Millionaire having six bank accounts out of tax net!

The Directorate General of Intelligence and Investigation, Inland Revenue has detected a unique case in Lahore where an undocumented person maintains six different bank accounts with Rs 60-70 million only in one bank account, remained untraced, sources said.
They told Business Recorder on Friday that the agency has unearthed a case where a wealthy person has maintained 6 bank accounts but remained out of the tax net. He is not registered with the tax department despite the fact that he was maintaining six bank accounts. The directorate is collecting information from concerned banks about the deposits maintained by this person.
According to analysis and profile of the person maintained by the directorate, it has been estimated that the accumulative amount maintained by the said person in 6 banks would be substantially high. However, the directorate would start assessment process after collection of complete information from the banks. Due to delay in transmitting data by the banks to the directorate, the agency would take sometime to compile complete information about the wealthy individual.
According to sources, once complete information from banks would be made available to the tax department, the total amount in all six banks is expected to be very high. Based on complete information, the directorate would be in a better position to take action against the concerned wealthy person.
In another case, a wealthy person of Abbottabad has also maintained five different accounts in banks. The agency is compiling information about the individual before provisional assessment under section 122 (c) of the Income Tax Ordinance 2001.
Shahid Hussain Asad Director General, Directorate of Intelligence and Investigation, Inland Revenue is exploring new avenues by collecting data from various sources to bring the tax evaders into the documented regime. With the help of Broadening of Tax Base (BDB) Units, Asad has compiled a national database at the Board's level, which is regularly being updated based on the feedback from the field formations. In this regard, information of the bank accounts would play a crucial role in documentation of persons, who are maintaining many bank accounts but preferred to remain out of the tax net.