Government targets to add 1.3 crore income tax filers this fiscal
There were 8.44 crore taxpayers in Assessment Year 2018-19.
For achieving this target, various measures are being taken including identification of potential non-filers through centralized non-filer monitoring system (NMS), Thakur told the Lok Sabha in reply to a question. “Recommendations of a committee which examined the feasibility of granting certain privileges to eligible taxpayers are under consideration of the government,” he said.
There were 84.4 million taxpayers in the country for assessment year 2018-19, including “persons who did not file a return of income but in whose case tax has been deducted at source during financial year 2017-18 (relevant to AY 2018-19)”, Thakur said.
Finance minister Nirmala Sitharaman told the lower house that the government has no authentic estimate of black money stashed by Indians and enterprises in Swiss banks. Some recent media reports, however, say deposits by Indians in Swiss banks, including through India-based branches, have reduced by nearly 6% in 2018, she said in reply to a question.
Sitharaman said the government is taking persistent measures to detect and tax unaccounted income and assets of Indians saved in Switzerland. Double Taxation Avoidance Agreement (DTAA) and Automatic Exchange of Financial Account Information will help the government receive information of financial accounts held by Indian residents in Switzerland for 2018 and subsequent years on an automatic basis beginning September, 2019, she said.
The finance minister said India has called for cooperation among countries to fight corruption, at various international fora such as G20 and BRICS.