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I-T dept targets Rs 10 lakh income group
BS Economy Bureau in New Delhi
 
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July 06, 2005 11:04 IST

The income tax department will discuss measures to widen the tax base on Wednesday. The emphasis will be on individuals earning more than Rs 10 lakh (Rs 1 million) per annum.

Maximising collections, reducing arrears, rationalising reporting systems, scrutinising norms and preventive vigilance in the functioning of the income tax department are some of the other issues to be taken up by Finance Minister P Chidambaram during his interaction with the chief commissioner and directors-general of income tax.

The over-Rs 10 lakh income bracket has come under special focus. While the revenue department has said that field officers should try to raise the overall number of assessees by 15 per cent during the year, the number of assessees in the Rs 10-lakh bracket is proposed to be raised by 50 per cent. At present, there are around 80,000 assessees in this category.

The revenue department expects the annual information returns, required to be filed for high-value transactions, to yield information on those who do not disclose their full incomes. Similarly, computerisation is expected to help the department generate more information on tax payers.

The finance minister has repeatedly said the government will depend more on intelligence and information-gathering than on resorting to searches and seizures.

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