Income Tax Department Targets 800 Individuals for Concealing Assets and Income Worth Over 3,000 Crore The Income Tax Department has issued notices to 800 individuals for allegedly hiding assets and income exceeding 3,000 crore. The department identified cases of significant underreporting of actual income compared to the tax returns filed. According to a source, some individuals reported annual incomes of 10 lakh in their returns, while their actual receipts totaled up to 100 crore. The discrepancies involved assets such as bank deposits, cryptocurrency, and even luxury vehicles, which were not disclosed in their returns. In several cases, individuals filed returns claiming nil income, but evidence from bank accounts and other assets revealed earnings of 20-25 crore. The transactions were conducted through banking channels rather than cash, yet they were not reported in the tax filings. The department detected these mismatches through the scrutiny of Statement of Financial Transactions (SFT), a cross-verification mechanism. This process uncovered instances where business receipts totaling 1,000 crore were unreported, along with cash deposits and withdrawals amounting to 850 crore and 500 crore respectively. Fixed deposits worth 100 crore, as well as the purchase of luxury vehicles valued at 15 crore and cryptocurrency worth 20 crore, remained undisclosed by the individuals. The value of such hidden real estate assets was estimated at 250 crore. The department’s actions also extended to property registrar offices, banks, and hospitals for non-filing of SFT, which requires entities to report high-value transactions.#cryptocurrency #bank_accounts #income_tax_department #statement_of_financial_transactions #luxury_vehicles
