Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
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</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
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<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr67f041b89f7da-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
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		&#039;title&#039; =&gt; &#039;Tax payers ignorance costs Rs 660 crore to government every year: TaxSpanner Report-Vidyalaxmi&#039;,
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-The Economic Times&lt;br /&gt;
&lt;br /&gt;
More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &amp;quot;Other Sources&amp;quot;,&amp;quot; the report titled &amp;quot;India Tax Ratio 2012&amp;quot; states.&lt;br /&gt;
&lt;br /&gt;
There are approximately 3.5 crore individual assesses who filed their ITR last year.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&amp;quot; says Ankur Sharma CEO, TaxSpanner.&lt;br /&gt;
&lt;br /&gt;
Some of the heads for &amp;quot;income from other sources&amp;quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.&lt;br /&gt;
&lt;br /&gt;
The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&amp;quot; says Ankur Sharma.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &amp;quot;&amp;quot; he adds.&lt;br /&gt;
&lt;br /&gt;
The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.&lt;br /&gt;
&lt;br /&gt;
This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. &lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Economic Times, 19 July, 2012, http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/tax-payers-ignorance-costs-rs-660-crore-to-government-every-year-taxspanner-report/articlesh&#039;,
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&amp;quot;More than 94...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Economic Times&lt;br /&gt;&lt;br /&gt;More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.&lt;br /&gt;&lt;br /&gt;&amp;quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &amp;quot;Other Sources&amp;quot;,&amp;quot; the report titled &amp;quot;India Tax Ratio 2012&amp;quot; states.&lt;br /&gt;&lt;br /&gt;There are approximately 3.5 crore individual assesses who filed their ITR last year.&lt;br /&gt;&lt;br /&gt;&amp;quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&amp;quot; says Ankur Sharma CEO, TaxSpanner.&lt;br /&gt;&lt;br /&gt;Some of the heads for &amp;quot;income from other sources&amp;quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.&lt;br /&gt;&lt;br /&gt;The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.&lt;br /&gt;&lt;br /&gt;&amp;quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&amp;quot; says Ankur Sharma.&lt;br /&gt;&lt;br /&gt;&amp;quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &amp;quot;&amp;quot; he adds.&lt;br /&gt;&lt;br /&gt;The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.&lt;br /&gt;&lt;br /&gt;This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. &lt;br /&gt;&lt;/div&gt;&#039;,
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-The Economic Times&lt;br /&gt;
&lt;br /&gt;
More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &amp;quot;Other Sources&amp;quot;,&amp;quot; the report titled &amp;quot;India Tax Ratio 2012&amp;quot; states.&lt;br /&gt;
&lt;br /&gt;
There are approximately 3.5 crore individual assesses who filed their ITR last year.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&amp;quot; says Ankur Sharma CEO, TaxSpanner.&lt;br /&gt;
&lt;br /&gt;
Some of the heads for &amp;quot;income from other sources&amp;quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.&lt;br /&gt;
&lt;br /&gt;
The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&amp;quot; says Ankur Sharma.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &amp;quot;&amp;quot; he adds.&lt;br /&gt;
&lt;br /&gt;
The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.&lt;br /&gt;
&lt;br /&gt;
This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. &lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Economic Times, 19 July, 2012, http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/tax-payers-ignorance-costs-rs-660-crore-to-government-every-year-taxspanner-report/articlesh&#039;,
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&amp;quot;More than 94...&#039;
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&quot;More than 94..."/>
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                <div align="justify">-The Economic Times<br /><br />More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.<br /><br />&quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &quot;Other Sources&quot;,&quot; the report titled &quot;India Tax Ratio 2012&quot; states.<br /><br />There are approximately 3.5 crore individual assesses who filed their ITR last year.<br /><br />&quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&quot; says Ankur Sharma CEO, TaxSpanner.<br /><br />Some of the heads for &quot;income from other sources&quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.<br /><br />The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.<br /><br />&quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&quot; says Ankur Sharma.<br /><br />&quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &quot;&quot; he adds.<br /><br />The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.<br /><br />This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. <br /></div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f041b89f7da-trace').style.display = (document.getElementById('cakeErr67f041b89f7da-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f041b89f7da-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f041b89f7da-code').style.display = (document.getElementById('cakeErr67f041b89f7da-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f041b89f7da-context').style.display = (document.getElementById('cakeErr67f041b89f7da-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f041b89f7da-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr67f041b89f7da-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
