MP: I-T dept revisits records on tax evasion post currency ban
The income tax department on Thursday started re-digging records of tax evaders in MP as people thronged banks, post offices to get exchange of 1,000 and 500-rupee banknotes.indore Updated: Nov 11, 2016 11:59 IST
The income tax department on Thursday started re-digging records of tax evaders in MP as people thronged banks, post offices to get exchange of 1,000 and 500-rupee banknotes.
The department’s move comes two days after Prime Minister Narendra Modi abolished high-value bills.
The department has sought inputs from its investigation wing about suspicious monetary and bank transactions of individuals and businesses on directives of the Centre that aims to streamline its financial portfolio by checking circulation of black money, unearthing undisclosed income and collecting tax.
“We’ve prepared a list of people about whom we have information that they have not projected correct transactions in I-T returns. We had sent them letters in August seeking explanation. We are examining their replies or absence of proper replies,” a senior I-T department official, who did not wish to be named, said.
On the radar of the taxmen are realtors and real estate firms. The department has found mismatches between the prices mentioned in registered sale deeds and the collector’s guideline rates in several land deals.
The department discovered anomalies on the basis of information it received from the state department of stamps and registration. Tax sleuths are also digging into records of people who indulged in bogus long term capital gains.
The other areas the department is focusing on include vehicle registration, purchase and deployment of poclain machines that costs more than Rs 78 lakh and bogus accounts in co-operative banks in Indore region, which includes the 15 districts of the Indore and Ujjain divisions.