Hyderabad: The Income-Tax department has identified 50,000 persons, including politicians, businessmen and families of NRIs, who are holding black money in Telangana and Andhra Pradesh.
The department began sending notices on Tuesday, asking them to declare undisclosed income, including movable and immovable property, to avoid action under Section 197 (c) of the Income-Tax Act.
A senior IRS official from the I-T department told this newspaper that the department was waiting for the deadline of September 30, 2016, for voluntary declaration of undisclosed amount under the Finance Act (2016).
“We have tracked nearly 50,000 persons based on land registrations, property sales and purchases, club payments, foreign trips, mutual funds and other sources. Preliminary inquiry has revealed that these people are holding undisclosed amounts. The Centre has given a chance to black money holders to declare their incomes. We are also preparing notices,” the official said.
The official said that the suspects were divided into three categories — undisclosed income from Rs 10 lakh to Rs 50 lakh, Rs 50 lakh to Rs 1 crore and above Rs 1 crore.
