Disclose your True Income - Revenue Secretary
REVENUE Secretary in a Statement made to the media said that:
- 16,00,746 persons made payments of Rs.2 lakhs or more against their credit cards;
- 11,91,037 persons decided to purchase or sell house property worth Rs. 30 lakhs or more;
- 52,42,114 persons acquired mutual funds of Rs. 2 lakh or more; bonds or debentures of Rs. 5 lakhs or more; shares issued by a company of Rs.1 lakh or more; bonds issued by RBI of Rs. 5 lakh or more;
- 33,83,276 persons made cash deposits aggregating Rs. 10 lakh or more in the savings bank account.
But in the year 2011-12, only 14,62,488 assessees (salaried persons, HUF, professionals, firms, companies and transporters & retainers) have filed their returns disclosing a taxable income of over Rs. 10 lakhs.
"Any fair-minded person", he says, "will agree that this is a gross under-statement".
December 15 is an important day on the calendar of the Central Board of Direct Taxes (CBDT). It is the date on which the third instalment of advance tax for corporates and the second instalment for all other assesses (including individuals, HUF etc) is due.
He urged all assessees to disclose their true income. There is no advantage in suppressing the true income or avoiding paying income tax that is due because, sooner than later, the information available with the Income Tax Department will lead the department to the doors of such persons. For assesses who have not yet paid the correct advance tax, there is an opportunity to rectify the mistake and pay the advance tax by December 15, 2012.
Government seeks the cooperation of all citizens in this regard.
Or else …………
YOU ARE GOING TO BE IN TROUBLE!