The Income-Tax department has identified Fifty thousand persons, together with politicians, businessmen and families of NRIs, who are holding black money in Telangana and AP.
The department began issuing notices on weekday, asking them to declare unrevealed income, together with movable and immoveable 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 awaiting the point in time of Sept thirty, 2016, for voluntary declaration of unrevealed amount beneath the Finance Act (2016).
“We have tracked nearly fifty thousand persons based on land registrations, property sales and purchases, club payments, foreign visits, mutual funds and alternative sources. Preliminary inquiry has disclosed that these individuals are holding unrevealed amounts. The Centre has given an opportunity to black money holders to declare their incomes. we also are making ready notices,” the official aforesaid.
The official aforesaid that the suspects were divided into 3 categories — unrevealed financial gain from Rs ten lakh to Rs fifty lakh, Rs fifty lakh to Rs one crore and on top of Rs one crore.