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The Central Board of Direct Taxes (CBDT) is considering sweeping amendments to the Prohibition of Benami Property Transactions Act, 1988, to plug loopholes and tighten enforcement. A panel constituted by the CBDT has submitted a report recommending sterner provisions, including wider data access for
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FAQ :
The main goal is to plug loopholes, tighten enforcement, and make it harder for individuals to hide assets through benami transactions.
The panel recommends access to the Aadhaar database, state property registries, and the Parivahan vehicle database.
Aadhaar data is important because many individuals used as fronts for benami transactions do not hold PAN cards, but often use Aadhaar for various registrations.
The panel has recommended allowing the confiscation of other traceable assets belonging to the actual beneficiary.
The report suggests identifying 'dummy directors' and investigating companies where directors have no declared income, shareholders don't file tax returns, or unsecured loans far exceed share capital.
Other measures include sharing tax records with the Benami wing, mandatory state sharing of property documents, real-time use of suspicious transaction reports, profiling private vault holders, and tracking cryptocurrency transfers.
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