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Transactions Older Than 6 Years Now Under Tax Lens

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The crackdown on black money is not over.
With the scheme for voluntary disclosure of unaccounted for wealth now closed, tax officials have launched a drive to unearth hidden incomes and are looking at transactions carried out beyond a six-year ceiling under existing rules, sources said.
“The tax department can scan transactions older than six years by invoking clause 197C of the finance act, 2016. This clause was introduced to crack down on black money,” said a finance ministry official, who did not wish to be named.
An offender, depending on the amount or assets seized, could end up paying a tax as high as 75% and could also be jailed, sources said.
Officials are scrutinising the records of those who they believe did not come clean and are hiding undisclosed wealth.
While the I-T law allows a check of income of the last six years, the finance act, under which the disclosure scheme was brought in, and foreign undisclosed assets act allow authorities to inspect records older than six years.
In the run-up to the Lok Sabha elections, the BJP had promised a war on black money. The latest move comes ahead of elections in five states.
Within months of coming to power, the Modi government, on the orders of the Supreme Court, set up a special investigation team to probe ill-gotten wealth. The SIT can examine transactions that are 14 years old.
Hindustan Times New Delhi,15th October 2016

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