Making huge investments and not paying tax or filing returns? Heres some bad news for you. The income-tax department has prepared a 360 degree profile of such tax evaders and is all set to nab them.
The department carried out the project on a pilot basis in the Capital, and now has a ready reckoner on a large number of tax evaders. The 360 degree profiling includes data on individuals spendings, investments and earnings using annual information returns (AIRs). The project has revealed that there are a large number of individuals who have made huge investments but are missing from the list of taxpayers and I-T return filers, an official said.
The department has found out that there are a large number of individuals who despite making huge investments have not filed returns, he said. The taxman will now knock the doors of these individuals.
Since the pilot project has given excellent results in the Capital, the 360 degree profiling will be expanded to other centres.
The I-T department is also setting up a cell to monitor collection of tax from individuals who are caught with huge disclosures. This data will be available to the intelligence wing. The data could include modus operandi of tax evasions, amount of undisclosed investments and undisclosed bank accounts. All entries will be given a unique identification number and can be accessed by the investigation wing throughout the country.