Hyderabad: The income-tax officials have identified undisclosed money holders during preliminary inquiry.
Explaining the pointers that led to identifying black money holders, the sources said that the department has compiled details of land registration, property sales and purchases, foreign trips, mutual funds, club payments, purchases of high-end electronic goods, monitoring penny stock frauds, charitable trust frauds.
An official said that the department divided the suspects into three categories and the first category, holding more than Rs 1 crore of black money, would face prosecution first, followed by the remaining two categories — Rs 50 lakh to Rs 1 crore and Rs 10 lakh to Rs 50 lakh.
“Besides this, we have identified a few persons across the two Telugu states holding benami immovable properties and jewellery. We calculate the value of the property as per the present market value,” the official said.
I-T staff from tax inspector to principal commissioners at zonal and circle level plan to hold review meetings from Monday for executing the raids. The raids will be conducted on the first category of black money holders and about two lakh tax evaders in the first phase....