{"id":39154,"date":"2023-06-14T20:01:20","date_gmt":"2023-06-14T14:31:20","guid":{"rendered":"https:\/\/plyinsight.com\/?p=39154"},"modified":"2023-06-16T13:31:14","modified_gmt":"2023-06-16T08:01:14","slug":"i-t-lens-on-big-spenders","status":"publish","type":"post","link":"https:\/\/plyinsight.com\/hi\/i-t-lens-on-big-spenders\/","title":{"rendered":"I-T lens on big spenders"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><div class=\"vc_row wpb_row\"><div class=\"wpb_column column_container col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">\n\t<div class=\"wpb_text_column wpb_content_element\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span style=\"color: #000000;\">As part of its plan to broaden the tax base, the Central Board of Direct Taxes (CBDT) may tighten the noose on high-value spenders such as those going on extravagant foreign travels, paying excessively high electricity bills, purchasing designer clothes, taking service from fertility clinics, etc.<\/span><\/p>\n<p><span style=\"color: #000000;\">The aim is to widen the taxpayer base by 10 per cent to about 86 million in Fy24. During FY2023, the number of I-T returns filed rose to 77.8 million as against 73 million in FY 2022. The taxpayer base grew 10.60 per cent in FY2020, 10.18 per cent in FY2021, and 8 per cent in FY2022.<\/span><\/p>\n<p><span style=\"color: #000000;\">An elaborate central action plan is in the works on tax-broadening measures such as scrutinising statements on specified financial transactions by reporting entities in the case of high-value purchases.<\/span><\/p>\n<p><span style=\"color: #000000;\">High-value transactions came under the tax net after demonetisation, with the tax department, through data analytics, identifying potential non-filers who did high-value transactions in 2017-18 (the year after the note ban) but did not file tax returns.<\/span><\/p>\n<p><span style=\"color: #000000;\">The plan is learnt to have suggested a verification mechanism to see to it that entities mandated to report specified financial transactions or related matters ensure that they are compliant with tax provisions.<\/span><\/p>\n<p><span style=\"color: #000000;\">Specified financial transactions are those that exceed the threshold prescribed in tax laws. These entities that must report such transactions include post offices, stock exchanges, and banks.<\/span><\/p>\n<p><span style=\"color: #000000;\">It has been noticed that high-value consumption expenses are not being reported (in accordance with) the tax precisions particularly those concerning hotels, banquets, luxury brand retailers, IVF clinics, hospitals, designer clothing stores, NRI-quota medical college seats, etc.<\/span><\/p>\n<p><span style=\"color: #000000;\">Section 139A requires PAN to be obtained in specified transactions, but there is no reporting\/verification mechanism for determining whether they are compliant \u2026 Therefore, it is imperative to identify the sources which could be involved in possible circumvention of the rule and a verification exercise could be conducted in a non-intrusive manner,\u201d the plan suggested.<\/span><\/p>\n<p><span style=\"color: #000000;\">\u201cThere is a widening gap between the number of persons who have TDS (tax deducted at source) credit available to them but are yet not filing the returns of income, particularly those deals in virtual digital assets or cryptocurrencies, online gaming rules of which have been tightened recently,\u201d an official said.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>\u092c\u095c\u0947 \u0916\u0930\u094d\u091a \u092a\u0930 \u0906\u092f\u0915\u0930 \u0915\u0940 \u0928\u091c\u0930<\/strong><\/span><\/p>\n<p><span style=\"color: #000000;\">\u091f\u0948\u0915\u094d\u0938 \u092c\u0947\u0938 \u0915\u094b \u0935\u093f\u0938\u094d\u0924\u093e\u0930\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0940 \u092f\u094b\u091c\u0928\u093e \u0915\u0947 \u0924\u0939\u0924, \u0915\u0947\u0902\u0926\u094d\u0930\u0940\u092f \u0938\u0940\u0927\u0947 \u0915\u0930 \u092c\u094b\u0930\u094d\u0921 (\u0938\u0940\u092c\u0940\u0921\u0940\u091f\u0940) \u0909\u0938 \u092a\u094d\u0930\u0915\u093e\u0930 \u0915\u0947 \u0909\u091a\u094d\u091a 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Board of Direct Taxes (CBDT) may tighten the noose on high-value spenders such as those going on extravagant foreign travels, paying excessively high electricity bills, purchasing designer clothes, taking service from fertility clinics, etc. The aim is to widen the taxpayer base by [...]","protected":false},"author":1,"featured_media":39230,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4436],"tags":[4558],"class_list":["post-39154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-june-articles-2023","tag-i-t-lens-on-big-spenders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>I-T lens on big spenders - PLY INSIGHT<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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