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-The Economic Times&lt;br /&gt;
&lt;br /&gt;
More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &amp;quot;Other Sources&amp;quot;,&amp;quot; the report titled &amp;quot;India Tax Ratio 2012&amp;quot; states.&lt;br /&gt;
&lt;br /&gt;
There are approximately 3.5 crore individual assesses who filed their ITR last year.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&amp;quot; says Ankur Sharma CEO, TaxSpanner.&lt;br /&gt;
&lt;br /&gt;
Some of the heads for &amp;quot;income from other sources&amp;quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.&lt;br /&gt;
&lt;br /&gt;
The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&amp;quot; says Ankur Sharma.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &amp;quot;&amp;quot; he adds.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. &lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Economic Times, 19 July, 2012, http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/tax-payers-ignorance-costs-rs-660-crore-to-government-every-year-taxspanner-report/articlesh&#039;,
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&amp;quot;More than 94...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Economic Times&lt;br /&gt;&lt;br /&gt;More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.&lt;br /&gt;&lt;br /&gt;&amp;quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &amp;quot;Other Sources&amp;quot;,&amp;quot; the report titled &amp;quot;India Tax Ratio 2012&amp;quot; states.&lt;br /&gt;&lt;br /&gt;There are approximately 3.5 crore individual assesses who filed their ITR last year.&lt;br /&gt;&lt;br /&gt;&amp;quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&amp;quot; says Ankur Sharma CEO, TaxSpanner.&lt;br /&gt;&lt;br /&gt;Some of the heads for &amp;quot;income from other sources&amp;quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.&lt;br /&gt;&lt;br /&gt;The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.&lt;br /&gt;&lt;br /&gt;&amp;quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&amp;quot; says Ankur Sharma.&lt;br /&gt;&lt;br /&gt;&amp;quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &amp;quot;&amp;quot; he adds.&lt;br /&gt;&lt;br /&gt;The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.&lt;br /&gt;&lt;br /&gt;This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. &lt;br /&gt;&lt;/div&gt;&#039;,
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-The Economic Times&lt;br /&gt;
&lt;br /&gt;
More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &amp;quot;Other Sources&amp;quot;,&amp;quot; the report titled &amp;quot;India Tax Ratio 2012&amp;quot; states.&lt;br /&gt;
&lt;br /&gt;
There are approximately 3.5 crore individual assesses who filed their ITR last year.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&amp;quot; says Ankur Sharma CEO, TaxSpanner.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&amp;quot; says Ankur Sharma.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &amp;quot;&amp;quot; he adds.&lt;br /&gt;
&lt;br /&gt;
The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.&lt;br /&gt;
&lt;br /&gt;
This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. &lt;br /&gt;
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&amp;quot;More than 94...&#039;
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&quot;More than 94..."/>
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                <strong>Tax payers ignorance costs Rs 660 crore to government every year: TaxSpanner Report-Vidyalaxmi</strong></h1>
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                <div align="justify">-The Economic Times<br /><br />More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.<br /><br />&quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &quot;Other Sources&quot;,&quot; the report titled &quot;India Tax Ratio 2012&quot; states.<br /><br />There are approximately 3.5 crore individual assesses who filed their ITR last year.<br /><br />&quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&quot; says Ankur Sharma CEO, TaxSpanner.<br /><br />Some of the heads for &quot;income from other sources&quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.<br /><br />The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.<br /><br />&quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&quot; says Ankur Sharma.<br /><br />&quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &quot;&quot; he adds.<br /><br />The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.<br /><br />This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. <br /></div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f041b89f7da-trace').style.display = (document.getElementById('cakeErr67f041b89f7da-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f041b89f7da-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f041b89f7da-code').style.display = (document.getElementById('cakeErr67f041b89f7da-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f041b89f7da-context').style.display = (document.getElementById('cakeErr67f041b89f7da-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f041b89f7da-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
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-The Economic Times&lt;br /&gt;
&lt;br /&gt;
