New Delhi: You cannot escape the Income Tax Department if you transact money from anywhere incorrectly. All the information about your income is always with the Income Tax Department. You are under the surveillance of the department 24 hours a day. In the age of digitalization, the Income Tax Department does not need any complaints from anyone to reach you.
The department comes to know how a person transacts so much money. Even a single mistake can cost you dearly. You will be surprised how the Income Tax will find out about us. But I do not think so. If you make a mistake, then even a CA will not be able to save you.
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Now you have the last chance to save these taxes because the previous month of the financial year is going on. Do not make the mistake of showing less income, otherwise the department’s team can catch you and tighten the screws. Do you know that your horoscope can be extracted from many places? The
IT department will get the details of the income.
Salary, rent received, balance in the account, cash deposit, cash withdrawal, credit card/debit card dividend, interest on saving bank, investment in the bank, interest on the deposit. All these reports are available from the IT department. Based on this, the income tax department team can contact you.
Account of income includes lottery and travelling abroad.
Foreign travel, purchase of immovable property, receipts from the transfer of immovable property, receipts in foreign currency, rent received from plant and machinery—the amount from lottery/crossword puzzle, horse race. Interest received from infrastructure debt funds, interest received from non-Indian companies, and interest received from government securities and bonds can also be obtained from the IT company.
The IT team will catch these, too.
Individual payments, purchase of vehicles, the distributed income of the heis trust, income distributed by investment fund, income from investment in securisecuritization, sale of the cle, payment to non-resident player or sports association under section 11BBA.
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