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I-T dept uncovers tax evasion of Rs.38,000cr

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The Income Tax(I-T) Department has unearthed cases of tax evasion worth about Rs.38,000 crore involving around 1,000 entities,and has issued notices to 147 individuals, a senior official of the I-T department said.
The amount has been arrived at through investigation of cases of stock manipulation in the past two years,the official added.
Most of the individual shail from Mumbai,Kolkata, Ahmedabad,Surat,and Delhi,officialssaid.These cities account for most of the trading volumes in the cash segment of the stock market.
Prosecution against these entities,who face penalty at the rate of 200 percent on the evaded tax,will start soon, said the official.However,some of the entities involved had declared unaccounted wealth in the central government’s recently concluded Income Declaration Scheme and will get immunity as a result.
To evade tax,some entities claimed long-term capital gains by showing a fake back-dated purchase of shares at lower prices,explained at a tax officer.
Business StandardNew Delhi,27th October 2016

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