It seems that the crackdown on black money is not over so soon. As the scheme for voluntary disclosure of unaccounted for wealth is now over, tax authorities are now looking at transactions carried out beyond six-year ceiling under the current rules.
It is likely that tax officials can now scrutinise transactions which are older than six year in order to track down in the black money, a report in the ‘Hindustan Times’ has quoted a source as saying. In case a person is found to be an offender, he could be asked to pay tax as high as 75 percent and can be asked to go jail.
Tax officials are zeroing in on records of those people, they believe are still hiding undisclosed wealth.
Since the Income-Tax allows scrutinising of last six years’ income, the finance act, under which the disclosure scheme was introduced, as also foreign undisclosed assets act also gives tax officials the right to go through records which are more than six years.
After coming to power, in 2014, the Modi government had set up a special investigation team to probe ill-gotten wealth under the Supreme Court’s order. The team can check transactions which are 14 years old.
During the black money disclosure scheme recently which ended on September 30, disclosure of Rs 65,250 crore was made, the government had revealed earlier.