It has been a common speculation that Indians pay less tax than they actually should. Myriad techniques are devised to chalk out a plan that would help you manage to file less income tax return. From big businesspersons, celebrities to salaried and self-employed people, each sector has people cheating on the income tax department every year. Not anymore!
The Indian Income Tax Department has geared up to mop up the remaining income tax revenue of Rs. 25 crore and more. It has taken the first step by coming up with 1,080 assessment offices for the taxpayers. The department is also increasing the staff for tax collection in all its offices.
The government took this decision in the month of May, 2013. In accordance, the department is supposed to undergo a large-scale restructuring of the cadre. For this, around 20,751 posts have been created at different levels in the Income Tax Department.
The latest blueprint reveals that in total 1,080 new assessment units will be opened for taking the present number of department’s assessment units to 4,500 from the existing 3,420. The IT department is expecting that these steps will help in bringing in surplus revenue of Rs. 25,756.04 crore per year against the yearly expenditure of Rs. 449.71 crore.
More Changes On The Cards
More changes include deputation of one or even more assessing officers in every IT office. The existing number of administrative Commissioners will be increased from 228 to 250. The Administrative commissioners perform the task of tax collection. With the increase in their number, income tax department is expected to fulfill the tax collection process with renewed vigor. Special ranges of 114 are to be created which will be supported with adequate work force. On the other hand, the Indian Revenue Service cadre will also increase its reserve to 620.
Expansions of offices with critical areas of work such as international tax, Tax Deducted at Source (TDS), investigations are also on the cards. The Income Tax Department wants to increase the revenue collection process in a bigger way and enhance its tax collection amount per annum.
Have You Filed The Returns?
If not, then the best thing is to hurry up and complete all your tax-filing formalities. With the linking of KYC and Aadhar Card with your bank accounts, demat account, and mutual funds, there is no way you can hide your yearly turnout.
The best way out is to be honest and pay your income tax.