the Income Tax Department conducted raids in many parts of the country. In this, jewelery worth crores of rupees and a large amount of gold and silver were recovered. Now the Income Tax Department is knocking on ‘new sectors’ of the economy to check tax evasion.
Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said that the Income Tax Department is knocking on ‘new sectors’ of the economy to check tax evasion in India. It is adopting the method of analysis of data about Indians having assets abroad. According to the news of PTI, the CBDT, the controlling organization of the Income Tax Department, conducts search operations and seizure of suspicious properties across the country to prevent the incidents of tax evasion, besides it is the government under the direct tax category. Also collects revenue for Knocking to new areas and new areas of the economy
According to the news, the CBDT chairman said during a discussion that now new sectors of the economy have also been brought under surveillance. He said that we are not restricting ourselves to just real estate or developers. Now we are knocking on new areas and new sectors of the economy.
These also include asset reconstruction companies, gaming and betting activities. When asked about the new trend of tax evasion, Gupta said, “I can say that we have a very wide spectrum.
Large numbers of foreign assets
The Chairman said that India is getting a large amount of data on foreign assets of Indian citizens from various countries through Common Reporting Standards (CRS) and Foreign Account Tax Compliance Act (FATCA). CRS is an international standard system for automatic transaction of financial account information while FATCA is an arrangement for reporting tax evasion in India information between India and the US.
Analyzing data and risk
The CBDT chief said that we have got all the information through Panama, Paradise and Pandora Papers and by linking them with CRS and FATCA, we are widening our base. Gupta said that these information received till the year 2019 is being investigated by the Income Tax Department’s investigation unit, for this data analysis and risk analysis is being done so that cases worthy of action can be identified.
