The tax dept is expected to launch Project Insight next month to make evasion even tougher
The income tax department has identified over 10,000 individuals who have bought properties but have not paid tax.
Part of the second round of Operation Clean Money, the tax department is examining property transactions worth over Rs 1 crore. The department has roped in four global data mining companies to profile taxpayers and map their transactions.
“We have identified cases where people have bought property but have not paid taxes. These cases are across the country. More than 10,000 people have come under scrutiny,” said a tax official. → Income tax efiling ←
The department is also investigating if these properties are benami holdings. The government has identified cases based on the income declared by individuals.
“We are following a non-intrusive approach, relying solely on the data mined. Notices have been sent out. Many firms and companies have also been identified, taking the number of cases higher than 10,000,” the official added.
The probe will be widened to examine property transactions of less than Rs 1 crore.
By next month, the tax filing department is expected to launch Project Insight in collaboration with L&T infotech, which will make evasion even tougher. It will collate information from various sources and profile people using their PAN details....Read Full Article
Part of the second round of Operation Clean Money, the tax department is examining property transactions worth over Rs 1 crore. The department has roped in four global data mining companies to profile taxpayers and map their transactions.
“We have identified cases where people have bought property but have not paid taxes. These cases are across the country. More than 10,000 people have come under scrutiny,” said a tax official. → Income tax efiling ←
The department is also investigating if these properties are benami holdings. The government has identified cases based on the income declared by individuals.
“We are following a non-intrusive approach, relying solely on the data mined. Notices have been sent out. Many firms and companies have also been identified, taking the number of cases higher than 10,000,” the official added.
The probe will be widened to examine property transactions of less than Rs 1 crore.
By next month, the tax filing department is expected to launch Project Insight in collaboration with L&T infotech, which will make evasion even tougher. It will collate information from various sources and profile people using their PAN details....Read Full Article
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