|The Surat Income Tax Department in India has reportedly begun proceedings against 1,568 alleged tax evaders in the diamond city of Surat, for not furnishing their PAN details (Permanent Account Number issued by the Income Tax Department) during high value transactions when purchasing jewelry, land, plots and apartments, and depositing over Rs10 lakh (~US$15,000) in their bank accounts, according to a report by The Times of India (TOI). The accumulated value of the transactions is estimated at around US$435 million.
The action is apparently part of a directive issued by India's Central Board of Direct Taxes (CBDT) instructing all Income Tax commissionerates across the country to look for such individuals. According to TOI, the CBDT has collected information on around 9 million individuals from across the country who had not quoted PAN details during their foreign travel, purchase of jewelry and high-value transactions. The alleged tax evaders who have been issued notices by the Income Tax Department will have to respond to the notices within seven days, or else be prepared to face action from the department, reports the news source.