Taxpayers Told To Disclose True Income Or Face Action

Greater Kashmir / PRESS TRUST OF INDIA
Publish Date: Dec 11 2012 12:00PM
New Delhi, Dec 10: In a stern warning to tax evaders, the government today asked them to either disclose their correct income and pay advance tax by December 15 or be prepared to face action.
 "Government would urge all assessees to disclose their true income. There is no advantage in suppressing the true income or avoiding paying income tax that is due", Revenue Secretary Sumit Bose told reporters here.
 Regretting that there was "gross-understatement" in filing of advance tax by assessees, he said, "sooner than later, the information available with the income tax department will lead the department to the doors of such persons."
 Bose said that during assessment year 2012-13, only 14.62 lakh assessees including professionals and companies have declared their taxable income of over Rs 10 lakh, adding "any fair minded person will agree that this is a gross under- statement."