Reduction in I-T returns worries chief commissioner

“Only 5.25 lakh income tax assesses have filed their returns in the present financial year till January 31. In the 2008-09 fiscal,however,a total of 7.97 lakh assesses had filed their returns. The drop in the numbers are a matter of great concern. Stringent action will be taken against the defaulters and those who have stopped filing returns,” said I-T Chief Commissioner G S Randhawa.

He added that if assesses do not come forward to file their returns by March 31,action will be taken against them under Section 1961 of the Income Tax Act.

Further talking about revenue collection,Randhawa said this year’s target was Rs 1,491.07 crore and they had already collected Rs 1,178 crore by January 31. This was 12.9 per cent more than last year.

“This year,the department will exceed the set target,” the chief commissioner said,urging assesses to file their returns honestly. He also warned of strict action if tax is evaded in high value transactions.