Prosecution for tax evasion jumps sharply so far this year
Prosecutions for tax evasion jumped sharply in the April to November period of 2017-18 to 2,225 cases, up from 784 in the same period a year earlier
Prosecutions for tax evasion jumped sharply in the April to November period of 2017-18 to 2,225 cases, up from 784 in the same period a year earlier, on account of an intense crackdown on unaccounted wealth, the income tax department said on Friday.
Prosecutions have been initiated for wilful attempts to evade tax, failure in filing tax returns, making false statements in verification and failure to deposit the tax deducted or collected at source, the department said in a statement.
Prosecutions initiated increased by 184% as the department resorted to analysis of large amounts of data sourced from banks and other agencies in the months following the November 2016 demonetisation of high-value currencies.
The number of cases in which the accused admitted to the offence also nearly doubled in the April-November period of 2017-18 to 1052 from 575 in the corresponding period of the preceding year.
“The number of defaulters convicted by courts has also registered a sharp increase during the current fiscal. 48 persons were convicted for various offences during the current year up to the end of November, 2017 as compared to 13 convictions for the corresponding period in the immediately preceding year,” said the department.
- India slams Australia, others for criticizing farm support
- Govt draws up ₹ 1,500 crore plan to boost agri exports
- Chandrashekhar Azad: Most attacks against SCs have taken place in BJP-ruled states
- Maoists kill TDP MLA, former Andhra MLA in Visakhapatnam
- Narendra Modi rolls out Ayushman Bharat scheme, calls it ‘game changer’
Editor's Picks »
- India’s renewable energy sector hits a milestone but loses speed
- All eyes now on share swap ratio in this mega bank merger
- Jet Privilege can actually get higher valuation than Jet Airways
- Profitability of cement firms to take a hit due to weak prices, high costs
- Pidilite’s shares hold their ground despite weak rupee and rising crude