2013, 2014 and up to March 31, 2015 in the year 2015," Minister of State for Finance Jayant Sinha said in written reply in the Lok Sabha.
The non-filer monitoring system (NMS) analyses all databases of in-house and third-party information available with the department to identify persons who have not filed returns even though they have carried out large-value financial transactions.
During 2013, 2014 and 2015 (up to March 31), NMS has identified 12.9 lakh, 22.09 lakh and 44.09 lakh cases, respectively, as non-filers having potential tax liabilities.
Sinha further said tax defaulters owing tax above Rs 10 crore are regularly monitored, which include cases of arrears about Rs 500 crore also.
The Income Tax Department had recently published a list of 49 tax defaulters.
To a question whether government has informed companies about additional reporting requirements in the wake of new global taxes coming into force over the next few years, the minister replied in negative.
Mr Sinha also said that additional reporting requirements and aggressive ways to mop up revenue have not been "introduced", which may "prompt companies/industries not to invest in India".
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