Income Tax dept will probe cases of spike in income under revised returns
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These cases are in addition to the 1 lakh high-risk cases already identified by the income tax department for scrutiny based on information gathered from banks. “Questions need to be asked where there is a sudden spike in income and a revised return is filed,” said a senior income tax official. “We will take them up for scrutiny.”
The department is proposing to be selective and focused instead of going in for mass scrutiny to make the process more effective. It’s also trying to make the exercise non-intrusive, so the limited scrutiny will be completely online, carried out via emails.
Only about Rs 5,000 crore was deposited under the Pradhan Mantri Garib Kalyan Yojana that was launched in the wake of the note swap to give people one last chance to come clean.
With that having come in well below expectations, the income tax department is getting ready to take a look at suspect cases.
A higher revised income could indicate hidden non-tax paid incomes or unaccounted cash from previous years being disguised as a rise in sales, according to officials. #casansaar (Source - Econoic Times)
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