The Income Tax Department is now going to scrutinize the accounts of people ranging from common people to companies. Those who have transacted money abroad.
Income Tax Department Investigation: The Modi government of the country has started taking action on black money after benami properties. Be careful if you have done transactions abroad. Because the Income Tax Department black money (black money) has intensified the search. The Income Tax Department is now going to scrutinize the accounts of those people ranging from common people to companies. Those who have transacted money abroad. This is the first time that the Foreign Asset Investigation Unit has issued notices to many companies about this.Notice) sent it. After this, now the Income Tax Department has also started sending notices to many companies of FAIU.
Tell that till now the Foreign Asset Investigation Unit of the Income Tax Department used to investigate the benami property of the people. In these, foreign bank accounts of common people, shareholding in a foreign company and relationship with a trust in a tax haven country, etc. were investigated. Now the Income Tax Department of the Modi government has increased the scope of its investigation.
FAIU engaged in gathering information
The Foreign Assets Investigation Unit is engaged in collecting information about money given by Indian companies to any person or organization abroad. Many such cases have come to the fore in which money has been paid to foreign individuals or companies only as intermediaries. The Income Tax Department team has given notices to at least 8 companies in Mumbai in the last few days. Under the Income Tax Act, the Foreign Asset Investigation Unit is engaged in investigating companies and common people as well.
Doing such work to divert money
An official related to this matter said that many people buy property abroad through their companies, this is not common but many people are doing this to divert their money. The Foreign Assets Investigation Unit is now engaged in investigating the commission or brokerage etc. given by the companies in this matter.
Investigation of over invoicing
Over-invoice or under-invoice is also being investigated for purchases made abroad. Many import-export companies do over-invoicing of their goods and services. In the recent past, there has been an increase in cases of Indian companies setting up associate companies in countries that provide tax havens. Usually, the Enforcement Directorate investigates such transactions, but now the Income Tax Department has started investigation by taking it under its ambit.
English News Headline : IT Department issuing notice to FAIU companies regarding black money.
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