The move is part of a broader crackdown on tax evasion and avoidance using data analytics of information received from various financial reporting entities, a senior official told ET.
Notices have been sent out only in cases where the department suspects wilful evasion. ” Notices were sent on the basis of available information with the department and some of them have responded positively by agreeing to file revised returns,” the official said.
The department has detected an estimated evasion of ₹4,200 crore by these entities and individuals, who booked profits between 2021 and 2024, people familiar with the matter said. Most of the investment by these entities and individuals was in real estate companies, startups, fintech, EV and solar equipment companies, the official said. They used offer-for-sale, cash, gold, property and even crypto using overseas accounts to evade tax.
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Citing the example of an investor in an EV company, the official said the individual had diluted 8% of his stake in four tranches but did not pay any capital gains tax.
“It was only when he bought two luxury cars and booked two luxury apartments in the name of his two minor children that it was flagged by the data,” the official said.
