Black money hoarders beware! I-T department is now free to raid anywhere anytime

An inquiry about an individual hoarding unaccountable cash can be started if the investigating officer feels there are ‘reasons to believe’ and ‘suspect’. However in the Budget 2017 it has been decided that the inquiry authority may or may not give explanation to any authority or the Appellate Tribunal.

By now it’s an open secret that the I-T department is reeling under tremendous shortage of manpower. Now CBDT (Central Board of Direct Taxes) would be lending its helping hand in centralised issuance of notices and calling for information and documents, according to The Economic Times.

In India, it’s nothing new that religious trusts enjoy relaxation of taxes. That’s because under Section 133A, I-T officials can conduct inquiry of unaccountable money at business institutions, barring any However Budget 2017 has given power to the I-T authority to enter any place, including religious trusts to carry out inquiry.