The Income Tax Department’s utilization of data analytics and advanced technology has resulted in the recovery of ₹36,000 crore in outstanding tax demands this fiscal year, while also uncovering disparities in Income Tax Returns (ITR).
Of this sum, ₹27,000 crore came from corporate taxes and ₹9,000 crore from personal income tax as of December 20. With another quarter remaining, the department anticipates this figure to climb, aiming for at least ₹50,000 crore by year-end.
A Senior Official affirmed that the department’s proactive approach, including the issuance of income tax notices to taxpayers, targets discrepancies between declared income and actual earnings. Revised filings are expected from individuals flagged in these notices.
Crucial taxpayer data sourced from banks, digital financial transactions, stock market activities, and associated financial instruments linked to PAN and bank accounts are vital resources for the department.
This data undergoes comprehensive analysis on a unified platform using AI-driven regression models, allowing the identification of irregularities and inaccuracies in tax submissions. Returns showing deviations are singled out for further evaluation and scrutiny.
An advisory has been released by the Goods and Services Tax Network (GSTN) which notifies…
It was cited by the Delhi HC that the two adjudication orders against one SCN…
The Central Board of Direct Taxes (CBDT) in an update for the taxpayers via the…
In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second…
Goods and Services Tax (GST) is to get paid on the procurement of materials and…
The Bombay High Court carried that as the revocation orders for the registration cancellation on…
