Sooner or later, we will get you - FM speak
It was the annual conference of Chief Commissioners of Income tax. After giving his pep talk to the big bosses of income tax, Mr. Chidambaram shared his plans with the press: ++ The department will pursue every single person whose names are thrown up by AIR...sooner or later, they will be reached. ++ My advice to all those who have made large transactions like buying property over Rs. 30 lakh, buying mutual funds over Rs. 2 lakh in a year or credit card payment exceeding Rs. 2 lakh yearly, please file tax returns before the last date of July 31. ++ These are not poor, lower middle-class or salaried people. These are high net worth people. If not today, in three, six or nine months, income-tax people will reach the parties. ++ While there will be no harassment if they file returns but, if not, "et me say the Income-tax Department will find ways to reach them. ++ the IT Department would adopt a four-pronged strategy to identify the person first, then check if the person had a PAN, then find out if the returns had been filed and if so, whether the transactions were reflected in the returns. ++ We have no interest in harassing or squeezing anyone. We simply want people to become more tax compliant. ++ But I think there are a lot of rich people still not paying the taxes that they should be paying. The salaried class are obviously paying. But I think a large number of individuals who ought to be paying the correct taxes, are not complying. ++ the new Income-tax Bill would be ready by the end of this month. The simplified IT Bill was aimed at making tax laws more user-friendly so as to reduce the scope for litigation.