More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &amp;quot;Other Sources&amp;quot;,&amp;quot; the report titled &amp;quot;India Tax Ratio 2012&amp;quot; states.&lt;br /&gt;
&lt;br /&gt;
There are approximately 3.5 crore individual assesses who filed their ITR last year.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&amp;quot; says Ankur Sharma CEO, TaxSpanner.&lt;br /&gt;
&lt;br /&gt;
Some of the heads for &amp;quot;income from other sources&amp;quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.&lt;br /&gt;
&lt;br /&gt;
The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&amp;quot; says Ankur Sharma.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &amp;quot;&amp;quot; he adds.&lt;br /&gt;
&lt;br /&gt;
The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.&lt;br /&gt;
&lt;br /&gt;
This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. &lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Economic Times, 19 July, 2012, http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/tax-payers-ignorance-costs-rs-660-crore-to-government-every-year-taxspanner-report/articlesh&#039;,
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&amp;quot;More than 94...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Economic Times&lt;br /&gt;&lt;br /&gt;More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.&lt;br /&gt;&lt;br /&gt;&amp;quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &amp;quot;Other Sources&amp;quot;,&amp;quot; the report titled &amp;quot;India Tax Ratio 2012&amp;quot; states.&lt;br /&gt;&lt;br /&gt;There are approximately 3.5 crore individual assesses who filed their ITR last year.&lt;br /&gt;&lt;br /&gt;&amp;quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&amp;quot; says Ankur Sharma CEO, TaxSpanner.&lt;br /&gt;&lt;br /&gt;Some of the heads for &amp;quot;income from other sources&amp;quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.&lt;br /&gt;&lt;br /&gt;The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.&lt;br /&gt;&lt;br /&gt;&amp;quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&amp;quot; says Ankur Sharma.&lt;br /&gt;&lt;br /&gt;&amp;quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &amp;quot;&amp;quot; he adds.&lt;br /&gt;&lt;br /&gt;The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.&lt;br /&gt;&lt;br /&gt;This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. &lt;br /&gt;&lt;/div&gt;&#039;,
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-The Economic Times&lt;br /&gt;
&lt;br /&gt;
More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &amp;quot;Other Sources&amp;quot;,&amp;quot; the report titled &amp;quot;India Tax Ratio 2012&amp;quot; states.&lt;br /&gt;
&lt;br /&gt;
There are approximately 3.5 crore individual assesses who filed their ITR last year.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&amp;quot; says Ankur Sharma CEO, TaxSpanner.&lt;br /&gt;
&lt;br /&gt;
Some of the heads for &amp;quot;income from other sources&amp;quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.&lt;br /&gt;
&lt;br /&gt;
The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&amp;quot; says Ankur Sharma.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &amp;quot;&amp;quot; he adds.&lt;br /&gt;
&lt;br /&gt;
The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.&lt;br /&gt;
&lt;br /&gt;
This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. &lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Economic Times, 19 July, 2012, http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/tax-payers-ignorance-costs-rs-660-crore-to-government-every-year-taxspanner-report/articlesh&#039;,
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&amp;quot;More than 94...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Economic Times&lt;br /&gt;&lt;br /&gt;More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.&lt;br /&gt;&lt;br /&gt;&amp;quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &amp;quot;Other Sources&amp;quot;,&amp;quot; the report titled &amp;quot;India Tax Ratio 2012&amp;quot; states.&lt;br /&gt;&lt;br /&gt;There are approximately 3.5 crore individual assesses who filed their ITR last year.&lt;br /&gt;&lt;br /&gt;&amp;quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&amp;quot; says Ankur Sharma CEO, TaxSpanner.&lt;br /&gt;&lt;br /&gt;Some of the heads for &amp;quot;income from other sources&amp;quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.&lt;br /&gt;&lt;br /&gt;The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.&lt;br /&gt;&lt;br /&gt;&amp;quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&amp;quot; says Ankur Sharma.&lt;br /&gt;&lt;br /&gt;&amp;quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &amp;quot;&amp;quot; he adds.&lt;br /&gt;&lt;br /&gt;The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.&lt;br /&gt;&lt;br /&gt;This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. &lt;br /&gt;&lt;/div&gt;&#039;
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&quot;More than 94..."/>
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                <strong>Tax payers ignorance costs Rs 660 crore to government every year: TaxSpanner Report-Vidyalaxmi</strong></h1>
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                <div align="justify">-The Economic Times<br /><br />More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.<br /><br />&quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &quot;Other Sources&quot;,&quot; the report titled &quot;India Tax Ratio 2012&quot; states.<br /><br />There are approximately 3.5 crore individual assesses who filed their ITR last year.<br /><br />&quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&quot; says Ankur Sharma CEO, TaxSpanner.<br /><br />Some of the heads for &quot;income from other sources&quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.<br /><br />The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.<br /><br />&quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&quot; says Ankur Sharma.<br /><br />&quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &quot;&quot; he adds.<br /><br />The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.<br /><br />This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. <br /></div>               </font>
