Income Tax Tracking: In a meeting with Finance Minister Nirmala Sitharaman, the Central Board of Direct Taxes told that the new system implemented to monitor taxpayers is very effective. Due to this, the cases of income tax reporting have almost doubled in the last 8 years. Especially keeping an eye on the transactions of non-salaried individuals has now become very easy.
New Delhi. The Income Tax Department has implemented a new tracking system to increase the tax net 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 Sitharaman on Tuesday. 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 applicable
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
The 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.
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