IT dept plans to tap ITR data to track black money, nab tax evaders

Tax department has begun analysing and matching data from various sources to track black money stashed overseas, with this year’s tax returns being the latest addition to their data chest.

The decision was taken at a recent meeting of the Central Board of Direct Taxes (CBDT) in Hyderabad, The Times of India reported. At the meeting, CBDT chairman Sushil Chandra had reportedly asked officers in the intelligence and investigation wings to tap various data sources to track black money held abroad.

“We have information with us now. If we tap that, we will be able to significantly reduce black money that is parked overseas,” the daily quoted a tax officer.

Further, the report says taxmen have been tracking those who made large deposits in banks during the demonetisation period, those whose names appeared in the Panama Papers and in other similar leaks.

Sources told the daily that authorities are looking to

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