News- Centre steps up efforts to unearth black money

Centre steps up efforts to unearth black money in country

Government steps up efforts to unearth black money in the country and prevent tax evasion. This includes scrutiny of tax returns, surveys, imposition of penalty and launching of prosecution in appropriate cases. Official sources said, Information Technology is also being used in collection, collation and dissemination of taxpayer information. The Income Tax Department has also set up an Integrated Taxpayer Data Management System to electronically collate Information collected from various sources.

The sources said that Information is received from Financial Intelligence Unit under the Department of Revenue regarding suspicious transactions from various banks and financial institutions. This information is thoroughly being investigated by the Department. Besides, the Department has set up two specialized wings to investigate and assess the cases of foreign companies, expatriates and non-residents indians.