Hyderabad: Income Tax officials have formed separate teams for decoy operations and raids.
After the Income Declaration Scheme (IDS) ended on September 30, I-T teams conducted decoy operations last month and are planning to hold more raids this month.
An official source said that decoy operations were conducted in AP and Telangana against nearly 1,000 infrastructure companies and other big business establishments led by prominent individuals, including politicians.
The official said, “At present, we are compiling the data received by our teams and holding meetings with team leaders. The team leaders get information about the particular company before commencing the raid. Team members do not know the company’s name until they reach the destination. Except the team leader, all other members are required to switch off their mobiles during raids,” the official said.
Usually, IT officials form five to ten teams for each raid. Each team has a leader. The teams simultaneously conduct raids at various places, offices and residences related to proprietors, chairmen and directors.
During the decoy operations held last month, IT teams found that a few companies had provided false addresses. Such companies are being traced by other teams.
Investments show where money goes
Based on the transactions like investing on mutual funds and other savings, the I-T department has been sending notices since June, seeking information on the source of income under the Income Disclosure Scheme.
As there was a poor response from both the Telugu states, where the income of about Rs 16,500 crore was disclosed by 1,000 persons, officials are now checking back on the list of notices.
As per the list, officials found about 2,000 persons were having income exceeding Rs 1 crore. In a few cases, officials found there were false addresses and no PAN details.
Last month officials sent notices seeking PAN details from a few persons in AP and TS stating that they had invested money in mutual funds or other savings instruments.
An official said that the department was just seeking PAN information but not for raids or surveys.