Income Tax raids to continue crackdown on black money hoarders

As the Modi government declares a war on black money, the Income Tax department is deploying its arsenal to checkmate tax evaders with multiple raids across the country.

TRACK SUSPICIOUS TRANSACTIONS

Sushil Chandra, chairman of the Central Board of Direct Taxes, has tasked investigation units to track suspicious transactions. Speaking to India Today, he warned tax evaders from engaging in illicit activities.

"The Income Tax department is taking action against all assessees who are doing something that is not normal, like hoarding cash, and even traders who are registering sale of goods on old notes," he said.

Also Read: IT raids 15 jewellery shops in Chennai

SEVERAL TRADERS RAIDED

Tax sleuths have raided the premises of several traders and jewellers across Delhi, Mumbai, Kolkata and Punjab.

Chandra said raids are being conducted on "actionable inputs" where old currency is being exchanged at "discounted prices" for gold. "PAN card is a must for jewellers for sale above Rs 2 lakh and action will be taken against the guilty," he said.

CASH SEIZURE SET TO BE HIGHER

The I-T department is keeping a watch on large tranche cash movement. While data suggests total cash seizure was over Rs 470 crore last year, it is set to go higher now.

Also Read: IT dept conducts raids as illegal financial institutions crop up; shops call it a day