(FirstPost)
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, as action against illicit asset holders is set to intensify, the CBDT chief said on Tuesday
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.
The top boss of the I-T department said that till now, the taxman 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.
