Now it is not possible to hide anything from the eyes of the Income Tax Department. Many people ask about their earnings while filing income tax returns. But officials keep an eye on the social media accounts of the taxpayer if there is suspicion of tax evasion. Due to which later they have to pay heavy fine. Let us know in detail in the news below-
While filing Income Tax Return, it is very important to tell about the income from every source. Many people hide some information. Now it is impossible for taxpayers who do this to escape. Income Tax Department has made its system foolproof. It is necessary to quote PAN for high-value transactions.
The bank with which you have your savings account, the company with which you have your insurance plan, the AMC company with which you have purchased the mutual fund and the bank with which you have taken the credit card, all give information about your every transaction to the Income Tax Department.
The Income Tax Department matches this data with the information given in your ITR. The IT Department also keeps a special eye on people evading taxes through Project Insight.
What is Project Insight of Income Tax Department?
Under Project Insight, Income Tax officials also keep an eye on the social media accounts of taxpayers if they suspect tax evasion. For example, if a person buys a car worth more than Rs 10 lakh, he has to pay 1 percent luxury charge. The Income Tax Department can investigate the income tax return of such a person in case of any doubt. Its purpose will be to find out what are the sources of income of the person.
The Income Tax Department uses the following methods to monitor taxpayers:
1. If you make a deposit worth more than Rs 10 lakh in a financial year, make a bank draft or make a fixed deposit in the bank, then the bank sends this information to the Income Tax Department.
2. If you buy or sell property worth more than Rs 30 lakh, then it is necessary for the property registrar to give this information to the Income Tax Department.
3. If a property worth more than Rs 50 lakh is purchased, then it is necessary to collect 1 percent TCS on it. It is necessary for the buyer to deposit this money with the Income Tax Department.
4. If you make a cash payment of up to Rs 1 lakh or spend up to Rs 10 lakh through other means in any one financial year, then the credit card issuing bank gives this information to the Income Tax Department.
5. If you plan to buy mutual funds, shares or debentures up to Rs 10 lakh in a financial year, then it is necessary for the companies involved in the transaction to give this information to the Income Tax Department.
