Purchase of real estate worth more than Rs 10 lakh, payment for insurance policies with a premium of Rs 2 lakh and above will now attract the attention of the income tax department.
The Central Board of Direct Taxes (CBDT), in an order to increase the tax assesse base, has zeroed in on 30 new avenues to increase its tax net.
The Pune office of the Principal Chief Commissioner of Income Tax (PCCIT) has been given the largest target to add to the existing base of assesses. Income tax officers say the number of notices to be issues to possible tax payers will increase in the days to come.
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For the next financial year, the CBDT has aims to add one crore new assesses to the existing database of tax payers. Of these, the Pune office of I-T alone has been asked to add 10,27,000 new tax payers. Income Tax officers have been asked to keep a tab on various traders guilds and even housing cooperatives, among others.
Of the 30 new avenues, 12 are compulsory while 28 are optional. Among the compulsory avenues, Income Tax officers have been asked to collect data for sale and purchase of immovable property valued between Rs 5 lakh-Rs 30 lakh as well as of collection of stamp duty involved in the transfer of capital assets.
Other sources are RTOs, car dealers and purchase of motor vehicles valued more than Rs 5 lakh, fixed deposits exceeding Rs 2 lakh or deposits more than Rs 2 lakh at post offices. Foreign travels with tickets worth more than Rs 1 lakh, credit card purchases of more than Rs 1 lakh and investment in mutual funds in the range of Rs 1-2 lakh would also now come under the scanner of the tax officers. Even acquisition of RBI bonds in the range of Rs 1-2 lakh will be monitored.
Cellphone bills exceeding Rs 1 lakh per annum, clubs, gymnasiums, spas with entrance fee of Rs 50,000 or more will similarly attract the attention of the Income Tax department. Contractors of parking lots, new registration with sales tax offices, purchase of high-end consumer goods and admission in the schools and colleges under the management quota will also be watched.
Tax officers will now also trawl the yellow pages for nursing homes, clinics, interior decorators, coaching classes for potential new addition to the tax pool.
Professional associations of doctors, chartered accountants, engineers and architects will similarly be watched by the Income Tax officers.
The Pune office of PCCIT handles 23 districts of the state and has 52.17 lakh assesses. Last year, the office had realised more than Rs 32, 000 crore for the central kitty by way of taxes. Sources in the department said Pune had been given the highest target as intelligence inputs had indicated many untapped assesses in the city. “Notices will be issued to people who are gleaned through this data mining,”officers said.