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Beware! I-T sleuths are keeping a watch
August, 29th 2007
Data from service tax department and state value-added tax (VAT) departments may now come handy for the I-T sleuths to catch those evading taxes.

Traders have to register with the state VAT departments once their annual turnover crosses Rs 5 lakh. Similarly, service providers register themselves once they reach Rs 7 lakh in annual turnover. The data about number of traders registered, turnover declared and VAT paid will help the I-T department in catching tax evasion.

The finance minister P Chidambaram had at the annual conference of chief commissioners of excise and customs indicated that excise department could source data from state VAT departments. The income tax department feels this information will come handy in profiling and nabbing tax evaders, a source said. It will also help in catching non-filers. Similarly, data from service tax department could be equally useful.

Though, income tax department representatives meet state agencies every month for exchange of information, the data is limited to specific and big cases. If the tax department is able to get complete details of the registration, payments, etc, it could be used meaningfully. It is also collecting city-wise data on various businesses like trusts, nursing homes and educational institutions through third parties.

This information will then be given to field formations for their use. It is also setting up a cell to monitor collection of tax from individuals who are caught with huge disclosures. This information will be made available to the intelligence wing for its use. This data could include modus operandi of tax evasion, amount of undisclosed investments and undisclosed bank accounts.
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