Govt. urges Tax Payers to disclose true income & pay Tax.

   Government Once again urges all Tax Payers to Disclose their true income and pay Appropriate Taxes within the Current Financial Year;

   Nodal Cell set up to Capture the Response and take Follow-up Action; an Online Monitoring System to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment.

   The Union Finance Minister Shri P. Chidambaram has repeatedly emphasized that there is need for a non–intrusive tax administration to enable the tax payer to file his return and pay appropriate taxes.

   In the statement made by the Revenue Secretary to the media on 10th December 2012, he had stated that there is no advantage in suppressing the true income or avoiding paying income tax that is due because, sooner or later, the information available with the Income Tax Department will lead the department to the doors of such persons.

   The Directorate of Systems of the Income Tax Department has undertaken a business intelligence project to identify PAN holders who have not filed Income Tax Return and about whom specific information is available in 148 information codes of Annual Information Return (AIR), Central Information Branch (CIB) data and TDS/TCS Returns. Information in the Cash Transaction Reports (CTRs) of FIU-IND has also been included as part of this data matching exercise. This data analysis has identified target segment of 12,19,832 non-filers linked to more than 4.7 crore information records. Rule based algorithms have been used to identify high priority cases for follow-up and monitoring.

   In the first batch, letters are being sent to 35,170 PAN holders by the Directorate of Intelligence and Criminal Investigation. The letter contains the summary of the information of financial transaction(s) along with a customized response sheet and seeks to know whether the person had filed his Income Tax return or not. A Nodal cell has been set up to capture the response and take follow-up action. There will be an online monitoring system to ensure follow-up action and track return filing and tax payment of the target segment.

   The Government would once again urge all tax payers to disclose their true income and pay appropriate taxes within the current financial year.

Source:http://taxguru.in/income-tax/govt-urges-tax-payers-disclose-true-income-pay-taxes.html

Web Based Status Tracking Facility Launched to Check Corruption in Income Tax Refunds.

   Instances of alleged corruption for settlement of refund claims and complaints come to notice from time to time. Whenever any such instance or complaints comes to notice, the same is verified and if it is found to be correct, the concerned officers/officials have to face penal consequences depending on the facts and circumstances of the case.

   The process of issue of refunds has been streamlined in the course of computerization and encouraging e-filing of returns for speedy processing and issue of refunds through refund banker scheme. A web based status tracking facility for refunds has also been launched. The grievance redressal mechanism has been strengthened for ensuring prompt disposal of all such complaints.

'Refund Banker Scheme' - Check your Income Tax Refund status through online.

   The Income Tax Department has already  introduced the provision to know the status of Income Tax Refund through online. As shown in the official website of TIN-NSDL you can verify the status of refund for the assessment year 2003-04 to 2013-14. Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker - by entering 'PAN' and 'Assessment Year' in the prescribed place of the webpage. The details are given for recollecting the information...

Tax Information Network of
Income Tax Department

REFUND STATUS

Refund Banker

   The 'Refund Banker Scheme,' which commenced from 24th Jan 2007, is now operational for taxpayers assessed all over India (except at Large Taxpayer Units) and for returns processed at CPC (Centralized Processing Centre) of the Income Tax Department at Bangalore.

   In the 'Refund Banker Scheme' the refunds generated on processing of Income tax Returns by the Assessing officers/ CPC-Bangalore are transmitted to State Bank of India, CMP branch, Mumbai (Refund Banker) on the next day  of processing for further distribution to taxpayers.