Black Money – Domestic and International Efforts

In 5 years, black money detection up 15.5 times

  1. Context: The nationwide crackdown on black money has meant a steady increase in detection of undisclosed income, which has jumped 15.5 times
  2. Background: Director General of Income Tax report shows business houses, including diamond traders, steel magnates and pharma companies coming under taxmen’s scanner
  3. Action: Taken through direct enquiry regarding investment and expenditure under Section 131, 133A and 132 of IT Act
  4. The News: More and more companies are involved in making bogus entries in their accounts
  5. Findings: Under this jamakharchi or ‘accommodation entry business’, paper entries are made in account books to facilitate cash movement

Undisclosed income detected during each survey has shot up drastically in two years

  1. Context: The nationwide crackdown on black money has meant a steady increase in detection of undisclosed income, which has jumped 15.5 times
  2. Background: Director General of Income Tax report shows business houses, including diamond traders, steel magnates and pharma companies coming under taxmen’s scanner
  3. Action: Taken through direct enquiry regarding investment and expenditure under Section 131, 133A and 132 of IT Act
  4. The News: More and more companies are involved in making bogus entries in their accounts
  5. Findings: Under this jamakharchi or ‘accommodation entry business’, paper entries are made in account books to facilitate cash movement
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