Income Tax Dept Flags 20,000 Cases of Tax Evasion

Income Tax Dept Flags 20,000 Cases of Tax Evasion

The Income Tax Department has identified up to 20,000 cases of individuals using a tax avoidance trick to reduce their net tax liability. This move aims to prevent tax evasion and ensure fairness in the system.

• The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax liability.
• This trick involves swapping certain provisions to reduce tax liability, which is considered tax evasion.
• The Income Tax Department is taking strict action to prevent tax evasion and ensure fairness in the system.

Read more at Economic Times