Business NRIs from Various Cities and Other Countries including Meerut-Agra under radar of Income Tax

The Income Tax Department is issuing notices to individuals who spend crores of rupees abroad. These NRIs earned money abroad but failed to inform the Income Tax Department. Now they are on the radar of the Income Tax Department.

Here are some cases:

Case 1:

A lady resident of Kanpur does business in Dubai. NRI has a local account with an immense bank. In a year, the account recorded transactions worth approximately Rs. 4.5 crore. A notice was issued when the bank immediately notified the Income Tax Department of this.

Case 2:

In a year, a person from Agra who works in an establishment company in Australia made transactions totaling Rs. 7 crore in his NRI account. According to the rules, the bank was required to notify the Income Tax authorities of such large transactions in a single year.

Previous cases reveal that people earn crores of rupees while sitting seven seas away in a foreign country, currently fail to account for it. Within a year, transactions worth crores were conducted in his NRI account, shocking even the banks. Without delay, notified to the Income Tax Department. Officers were shocked when the department also investigated. A notice has now been sent requesting an accounting of the money. There are also plans for harsh action.

Cases in Agra, Meerut, Noida and Dehradun:

The cases of transactions worth crores of rupees using NRI accounts in a single year have been reported not only in Kanpur but also in other cities. So far, Income Tax officials have investigated around 650 cases from Agra, Meerut, Ghaziabad, Noida, Moradabad, and Dehradun. Many notices have been sent, and many more are in the process of being sent. At present, 55 NRIs have received notices in Kanpur alone. The figure is expected to rise further.

On the radar of Income Tax those doing Jobs and Business in other countries:

The majority of those who have come under the scrutiny of the Income Tax Department are involved with worldwide business. Many even work for major companies for many years. The Income Tax Department notified such individuals via email with a local address. Accounts for crores of rupees deposited in the account were asked.

Notice will be given thrice then take Action:

According to sources, the Income Tax Department would notify the concerned individual three times to determine the source of the total amount. The notice will be issued every eight days. If the account is still not given or a sufficient response is not received after this, the action will be tightened. The cases will be forwarded to the investigating unit.

Expressing disagreement with the notice:

Those who are staying in foreign nations and spending crores of rupees are also protesting after receiving the notice. Many people contacted the authorities directly or through their lawyers. When inquired, it was even asked why the bank provided their information. They tried their hardest to remain calm under pressure.