Quick Summary
The Income Tax Department is all set to crack down on high net worth individuals (HNIs) who underpay their taxes. This comes after the department found that the cut in the highest tax rate on personal income from 42.74% to 39% in the Budget FY24 hasnt curbed tax evasion among HNIs. The department
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FAQ :
The Income Tax Department is conducting a '360-degree profiling' of high net worth individuals (HNIs) with reported or likely annual incomes above £1 crore to identify and address tax evasion.
The department has found that a significant number of HNIs are under-reporting their income, and a recent cut in the highest tax rate has not curbed this evasion.
It involves tracking the investment profiles, expenses incurred, and sources of income of individuals identified as HNIs.
Individuals with reported or likely annual income above £1 crore are being profiled.
HNIs should ensure accurate and complete income reporting, keep supporting documentation, stay informed about tax laws, and consult tax experts if needed.
Yes, the department will send notices to individuals who have under-reported their income once the screening process is complete.
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