I Tax to match property registration of above Rs 30 lakh;CBDT

DAINIK NATION BUREAU

To intensify the action against the benami property, the Income Tax Department is matching the “tax profiles” of all property registrations of above Rs 30 lakh under the provisions of the anti-Benami Act,

Today Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said ‘the taxman is also investigating those shell companies and their directors whose operations were recently debarred by the government as part of the drive to check black money generation through their abuse’. He made this revelation while interacting with reporters after inaugurating the Income Tax Department pavilion at the India International Trade Fair (IITF) which began at Pragati Maidan here on Tuesday.

An official said that so far the IT has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.

“We will destroy all instruments that are used to convert black money into white. This also includes shell companies. Also, the department is checking the income tax profiles of all properties which have a registry value of over Rs 30 lakh.

“We get this information under the law. If these profiles are found suspicious or incorrect, action will be taken (under the Benami Act),” Chandra said. “Our efforts in this direction are being intensified further. The taxman is also matching the data “of shell companies which have been debarred recently”.

If these companies have some benami property or any other financial transaction mismatched with IT return then it will be seized.

 

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