Sunday , November 24 2024

Income Tax department issues reopening notices in 10,000 cases | News India

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Mumbai: It is known that the Income Tax Department has sent notices to reopen a total of 10,000 cases to high-income individuals and companies in major cities of the country. It is believed that these notices have been sent to these taxpayers for the income tax returns filed for the assessment year 2018-19 due to discrepancy in their income.

The last date for reopening of cases for assessment year 2018-19 is August 31 of the current year.

The tax department estimates that taxpayers have concealed income worth Rs 15,000 crore. Tax department sources said that notices have been sent mostly to taxpayers from cities like Mumbai, Delhi, Pune, Chennai.

It has also been found that these taxpayers made fake donations and carried out high value transactions abroad to evade taxes.

In some cases, the role of NGOs has also come to light. It is suspected that these NGOs took donations in the greed of getting commission.

The cases are being reopened based on information provided by banks, financial institutions, jewellers, stock brokers and real estate companies. Department sources also claimed that there was a discrepancy in the information provided by these companies that accepted the money and the taxpayer.

A data analysis system within the department has helped in catching undeclared income.

The Central Board of Direct Taxes (CBDT) has also started intensive scrutiny of foreign remittances of more than Rs 6 lakh.

CBDT sources had earlier said that the probe was initiated after the amount of money sent abroad and the amount of expenditure was found to be not in consonance with the income declared by the person concerned.