Visakhapatnam, Feb. 27
The Income-Tax Department is gearing up its machinery to have greater surveillance in order to increase the revenue.
At a press conference here on Monday, the I-T Director-General (Investigation), Mr J.L. Giridhar, said the thrust was on intensifying search and seizure operations.
He said that following amendment of rules, it had been made mandatory for the banks and other institutions to disclose the names of persons who had cash deposits aggregating Rs10 lakh, credit card transactions of Rs 2 lakh, debentures totalling Rs 5 lakh, shares amounting to Rs1 lakh and mutual fund deposits of Rs 2 lakh.
"We have developed a network and issued notices to persons who conceal their income. Tax and penalty are slapped on them after due inquiry," he said.
Mr Giridhar said the department was also getting information online on a day-to-day basis.
"During a routine surveillance, we detected a person from Rajahmundry having Indira Vikas Patras worth Rs 1.36 crore and National Savings Certificates of Rs 50 lakh with interest accrual of Rs 25 lakh," he said. He added that the assessee had admitted the concealed amount and paid the penalty with interest.
Mr Giridhar said a target of Rs 6,921 crore had been set for the financial year and the department had achieved Rs 4,548 crore as on January 31. The department was confident of achieving the target, he said.
To a question, he said the department could detect concealed amount of Rs 423 crore up to December 31, 2005, through search operations conducted in the State. In Vizag alone, the assessees admitted concealed income of Rs 11.13 crore.