Quick Summary
In a major crackdown on tax evasion, the Income-Tax Department has issued notices to approximately 300 private equity (PE) firms and company promoters over alleged non-payment or underpayment of capital gains tax, according to a report. Government's Data-Driven Tax Investigation This action is part of a broader effort to curb tax evasion and avoidance, utilizing advanced data analytics based on financial reports submitted by various entities. A senior official revealed that notices were only s
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FAQ :
Approximately 300 private equity firms and company promoters have received notices.
The department has identified nearly £4,200 crore in evaded capital gains tax.
The alleged tax evasion relates to profits booked between 2021 and 2024.
Significant investments were linked to real estate, startups, fintech, electric vehicle (EV) ventures, and solar equipment businesses.
Methods included complex transactions like offer-for-sale mechanisms, cash dealings, gold holdings, real estate purchases, and unreported overseas crypto assets.
The government is increasingly relying on data-driven monitoring, advanced data analytics, and AI-driven analytics, along with information-sharing agreements with global financial institutions.
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