Govt says it has technology to trace black money, tax criminals

New Delhi: The Income Tax (I-T) department possessed the technology to track suspicious transactions and black money and it would go after all those who were indulging in these crimes, the CBDT chief said on Thursday.

Calling it a "big challenge" for the department to bring the tax evaders into the I-T net, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said they were getting all the required information from the banks and other establishments as part of their measure to check tax evasion.

"The department's action, post demonetisation, is for everyone to see. We undertook a number of steps that also included enforcement action. We have issued about two lakh notices to those who have made deposits of over Rs 15 lakh post the note ban, but have not responded to our messages.

"All those liable to pay tax will have to come into the tax net. The tax department will go after them. We want the tax base of the country to increase," he said.

With the help of technology, the I-T department was tracking the tax evaders and consolidating its measures in this regard, Chandra said.

The CBDT is the policy-making body of the I-T department.

Chandra said in developed countries, the share of direct taxes was more than that of the indirect taxes.

"We are moving towards that and therefore, witnessing the growth rate under the direct taxes category of late," he added.

The CBDT chief said a number of steps were taken since the last budget to reduce the cash share in the economy, so that the generation of black money was curbed.

Disclaimer : Mytimesnow (MTN) lets you explore worldwide viral news just by analyzing social media trends. Tap read more at source for full news. The inclusion of any links does not necessarily imply any endorsement of the views expressed within them.