A large-scale exercise has been started to identify tax evaders through cross-matching the capital value tax (CVT) data on income tax statements, which contains information about purchase of vehicles and transfer of property with the income tax returns.
Tax authorities have also chalked out new guidelines for provincial governments to standardise the procedure for collection and payment of the CVT on property transactions in districts across the country.
Sources told Business Recorder on Monday regional commissioners of income tax (RCITs) have launched the exercise on the directives of the Central Board of Revenue (CBR).
According to the decision, the RCITs are vigorously monitoring the implementation of filing of income tax statement on the transfer of immovable property in urban areas and collection of the CVT on such transactions.
In this connection, it has been decided the data pertaining to properties and vehicles would be cross-matched with the information available on the income tax returns to unearth cases of tax evasion.
It has also been decided to strictly deal with delinquent taxpayers, who were deliberately concealing vital information by not mentioning the same in their tax returns. On the other hand, statements have disclosed the same information, which was also required to be specified on the returns.
Tax authorities have also formulated new guidelines for provincial governments to standardise payment/collection of the CVT at the district level. For this purpose, income tax statement of the CVT would be amended keeping in view provincial governments recommendations.
The Faisalabad zone has been declared a pilot project area, which will keep a close liaison with registration authorities responsible for the collection of the CVT, sources added.
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