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IVF clinics, luxury retailers set to face harsher income tax scrutiny, ET Retail

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<p>Representative Image</p>
Representative Image

India’s tax authorities are now keeping a closer track of transactions at in-vitro fertilisation (IVF) clinics, medical colleges admitting students under the non-resident Indian (NRI) quota, designer outlets that sell watches and other luxury items, as well as hotels and banquets.

The Central Board of Direct Taxes (CBDT) decision comes in the wake of reports that there have been massive cash transactions at these places, with luxury sales outlets taking up a major share.

Reports say that the department is targeting a 10% increase in new filers.

According to a TOI report, an annual action plan circulated to officers has flagged that widespread violations of a rule mandating transactions of over Rs 2 lakh be reported. Compliance with the requirement to provide PAN for these transactions is also low. From the tax department’s point of view there is inadequate matching of these transactions with returns filed by individuals.

The TOI report further points out that large amounts of cash transactions have also taken place, resulting in the data not being reported or captured by luxury goods or watch stores.

India’s tax authorities have been keeping a tab on high-value transactions for several years, but there is no data available on the success of their methods.

In last financial year, close to 7.8 crore returns were filed, a rise of 6.8% over the 7.3 crore returns filed in FY2021-22.

During the current financial year, the department has also told its field officers to expand the number of new filers or someone who has not filed returns at the start of the year.

The target has been fixed at 10%, which is marginally lower than the 10.6% rise last year, considering the base effect and other parameters such as buoyancy, filer base at the start of the year and non-filers identified through the monitoring system that has been implemented.

With inputs from TOI

  • Published On Jul 6, 2023 at 02:33 PM IST

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