Disclose true income or face action: Govt to taxpayers

The government on Monday asked taxpayers to either disclose their correct income and pay advance tax by December 15 or be prepared to face action.

The direct tax collection during April-October worked out to be Rs 3.02 lakh crore, showing an increase of 6.59 per cent, against the annnual growth target of 15 per cent.

The government proposes to collect Rs 5.70 lakh crore from direct taxes, which include income tax, corporate tax and wealth tax, this fiscal.

"Government would urge all assessees to disclose their true income. There is no advantage in suppressing the true income or avoiding paying income tax that is due", Revenue Secretary Sumit Bose said.

Regretting that there was "gross-understatement" in filing of advance tax by assessees, Bose said: "Sooner than later, the information available with the income tax department will lead the department to the doors of such people."

He said during assessment year 2012-13, only 14.62 lakh assessees - including professionals and companies - have declared their taxable income of over Rs 10 lakh, adding that "any fair minded person will agree that this is a gross under-statement."

With inputs from PTI