73400 taxpayers default in paying Rs 3850 Cr taxes for FY 2012-13

 IN an interesting analysis the CBDT has found that although the taxpayers filed their returns electronically for the FY 2012-13 but as many as 73388 defaulted on making payment of taxes to the tune of Rs 3859 Crore.

The CBDT has urged all taxpayers who have filed their returns in the current financial year and have defaulted on payment of self-assessment tax of any amount, to immediately come forward and pay the due taxes before 31st March, 2013. Further, any taxpayer who files his return in the future, and on self-assessment indicates a certain amount of tax payable, should pay such tax while filing the return.

Filing a return without paying the admitted amount of tax that is payable will render such taxpayer an ‘assessee in default’ under the provisions of the Income-tax Act. Such taxpayers who default in payment of self-assessment tax may invite penal consequences.