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I-T men ready to spoil your party
September, 27th 2006
If it is "let's party all nights instead of tonight", then it is a reason for the income tax sleuths to watch. A survey done by the department has revealed that black money is flowing back to the market either through high-end partying, luxury holidaying, booking and marketing real estate and buying cars above Rs 10 lakh. The sleuths now have an eye on such people. Concerned over a spurt in black money circulating in the tricity, the taxman has set his eyes on the swish set of high spenders. Based on a survey carried out to find out where the illegal money is moving, the income tax department has identified four major areas of concern and is gathering expenditure details of people involved therein. These are persons who are into high-end partying circuit, enjoy luxury holidaying, work as marketing/booking agents of realtors and buy luxury cars costing over Rs 10 lakh. "Hunting down such tax evaders is high on our priority list. We are getting personal details of high spenders in these areas. The data would be fed into our system. The computer-assisted scrutiny selection (CASS) would then be used to monitor individuals where we find their I-T returns not matching the expenditure," a senior I-T official told TOI. "In case of unaccounted money, penalty can go up to tax including interest at the rate of 1% per month, and fine up to 300% of the tax liability." For instance, if the tax liability on Rs 100 as unaccounted money works out to be Rs 30 at the rate of 30% income tax slab, the penalty would be Rs 90. According to sources, following speculation in the real estate segment in the region, a lot of black money has found its way supporting the luxurious lifestyle of some city residents. And the eagle eyes of the I-T sleuths are zeroing in on them. "Many high-end parties and get-togethers in the city, which are individual events, are booked in the name of companies and see lakhs being spent in a single night," said an official.
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