August 8, 2011 8:45 AM

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Govt steps up efforts to unearth black money and prevent tax evasion

Government has stepped 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, information’s received from Financial Intelligence Unit about suspicious transactions are being investigated by the Department. It has also set up two specialized wings to investigate the cases relating to foreign companies, expatriates and non-residents Indians.

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