New
Delhi: Finance minister P Chidambaram said that those
who do not plan to file income tax returns by October
31, the last date set for the purpose, should do so since
the Income Tax Department has adequate information of
all nature of transactions that will help it to track
tax evaders.
The
salaried class however, may be spared from filing income-tax
returns from next year provided there was no income from
any other source.
Already
the Government has been mandated to move towards paper-less
filing of Tax Deduction at source from this year but this
has been put off by a year as TIN has not become fully
operational.
He
said the IT Department has abundant data relating to 1,72,511
parties or individual entities with transaction in cash
deposits of Rs10 lakhs or more in the fiscal, 3,23,563
credit card holders with
expenditure of Rs2 lakhs or more a year, data pertaining
to 4,96,600 parties with investment of Rs2 lakhs or more
in mutual funds and transactions in immovable properties.
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