CBDT directs I-T dept to scrutinize high-value cash transactions and form special teams to recover tax arrears from top 5,000 cases.
Central Board of Direct Taxes (CBDT) instructs Income Tax (I-T) dept to scrutinise high-value cash transactions at hotels, hospitals, luxury brands, & IVF clinics. CBDT identifies businesses with prevalent large cash transactions & non-adherence to rules. I-T dept is directed to form special teams in each region to recover tax arrears from top 5,000 cases, representing 60% of total demand of over Rs 43 lakh crore, as arrear demand increased from Rs 24.5 lakh crore to Rs 43 lakh crore in the past year.
August 17, 2024
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