close
This ad will auto close in 10 seconds

Income Tax dept to intensify crackdown on black money hoarders

With both the one-time black money declaration windows concluded, the Income Tax department is set to intensify its crackdown against stash holders after a recent case where an IDS participant surrendered a fresh Rs 30 crore of unaccounted wealth to the taxman after raids were conducted against him.


Income Tax dept to intensify crackdown on black money hoarders

New Delhi: With both the one-time black money declaration windows concluded, the Income Tax department is set to intensify its crackdown against stash holders after a recent case where an IDS participant surrendered a fresh Rs 30 crore of unaccounted wealth to the taxman after raids were conducted against him.

The case that recently took place in Kolkata has stunned authorities of the I-T investigations wing after the said business entity produced, during searches, a bonafide receipt of declaring about Rs 3 crore worth of black money under the Income Declaration Scheme (IDS) that ended on September 30.

The entity, however, had concealed about Rs 30 crore illegal wealth which only came to light when the department conducted a “routine search” base on “actionable information” of tax evasion few days back.

In yet another similar case, a Delhi-based lawyer recently disclosed Rs 125 crore of black money to the taxman after searches were conducted against him, post the closure of IDS.

In this case reported from the national capital, the person concerned did not avail the IDS opportunity but got caught soon after the taxman came calling at his doorsteps.

Tax officials said there have been few more cases in the southern part of the country where tax evasion worth crores has been found after searches were carried out by the department, after the IDS window closed.

Officials said taking into cognisance such cases, I-T sleuths are now expected to intensify their search and seizure operations to unearth as much black money as possible within this fiscal.

They said while there is no target to achieve in this regard, these recent disclosures indicate that some more people who had used the IDS to declare their illegal wealth to the government could only have parted with only some portion of it and not in full even as some had totally concealed their tainted wealth.

From Zee News

0 Comment - Join the Discussions