1. Income tax department shifts focus to prosecuting offenders

Income tax department shifts focus to prosecuting offenders

The income tax department has decided to focus more on prosecuting tax evaders rather...

By: | Published: February 13, 2015 1:40 AM

The income tax department has decided to focus more on prosecuting tax evaders rather than just recovering the unpaid taxes in a bold attempt to create sufficient deterrent to generation of unaccounted wealth.  Any tax, interest or penalty of above R10 lakh that is sought to be evaded, would attract up to seven years of rigorous imprisonment and fine. The punishment would be up to three years if the amount sought to be evaded less than this threshold. The department said it seized undisclosed assets of R582 crore during searches held in this fiscal up to December 2014. Undisclosed income of R6,769 crore has been admitted by the tax payers during searches.

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Tags: Income Tax
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