THE INCOME-TAX DEPARTMENT is all set to crack down on the super rich who underpay their taxes, concerned that the cut in the highest tax rate on personal income from 42.74% to 39% in Budget FY24 hasn't curbed tax evasion.
Some individuals with reported or likely annual income above ₹1 crore, are being subjected to "360-degree profiling", a senior tax department official told FE on condition of anonymity. The department is tracking these individuals' investment profiles, expenses incurred and sources of income for assessment, the official added.
"In FY23, 2,61,000 taxpayers showed annual taxable income of more than ₹1 crore in their tax returns... however this number should have been much higher given the data captured via multiple other sources," the source said.
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