Central Board of Direct Taxes (CBDT) has said that tax evasion done by corporates is becoming more sophisticated. The Income Tax (IT) Department detected tax evasion to the tune of Rs 50-60 crore.
CBDT has also lauded the Mumbai IT department which released a book aimed at plugging tax avoidance or evasion techniques by India Inc.
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.