The Finance Ministry has taken note of “gross under-statement” in returns filed by salaried persons, professionals, firms, families, companies, transporters and retainers with a taxable income of over Rs 10 lakh.

A statement by the Revenue Secretary, issued here on Monday, urged all assessees to disclose their true income ahead of December 15.

The statement said there was no advantage in suppressing the true income or avoiding paying income tax. “Sooner than later, the information available with the Income-Tax Department will lead the Department to the doors of such persons,” it added.

It said for assessees 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,” the statement added.

The Government said only 14,62,488 assessees have filed their returns so far. “Any fair minded person will agree that this is a gross under-statement,” the statement said.

The Ministry said 16,00,746 persons made payments of Rs 2 lakh or more against their credit cards and 11,91,037 persons decided to purchase or sell house property worth Rs 30 lakh or more.

The Revenue Secretary said 52,42,114 persons acquired mutual funds of Rs 2 lakh or more; bonds or debentures of Rs 5 lakh or more; shares issued by a company of Rs1 lakh or more; bonds issued by Reserve Bank of India of Rs 5 lakh or more.

The statement also said 33,83,276 persons made cash deposits totalling Rs 10 lakh or more in the savings bank account.

> jigeesh.am@thehindu.co.in

Related Topics
comment COMMENT NOW