Saturday, February 15, 2014

I-T dept to use information from banks to nail tax evaders

The Income Tax Department is considering seeking information on individuals exchanging high-denomination notes in huge numbers. It will then match banks’ information with its own. If there is a mismatch in the income reported by a person and cash exchanged by him, the taxman will go deeper. But RBI has provided an easy three-month window for exchange of notes. Details of identity and residence will not be required for exchange of notes between April 1 and June 30. The I-T department is concerned that many individuals with black money might take advantage of this.

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