Income tax notices issued to 1 lakh people who hid income

- Barely five percent people pay income tax in the country

- Occasional

- Although the department's system of screening income is effective, many people hide income

- Nirmala Sitharaman

Income tax notice makes the middle class sweat. Finance Minister Nirmala Sitharaman has said that a notice will be sent to one lakh people and they will be questioned about the excess amount hidden by them. Regular tax payers are jealous of politicians and big companies. Income tax department never bothers such people. The rich have an army of chartered accountants. They go to the income tax account and submit the notice and the investigation.

Ever since the government called a ban on cell companies and shut them down, the unaccounted income of thousands of people has been exposed. Although the Income Tax Department's income screening system is effective, many people hide income and hide unregistered businesses.

The government will catch one lakh people who have hidden income. In such cases there will be more people filing returns for five to six years. Income verification of these people will be cleared by 31 March 2024. Such people will be called to the Income Tax Office and will be asked to explain the excess income. If they have concealed the income, they will be charged with fine.

Finance Minister Nirmala Sitaram said that a notice has been sent to one lakh people and the investigation against them will also be started. While celebrating the 164th Income Tax Day, the Finance Minister said that everyone should give an immediate explanation. The Income Tax Department has given an understanding to the people who are going to file the tax return for the first time this year and also insisted to file nil return. Such people will be seven percent.

It is worth mentioning here that this time 2.24 crore people have filled the form for non-zero income tax. No one likes to pay income tax, so by showing various expenses, people make strategies to pay less tax. At the opposite end, the Income Tax officials have a lot of power in cross-checking and catching false expenses.

The salaried class in India is very concerned about income tax, as tax is deducted directly from their salary. All the 1 lakh people to whom the notice has been sent are believed to be salaried. These will be people whose annual income is more than 50 lakhs.

The income tax structure has been simplified by the government, but income tax payers are not walking forward happily. The unfortunate thing about India is that barely five percent of the people in the country pay taxes and the rest do it tax-free. The government's poor welfare schemes are funded by four percent of regular tax payers. Even people who talk about patriotism hide their income and pay less income tax.

The government has taken a very good step by imposing the Goods and Services Tax (GST), due to which small traders have been paying tax and people have been paying tax on their purchases. However, individuals or companies with high income do not have much tension regarding income tax, as a professional accountant can represent them on their behalf.

The image of the government among the public is such that the middle class is not intimidated by the notice given to the rich. Government needs to take steps to remove this belief of people. An army of economic experts has arisen, giving insight into how to evade taxes and make the country weak.

There is a belief that middle class and salaried employees are often targeted by the Income Tax Department. Most people believe that politicians and big companies are being hoodwinked by the finance minister. Last year the government launched a campaign to make more people pay income tax and make citizens responsible. Due to this there was a surge in the number of income tax filers for the first time.

News of income tax notices to one lakh people may create controversy. These people are being investigated for hiding their income.