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300 PE firms, promoters get I-T notices over alleged capital gains tax evasion

Economic Times  

The Income Tax department has sent out notices to about 300 private equity (PE) firms and promoters over non-payment or short payment of capital gains tax. The move is part of a broader crackdown on tax evasion and avoidance using data analytics of information received from various financial reporting entities. Notices have been sent out only in cases where the department suspects wilful evasion.The department has detected an estimated evasion of INR 4,200 crore by these entities and individuals, who booked profits between 2021 and 2024. Most of the investment by these entities and individuals was in real estate companies, startups, fintech, electric vehicles and solar equipment companies.They are alleged to have used offer-for-sale, cash, gold, property and even crypto using overseas accounts to evade tax.