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IT department to track tax evaders

IT department to track tax evaders

The center has made its mandate clear that it would show no possible clemency to tax evaders. The Government has activated the IT department's first business intelligence unit at its Vaishali office in Ghaziabad.This special team will be headed by the officer chosen by the Financial Intelligence Unit. The job of this officer would be to track individuals who are potential tax evaders.   

This newly formed unit will be part of newly inaugurated the special processing cell for all tax deducted at source (TDS). This unit will be tasked to track suspicious individuals who have been indulgent in expenses and have long evaded income declaration.  The department has already started work, a recent report suggests that as many as four crore high value transactions have been linked to people on the basis of Permanent Account Number (PAN). 
Adding to this almost 12 lakh individuals have already been put on surveillance and notices have been prepared against them. In an interview to a reputed broadcast network Finance minister P Chidambaram stated that as many as  35,000 notices have been sent to individuals and more are in the process of being sent. 
The Minister  stated that there could be amnesty on the given matter.  He said that a huge amount of data has been mined and as such there was no case for amnesty,  he also affirmed that with more and more data available online it is easy for the department to track and know who was spending what and earning what.  
The special cell of the IT department has been converted as a special online monitoring system. This online system will not only track tax returns fillings and payments but will also initiate action for the same. The group has made use of information received from Cash Transaction Reports that is (CTR) as part of tracking essential data.
Category : Business
Date : 04 March 2013
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