इंडियन आवाज़     27 Feb 2024 01:32:01      انڈین آواز

Govt steps up effort to unearth black money

These steps include scrutiny of tax return; surveys, search and seizure actions; imposition of penalty and launching of prosecution in appropriate cases.

According to reliable sources Information Technology has also been used in a big way in collection, collation and dissemination of taxpayer information.

Tax Information Network (TIN) has been set up as a depository of important tax related information which can be accessed by the Department.

The basic components of TIN are information relating to Tax Deduction at Source (TDS), payment of taxes and high value transactions reported in Annual Information Returns (AIR). The Department has set up an Integrated Taxpayer Data Management System (ITDMS) to electronically collate Information collected from various sources i.e. Tax Deduction at Source, Electronic Filling of Return, Annual Information Returns Central Information Branches (CIB) etc. to create 360 degrees profile of high net-worth assesses. Information received from Financial Intelligence Unity under the Department of Revenue regarding suspicious transactions from various banks and financial institutions are also investigated by the Income Tax Department.

The department is having two specialized wings under the administrative control of the Director General of Income Tax (International Taxation). The International Tax Division Investigates and assesses the cases of foreign companies, expatriates, non-residents and other such entities. The Transfer Pricing Division examines the international transactions between associated enterprises having regard to arm’s length price in accordance with the provisions of Chapter X of the Income Tax Act, 1961. Appropriate action under the provisions of Direct Tax Laws is taken in cases where tax evasion is detected.

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