Income Tax Tracking: The Income Tax Department has implemented a new tracking system to increase the tax net and keep a closer eye on the transactions. Due to which income tax will now keep an eye on your every penny.
The Income Tax Department has implemented a new tracking system to increase the scope of tax and keep a closer eye on the transactions. The Income Tax Department has announced the implementation of the new tracking system after a long discussion with Finance Minister Nirmala Seetharaman.
Its purpose is to increase the tax base by increasing surveillance. That is, now the Income Tax Department will monitor every transaction of taxpayers and curb the cases of tax evasion. The new system will make it easier to keep an eye on the non-employed.
In the meeting, the Central Board of Direct Taxes (CBDT) told the Finance Minister that after the implementation of the new data source in the Statement of Financial Transactions (SFT), the scope of taxpayers has increased. Now along with the information about dividend, interest, shares and mutual funds, information is also being received from GSTN. Due to this, the reporting of tax matters has increased 12 times. After the implementation of this system, information about the transactions of 3 crore more people is being received.
New TDS code also implemented-
CBDT told that since the new TDS code has been implemented, the tracking of transactions has become easier. In the last 8 years, the number of TDS codes has increased from 36 to 65. Due to this, where information about 70 crore transactions was received in 2015-16, it has increased to 144 crore in 2021-22. According to the Finance Ministry data, the share of personal tax has now increased to 2.9 percent of Indian GDP.
Screws on non-salaried-
Income Tax Department says that the new tax system will keep a special eye on non-salaried taxpayers. This has made it easy to monitor professionals and businessmen. Every transaction can be monitored by tracking TDS. The Finance Ministry told that now our aim is to educate people about tax.
Crackdown on IT employees as well-
The Finance Minister also reviewed the ongoing cases against the employees and officers along with the officials of the department. He said that the pending cases against such employees and officers should be expedited. The Finance Minister has also instructed the CBDT to dispose of such cases quickly. He also directed to dispose of all the applications coming from the taxpayers within the stipulated time.
