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Income-Tax leans on data tools to nail tax evaders
With the return of Rs15.28 lakh crore into the formal banking system, almost entire cash holding of the economy now has an address. It’s no more anonymous.
Hyderabad: With the return of Rs15.28 lakh crore into the formal banking system, almost entire cash holding of the economy now has an address. It’s no more anonymous. From this inflow, the amount involving suspicious transactions based on various estimates ranges from Rs1.6 lakh crore to Rs1.7 lakh crore. Now it is with the tax administration and other enforcement agencies to use big data analytics and crack down on suspicious transactions, according to an official report from the Centre.
The Income-Tax (I-T) Department has already begun exploring the data in this direction. Number of suspicious transaction reports filed by banks during 2016-17 has gone up from 61,361 in 2015-16 to 3,61,214. The increase during the same period for financial institutions is from 40,333 to 94,836 and for intermediaries registered with Sebi the increase is from 4,579 to 16,953.
Based on big data analytics, cash seizure by I-T Department has more than doubled in 2016-17 when compared to 2015-16 during search and seizure by the department Rs15,497 crore of undisclosed income has been admitted which is 38 per cent higher than the undisclosed amount admitted during 2015-16 and undisclosed income detected during surveys in 2016-17 is Rs 13,716 crore which is 41 per cent higher than the detection made in 2015-16.
Undisclosed income admitted and undisclosed income detected taken together amounts to Rs29,213 crore, which is close to 18 per cent of the amount involved in suspicious transactions. This process will gain momentum under ‘Operation Clean Money’ launched on January 31, 2017.
The exercise to remove the anonymity with currency has further yielded results in the form of 56 lakh new individual tax payers filing their returns till August 5, 2017, which was the last date for filing return for this category. Last year this number was about 22 lakh. Post-demonetisation, SEBI has introduced a Graded Surveillance Measure in stock exchanges. This measure has been introduced in over 800 securities by the exchanges.
The leads in data analytics enabled the government to identify 2.97 lakh suspect shell companies. After issuance of statutory notices to these companies and following due process under the law, 2.24 lakh companies have been de-registered from the books of Registrar of Companies (RoC).
