Over 40 lakh big spenders under tax scanner
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The Income Tax department is keeping a close watch over 40.72 lakh high-value spenders as it plans to check potential evasion instances before the closing of the financial year on March 31.
According to data, the department has information on 40,72,829 persons who had made cash deposits amounting to Rs 10 lakh or more in their saving bank accounts in the current fiscal.
“With technical solutions at the department’s disposal, there is a lot of information that is readily available to the authorities.
“We just want to send the across the message that nothing in clandestine and the department would get to know every transaction especially high value ones,” a senior I-T department official said.
Amongst other information that the department possesses is that 40,40,396 people who purchased mutual fund units of Rs 2 lakh or more, bonds or debentures of Rs 5 lakh or more, shares issued by companies of Rs 1 lakh or more and bonds issued by RBI of Rs 5 lakh and above.
The tax department’s official data prepared recently also states that 15,55,220 persons purchased or sold immovable property worth Rs 30 lakh or more; 20,61,443 persons made payments of Rs 2 lakh or more in a year against their credit card bills; people who received interest income of Rs 50,000 and above from banks and people who purchased bullion or jewellery of Rs 5 lakh or more.
The I-T department, sources said, has also send notices for non-filing of taxes to close to 12 lakh people and entities even as more such notices would be issued.
With the enhancement of technology, a lot of electronic data is now available to tax sleuths including that from the Financial Intelligence Unit, which has a specific task of looking for suspicious and high-value money transfers.
The I-T department, by releasing such data, intends to bring all such transactions into the tax net before the closing of FY14 on March 31 and garner as much revenue as possible. (PTI/Indian Express)
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