The Income Tax their Department has issued 10,000 reopening notices to companies and individuals in major cities, seeking explanations for apparent discrepancies in reported incomes. The notices relate to the 2018-19 assessment year and such cases cannot be reopened after August 31.
Preliminary estimates suggest that the suspected undisclosed income in these cases could reach as much as 15,000 crore. The entities involved span India's top cities -- Delhi, Mumbai, Bengaluru, Pune, Chennai, and Hyderabad.
Most of these cases involve suspected bogus charitable donations made under Section 80G of the Income Tax Act, as well as high-value overseas transactions, such as property acquisitions, according to officials in the know.
"It's difficult to pinpoint the exact figure at this stage, as the process of issuing notices is underway.
Many cases are at different stages of the process and they (amounts) are typically revised after receiving responses to the notices," said one of the officials.
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