IT- Dept to collect ample revenue before the close of the fiscal year

This fiscal year will definitely witness a huge collection of tax and an increase in the revenue of the Government as the IT- dept has cracked down under its scanner more than 22 crore instances of High value transactions which are unreported credit card operations and deals in the real estate.

The drive through this entire process of identifying these transactions and the party to it, is likely to be done or will end before the current financial year as the IT officials are working in identifying the sale and purchase of house property worth Rs 30 lakh each by 6,23,384 individuals.

The department is also finding on 27,50, 545 individual cases where cash deposits aggregating to Rs 10 lakh or more were made in savings bank account during the same fiscal.

Under the I-T scanner are 15,23,728 individuals who made payments of Rs 2 lakh or more against their credit cards in the same fiscal.

There are few more of these transactions which are under the probe as these have not been reflected in the IT-returns and for this the CBDT has asked the IT- department to start an investigation of those who have not reported such deals or who have failed to furnish their PAN for such high valued transactions.

 

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Taniya | Associate

eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 12 years.

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