The Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has informed that Income tax department is going through new areas and various sectors of the economy which were never touched before, like asset reconstruction companies, gaming, betting etc to check tax evasion even as its investigation units are using analytics to sift through voluminous data on Indians holding assets abroad.
“We are covering a variety of sectors of the economy. We are not limiting ourselves to real estate or developers only, our action is spread across sections of economy right from healthcare to pharma to developers to industries, manufacturers, service providers etc, Gupta added.
Further CBDT said, “We have got information thorough Panama, Paradise and Pandora Papers (global tax data leaks of asset holding by various individuals and entities) and while they are limited number of cases, we are ‘populating’ this information into the CRS and FATCA to cull out data for our use.”
All this data, received till 2019, is under examination by the department’s investigation units. “We are using data analytics and risk analysis to identify which cases can be more potential for the purpose of investigation,” Gupta said.
Knowledge Source :
Ban on American Express Lifted