If you have a home, car in your name and you are not filing income tax return, then it will be costly for you. The central government is preparing data of people who have things like home and car and they are living luxury lives but do not file income tax returns. In the coming time, the government can ask the people to continue issuing notice of their annual income and why they are not filing income tax returns.
Records of previous years can also be ascertained. If the Income Tax Department feels that tax on anybody’s income is made and the person is not filing income tax returns, then the department can record the record of that person for the last several years. In such a situation, he may have to pay a tax of the previous years with penalties.
Share of more than Rs. 10 lakhs
If you buy shares or mutual funds of more than Rs. 10 lakhs, then the company has to inform the government about this. In such a situation, the government has information about your share or mutual fund holding. If you do not file returns, then the government can ask you the source of your income.
If a person has bought or sold home more than Rs 30 lakhs in his name, then it is necessary for the Registrar to give this information to the Government. The government has this information that who has bought or sold a house. If the home buyer or the seller does not file an income tax return then the government can send a notice and ask where you have money to buy the house and why aren’t you filing a return.
In the same way if you have a land or plot in your name, you can also get in the eyes of the government and you can not afford to pay an income tax return.
If you have a car and you do not fill income tax returns, you can still get caught in trouble. The government prepares such data every year that how many cars have been sold this year. In such a situation, the government has data on who has bought a car and who are the people who can ask to file income tax returns.