Income Tax officers are now being trained to look out for any indications of an expensive lifestyle.
Buying a collector’s item like a Salvador Dali painting or splurging on designer tap fittings for your recently-renovated luxury bathroom may be an indulgence to you.
But for officials at the Income Tax (I-T) department, it could now be the clue to an extravagant lifestyle that conceals an excessive source of wealth.
From snooping around for proverbial bundles of cash and jewellery hidden in mammoth safes, I-T officers are now being trained to look out for any indications of an expensive lifestyle.
This includes collecting information on leading painters, prices of paintings, popular brand names, luxury watch brands, designer wear and even prices of toilet fittings.
“It’s surprising; people install taps that cost Rs5,000 or more per fitting. We have checked out new brands and designs that cost Rs8,000-10,000,” says a senior I-T officer.
The man responsible for this change, say I-T sources, is a top-ranked commissioner in the Income Tax Department who is to retire in a month’s time. “
Our boss has been emphasising that officers need to re-orient themselves when they investigate any premises,” says a senior I-T officer.
“Our investigations are aimed at breaking new ground. Officers are now looking at an individual’s lifestyle and all that comes under this purview.” A case in point is the recent instance in which I-T officers unearthed the collection of a South Mumbai art connoisseur said to be worth Rs100 crore.
Earlier, the value of his art collection might have been overlooked during a swoop. Officers also say that the manner in which IT raids are conducted has undergone a change as well.
“Raids are not based on informal information anymore. Our officers are asked to study the loopholes in the business trails that we need to investigate,” said the officer. Sleuths are also seeking detailed information before they embark on investigations and are being trained to take on the big players in the game.
So the next time you pick up a diamond encrusted belt or a special edition designer watch, don’t be surprised if your neighbourhood I-T official comes knocking on your doors.
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