‘Pilot project to track investments in Dubai’

‘Pilot project to track investments in Dubai’

To track investments by Indians in Dubai, the Income Tax Department will launch a pilot project, this fiscal. This project will help us to crack down on tax evasion cases, said D K Mishra, Director (Admin) of Income Tax (Intelligence and Criminal Investigation), New Delhi.

He was speaking after inaugurating the income tax office (intelligence and criminal investigation), at Pandeshwar on Monday.

“The initiative is being taken to check any loss to exchequer by evasion of taxes. Many tax evasion cases had been unearthed by IT sleuths in the past. Stringent action will be initiated against those who evade taxes. Looking at the success of pilot project, the IT department will take up similar projects in other countries of the world,” he explained.

Elaborating on the same, he said the Income Tax Intelligence and Criminal Investigation sleuths had unearthed 60,000 cases in connection with 3.5 lakh tax related cases, of which, Rs 20,000 crore worth tax amount was evaded in 13,000 cases. The IT returns had increased to 54 million from 34 million. The tax collection had increased in the country over the years.

The IT sleuths are on high alert and has been collecting information on huge investments and transactions that take place in foreign countries as well.

D K Mishra said that Mangaluru is second top in the IT collection next to Bengaluru. Principal Commissioner of Income Tax Narottam Mishra said a few chartered accountants had adopted dubious tactics to reduce income tax to be paid to the government.  He warned CAs not to walk into such traps for they will have to blame themselves when arrested by IT sleuths.