The I-T dept has put nearly 14,000 property transactions of over Rs 1 crore under scanner. The exercise has also unearthed a large number of people and clusters with suspect transactions. The govt has taken a string of measures to stamp out black money, and stepped up action post demonetisation.
The income tax department has put nearly 14,000 property transactions of over Rs 1 crore under the scanner, and these include those by people who haven’t even filed I-T returns. The exercise has also unearthed a large number of people and clusters with suspect transactions. The investigations are in progress, the department said.
The government has taken a string of measures to stamp out black money, and stepped up action post demonetisation. It is now relying on data analytics for help in tracking down evaders. The department has launched ‘Operation Clean Money’ to smoke out tax evaders.
“The scale of the operation may be gauged from the fact that the response of 9.72 lakh people in respect of 13.33 lakh accounts involving cash deposits of around Rs 2.89 lakh crore, as per pre-determined parameters on sources of the cash deposits was captured by the income tax department within a short span of three to four weeks,” the tax department said. “Online queries were raised in more than 35,000 cases and online verification was completed in more than 7,800 cases,” it said.
The next phase of the operation includes enforcement actions in high-risk cases, taxpayer engagement through a dedicated website in medium-risk cases, and close monitoring in low-risk cases.
“The high-, medium-, and low-risk cases have been identified through the use of advanced data analytics, including integration of data sources, relationship clustering and fund-tracking,” the tax department said.
The tax authorities have also stepped up searches and surveys since demonetisation. In the wake of the note ban, there has been an increase of 158% in the number of searches, 106% in seizures, and 38% in the admission of undisclosed income. The I-T department has witnessed an increase of 183% in surveys, while there has been a spurt of 44% in the magnitude of undisclosed income detected during the surveys.