IT dept plans new measures to curb tax evasion

08/01/2011

IT dept plans new measures to curb tax evasion
The Income Tax department plans to "immediately capture" on receipt the data of returns filed by taxpayers to enhance their investigation and enforcement action to curb tax evasion and reduce tax gap over the next few years. The department is also mooting developing a "criminal investigation" system within its establishment to combat terror financing, money laundering, offshore tax evasion and other illegal trades which impact national security."Income Tax department intends to use innovative methods to supplement its traditional enforcement tools in order to reduce the tax gap during the strategic plan period 2011-15. A conscious effort will be made to move towards non-intrusive targeted enforcement tools," the 'Vision 2020' document of the department said. The 30-page document, which charts out the course of action for the I-T department over next few years, was unveiled recently by Finance Minister Pranab Mukherjee. To achieve this objective, the I-T department will "make internal data available almost on real time basis by capturing data from paper returns immediately after receipt," the document said.

Source : https://business-standard.com/india/news/it-dept-plans-new-measures-to-curb-tax-evasion/121517/on