Recently, the Income Tax Department detected tax evasion to the tune of Rs 50-60 crore. As per the latest updates, the Central Board of Direct Taxes (CBDT) has said that tax evasion done by corporates is becoming more sophisticated.

CBDT has also lauded the Mumbai IT department on April 19, which released a book aimed at plugging tax avoidance or evasion techniques by India Inc. The CBDT has further indicated that pending corporate refunds are no longer a matter of concern.

“Mumbai I-T department’s move to analyse corporate trends will help assessment,” said CBDT. While the tax authorities said that the raids were a point to circulation of black money in real estate and diamond markets.

The board said that new direct tax targets should ideally be up by 20% (YoY).  It also added that it has contributed significantly to policies of Organisation for Economic Co-operation & Development (OECD) in last two years.

moneycontrol.com