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Your every transaction is under surveillance Of Income Tax Department
If you receive a scrutiny letter from the income tax (I-T) department, don’t get surprised. It may not be based on your return of income; there may be many other reasons for scrutiny call. For example, High value transaction in your bank, foreign remittance, receipts in foreign currency, sale/purchase of property, cash deposit in your bank account, credit card payment, refund amount, fixed deposit, foreign travel etc
The induction of advances information technology in Income Tax Department has made it possible to manage the large data of taxpayers and information at Income Tax Department. While on one part, the new policies and mechanism have simplified procedures and set up mechanism that makes it easier for the larger body of honest taxpayer to comply with the tax laws, it simultaneously raises the deterrence for non-compliances to make such behavior uneconomical. This article has been compiled for the interest of general public who are not much aware about these transactions, how the department gets information about these, and more importantly how does the department deals with the information?
Please read more from here
Beware! Your every transaction is under surveillance Of Income Tax Department #SIMPLETAXINDIA
If you receive a scrutiny letter from the income tax (I-T) department, don’t get surprised. It may not be based on your return of income; there may be many other reasons for scrutiny call. For example, High value transaction in your bank, foreign remittance, receipts in foreign currency, sale/purchase of property, cash deposit in your bank account, credit card payment, refund amount, fixed deposit, foreign travel etc
The induction of advances information technology in Income Tax Department has made it possible to manage the large data of taxpayers and information at Income Tax Department. While on one part, the new policies and mechanism have simplified procedures and set up mechanism that makes it easier for the larger body of honest taxpayer to comply with the tax laws, it simultaneously raises the deterrence for non-compliances to make such behavior uneconomical. This article has been compiled for the interest of general public who are not much aware about these transactions, how the department gets information about these, and more importantly how does the department deals with the information?
Please read more from here
Beware! Your every transaction is under surveillance Of Income Tax Department #SIMPLETAXINDIA
