Income Tax Dept India gearing up to check tax evasion
The Income Tax Department is gearing up to prepare a 360-degree tax profiling of individual tax payers in the country to keep a tab on tax
evasion and money laundering.
“Finance inister has given a go-ahead for integrated 360-degree mapping of individual tax payers by utilising data collected from various sources
like annual information returns (AIRs) from banks, credit cards, mutual funds, stock market and property registrars,” a senior Finance Ministry
official said.
Only esterday, Finance Minister P Chidambaram had said that in the meeting of chief income tax commissioners, decision has been taken for
integrated tax mapping. He, however, declined to give details about the project.
Sources said fter a successful pilot project on integrated tax profiling in Delhi, the I-T department also has plans to prepare a huge data bank that
would have all sorts of information on potential tax evading individuals and corporate houses.
The overnment has so far gathered information about Rs 60,00,000 crore investment by tax payers through AIRs. Under the tax mapping, the
department plans to explore cases involving large scale tax evasion.
The ources said the Financial Intelligence Unit (FIU) under the ministry will also provide information about potential tax evaders, as it
collects and analyses information about financial transactions through banks and other financial institutions.