WARNING FROM IT.DEPT TO PAN HOLDERS READY TO FACE IT NOTICE.

"" WARNING FROM IT. DEPARTMENT TO PAN HOLDERS WHO ARE NOT FILE IT RETURN, READY TO FACE IT DEPT. LETTER ""

" FINANCE MINISTER MR. P. CHITAMBARAM APPEALS TO THE TAXPAYERS TO DISCLOSE THE RIGHT INCOME & PAY TAX ACCORDINGLY FOR THE CURRENT FINANCIAL YEAR "...

Income Tax Department learn that many PAN holders not file Income Tax Return of their Annual Income, although the Annual Income is below Taxable Limit. Therefore, for such cases Income Tax Department issuing letters to PAN (Permanent Account Number) holders. This Income Tax Department Letter is not a request or instruction it is the warning to PAN Holders to file Income Tax Return. Therefore PAN holders submit their Income Tax Return within time regularly from the commencement date of issue of PAN Card otherwise Income Tax Department will take appropriate action against such PAN Holders.

The department has set up a nodal cell to tackle with this issue and there are 12 lakh PAN holders in the country who have PAN number but they do not file income tax return according to the income tax department.

This is the starting and in the first phase, 35170 PAN holders will get the Directorate of intelligence and criminal investigation letter. All the PAN holders, to which letters are issued, will be monitored online and the follow up action will be taken if still no response from the PAN holder.

The letter is issued on the basis of different department reports such as

Annual Information Returns (AIRs)
Central information branch (CIB)
TDS/TCS returns
Cash transaction reports (CTS) of financial intelligence Unit (FIU)

Income tax department said there are 1219832 PAN holders who do not file income tax return and there is a record of 4.7 crore against them. High priority cases will be searched and the department will take appropriate action against them.

In the letter issued by the department to 35170 PAN holders, there is a summary of financial transactions as well as the customized report sheet to know why he/she does not file income tax return.

The Revenue Secretary also warned that there is no use of hiding the true income and not to pay right income tax return as the department will know the truth sooner or later and it will lead the income tax department to the doors of the assessee.

Thanks..
PALASH RAKSHIT.