Finance ministry overhauls income tax intelligence to counter tax evasion
Commissioners of income tax of the central information branch will now report to the intelligence wing headquartered in the national capital.
The finance ministry has overhauled its income tax intelligence wing in order to speed up investigation of high value cases of Rs10 lakhs and above, and stop new methods of tax evasion.
Commissioners of income tax (CITs) of the central information branch (CIB) will now report to the intelligence wing headquartered in the national capital.
The CIB and the intelligence wing, which were till now performing a support role for the conduct of search and survey operations for the investigation arm of the department, will henceforth independently probe cases of tax evasion, official sources said.
The CIB is the nodal office in the department to gather all documents pertaining to transactions in relation to which Permanent Account Number (PAN) or General Index Register Number are given during sale and purchase of property and monetary deposits.
"The re-structuring of the central information branch will ensure current, constant and consolidated reporting and delivery of information on transactions, including high value financial ones which are around Rs10 lakhs or more," sources said.