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-The Economic Times<br />
<br />
More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.<br />
<br />
&quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &quot;Other Sources&quot;,&quot; the report titled &quot;India Tax Ratio 2012&quot; states.<br />
<br />
There are approximately 3.5 crore individual assesses who filed their ITR last year.<br />
<br />
&quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&quot; says Ankur Sharma CEO, TaxSpanner.<br />
<br />
Some of the heads for &quot;income from other sources&quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.<br />
<br />
The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.<br />
<br />
&quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&quot; says Ankur Sharma.<br />
<br />
&quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &quot;&quot; he adds.<br />
<br />
The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.<br />
<br />
This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. <br />
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&quot;More than 94...',
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-The Economic Times<br />
<br />
More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.<br />
<br />
&quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &quot;Other Sources&quot;,&quot; the report titled &quot;India Tax Ratio 2012&quot; states.<br />
<br />
There are approximately 3.5 crore individual assesses who filed their ITR last year.<br />
<br />
&quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&quot; says Ankur Sharma CEO, TaxSpanner.<br />
<br />
Some of the heads for &quot;income from other sources&quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.<br />
<br />
The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.<br />
<br />
&quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&quot; says Ankur Sharma.<br />
<br />
&quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &quot;&quot; he adds.<br />
<br />
The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.<br />
<br />
This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. <br />
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-The Economic Times

More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.

&quot;More than 94...'
$disp = '<div align="justify">-The Economic Times<br /><br />More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal.<br /><br />&quot;More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, &quot;Other Sources&quot;,&quot; the report titled &quot;India Tax Ratio 2012&quot; states.<br /><br />There are approximately 3.5 crore individual assesses who filed their ITR last year.<br /><br />&quot;With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore,&quot; says Ankur Sharma CEO, TaxSpanner.<br /><br />Some of the heads for &quot;income from other sources&quot; include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own.<br /><br />The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account.<br /><br />&quot;Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers,&quot; says Ankur Sharma.<br /><br />&quot;The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, &quot;&quot; he adds.<br /><br />The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially.<br /><br />This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. <br /></div>'
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Tax payers ignorance costs Rs 660 crore to government every year: TaxSpanner Report-Vidyalaxmi

-The Economic Times More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal. "More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, "Other Sources"," the report titled "India Tax Ratio 2012" states. There are approximately 3.5 crore individual assesses who filed their ITR last year. "With 94% not reporting their income from other sources, it comes to 3.3 crore assesses. Assuming that average amount of income not reported is Rs 1000/- and the tax rate is 20%, we can conclude the loss to exchequer is approximately around Rs.660 crore," says Ankur Sharma CEO, TaxSpanner. Some of the heads for "income from other sources" include income from saving bank account, prize winnings, property transactions, gains on investments or rent received from a house you own. The report further reveals that as many as 87% salaried individuals having income of more than Rs. 15 lakh per annum do not disclose interest income earned on their savings bank account. "Most salaried people end up committing this offence in pure ignorance of the tax laws. Almost everybody has a savings bank account these days and some interest income would definitely accrue to the balance every six months. This income has to be reported in the tax return but is overlooked by most taxpayers," says Ankur Sharma. "The fallout is that ever since the income tax department (ITD) started reconciling the taxpayer data from various sources, such as banks, property registrars and brokerage firms, the incidence of tax notices to individuals is on the rise, "" he adds. The 10,000 interest deduction will be applicable from the year 2013-14. With that, while this loss will apparently reduce, the Government will be letting go the money officially. This study conducted by TaxSpanner covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad.