Metro
cities like Delhi, Mumbai, Kolkata and Bengaluru have the maximum
'crorepati' entities who have declared agricultural income of over Rs
1 crore in the last nine assessment years with the Income Tax
department. The department is conducting a tax evasion probe in a
select number of such cases after the taxman was directed in this
regard recently. As per official data in this regard, accessed by
PTI, between Assessment Years (AYs) 2007-08 to 2015-16, a total of
321 assesses declared agricultural wealth over Rs one crore in
Bengaluru region followed by Delhi (275), Kolkata (239), Mumbai
(212), Pune (192), Chennai (181), Hyderabad (162), Thiruvananthapuram
(157)and Kochi (109). Finance Minister Arun Jaitley today said in
Parliament that many prominent people are being probed for allegedly
concealing taxable income as agricultural earnings as he told the
Opposition not to term it as political victimisation if their names
come out.
"Many prominent people" are said to be involved and are being probed, he said. "Please don't say it is political victimisation if names come out after that (probe)." IT department Assessing Officers across the country, as part of a recent directive, have been asked to "verify" a select number of cases in this category under assessment years 2011-12 to 2013-14. The move came in view of a PIL filed in the Patna High Court where concerns have been raised that some of these declarants could be engaged in routing their un-accounted or illegal funds in the "garb" of farm income thereby leading to instances of money laundering. Agricultural income is exempt from Income Tax in the country. The official data in this regard said a total of 2,746 entities have declared agricultural income of above Rs 1 crore in the last nine AYs, between 2007-08 to 2015-16 and a probe has to be conducted for a block period of three AYs (2011-12 to 2013-14).
"Many prominent people" are said to be involved and are being probed, he said. "Please don't say it is political victimisation if names come out after that (probe)." IT department Assessing Officers across the country, as part of a recent directive, have been asked to "verify" a select number of cases in this category under assessment years 2011-12 to 2013-14. The move came in view of a PIL filed in the Patna High Court where concerns have been raised that some of these declarants could be engaged in routing their un-accounted or illegal funds in the "garb" of farm income thereby leading to instances of money laundering. Agricultural income is exempt from Income Tax in the country. The official data in this regard said a total of 2,746 entities have declared agricultural income of above Rs 1 crore in the last nine AYs, between 2007-08 to 2015-16 and a probe has to be conducted for a block period of three AYs (2011-12 to 2013-14).
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