The Income Tax Department has identified 500 such cases in which indians have bought immovable properties in dubai but have not declared it. The tax department is preparing to take major action in these cases. In the raid conducted by the tax department in delhi, transactions worth more than Rs 700 crore have been detected which have no account.
Tax evasion of thousands of crores possible!
According to the report of Economic Times, the Delhi-based investigation wing of the Income Tax Department has conducted more than a dozen surveys and search operations in which evidence of 43 undeclared properties in dubai has been found. A case of tax evasion of Rs 700 crore has been detected in delhi alone. The report quoted an official as saying that if this investigation spreads across the country, then this case of tax evasion can reach thousands of crores of rupees. According to the report, the Income Tax Department has detected more than 500 cases related to undeclared immovable properties purchased by indians in dubai, in which the department is preparing to take action.
germany shared data
Recently, germany has shared the data of properties of indians in West Asia with India. This data was done under the framework of exchange of information under the Double Taxation Avoidance Agreement (DTAA) between the two countries. In this, properties owned by more than 1000 indian citizens have been detected. However, it is not clear how the German authorities got this information.
Action possible under Black Money Act
During the Income Tax Department's raid in delhi, taxpayers have admitted to investing more than Rs 125 crore of undeclared cash. The Income Tax Department has found bogus receipts and records of cash payments and purchases, which are being investigated. The department is investigating the methods of depositing unaccounted cash abroad, undeclared cash deposits and the possibility of it being black money. The tax department is also considering taking action in the case under the Income Tax Act or the Black Money Act.
click and follow Indiaherald WhatsApp channel