I-T department surveys surge by eight times as black money compliance window nears completion

By: | Published: September 29, 2016 9:21 AM

Tax evading is now the bull's eye for Income Tax Department and surveys have shot up manifolds to target all such offenders. The four month long black money compliance window is about to get over within two days and this has just sped up the process of searches across the country.

Tax dept seeks PAN for 7 lakh high-value deals, what you could face if you ignore letterThe I-T Department is making sure not to leave any possible tax evader under the compliance window. ( Source: PTI)

Tax evading is now the bull’s eye for Income Tax Department and surveys have shot up manifolds to target all such offenders. The four month long black money compliance window is about to get over within two days and this has just sped up the process of searches across the country. The average daily count during 2015-16 has now surged over eight times daily by the tax department, as reported by Indian Express.

Reports had been pouring in that the collections under the black money scheme were lower than what the tax department had been expecting and thus dealers, shop owners, traders, jewelry dealers are the new ones in the list. The I-T Department is making sure not to leave any possible tax evader under the compliance window.

The Union Budget for 2016-17 had announced the black money compliance window under the Income Declaration Scheme (IDS). Under this, people were encouraged to disclose their undeclared wealth to escape legal actions. The IT department produced radio and broadcast advertisements to promote the scheme and make people come up and own their undeclared assets. It promised exemption from prosecution in such cases. The scheme promises immunity by exempting declared assets from Wealth Tax, scrutiny/inquiry and prosecution under Income-tax Act/Wealth-tax act, and immunity from Benami Transactions (Prohibition) Act, 1988.

A senior tax department official said that the IT dept is holding one on one interaction with their highest tax payers to make them confide and come clean under the compliance window.

The Government in July had also extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three installments by September 30, 2017.

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