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.
Income tax department shifts focus to prosecuting offenders
The income tax department has decided to focus more on prosecuting tax evaders rather...
TOPICSIncome Tax
Get Live Share Market updates, Stock Market Quotes, and the latest India News and business news on Financial Express. Download the Financial Express App for the latest finance news. .
This article was first uploaded on February thirteen, twenty fifteen, at forty minutes past one in the night.