Department collects information through AIRs in respect of cash deposits exceeding Rs.10 lakh: CCIT Ludhiana region Nishi Singh
Author(s): City Air NewsLudhiana, March 12, 2014: The emphasis of the Income Tax Department is on voluntary compliance by the taxpayers and to do its job in a non-intrusive manner. Addressing a press conference here on Wednesday, the Chief...
cityairnews
Mar 12, 2014 12:30
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Ludhiana, March 12, 2014: The emphasis of the Income Tax Department is on voluntary compliance by the taxpayers and to do its job in a non-intrusive manner. Addressing a press conference here on Wednesday, the Chief Commissioner of Income Tax (CCIT), Ludhiana Region Nishi Singh, added however, at the same time the department has gone a long way in computerizing its systems and procedures.
She said the department collects large amount of information through Annual Information Returns (AIRs) in respect of cash deposits exceeding Rs.10 lakh in saving account, purchase and sale of properties exceeding Rs.30 lakh, investment in Mutual Funds, Bonds, Debentures, Shares and Credit Cards.
She said, “The Directorate of Income Tax (Intelligence & Criminal Investigation) also collects information from various sources numbering more than forty.
BK Singh, Additional Commissioner of Income Tax (Headquarters), Ludhiana, BB Nanawati, Commissioner of Income Tax-I, Ludhiana, Binod Kumar, Commissioner of Income Tax-II, Ludhiana and Raman Kumar Goyal, Commissioner of Income Tax-III, Ludhiana were also present at the press conference.
