The finance ministry has set up a special investigation unit under the Central Board of Direct Taxes (CBDT) to investigate funding and donations made to political parties. The new unit will function under the CBDT and will also deal with highly sensitive matters, such as those related to armed units of criminal investigation of the income tax department and the work of the marine and air snoop units for special anti-tax evasion operations.
Official sources have confirmed that the unit will be headed by a commissioner rank officer of the I-T department and will “monitor election-related expenditure, regulate political funding and enforce compliance to tax laws by political parties and groups, including checking exemptions granted to parties”. The unit will report to the CBDT chairman, who is handling the investigation charge himself in view of the intensive activity underway to unearth black money in the country.
The unit will also keep tabs on “very high net worth individuals” and “high net worth individuals” to “deepen the tax base in these groups of taxpayers”.
Source: The Economic Times.
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