Now your shopping is no longer tension free. The central government is tracking your life style from your big transactions. That is, the income tax inspector’s roll in your life has increased. Prime Minister Narendra Modi has made many such decisions on the policy front, including from the previous Diwali to the Diwali until the ban on currency, which has completely changed the way you spend your money. Now whenever you go to make big purchases, you will definitely think about the income tax department in your mind. While the first people did not worry about buying cash or cards, their expenses could be tracked or on the basis of which they could get the income tax department notice.
CA and former Income Tax Tribunal Tribunal former member Rakesh Gupta told caknowledge.in that now the big tax has been noticed by the Income Tax Department. In such a case, people who make big purchases, it is in their mind that their transactions can be tracked. Because of this, there has been a change in the manner in which people spent the last one year. If your transaction is not according to your income profile then you should be prepared to answer the income tax department.
According to a senior official of the Income Tax department, the Income Tax department is now working more aggressively against black money and tax evasion. Due to changes in technology and rules, now every person’s life style and income for the Income Tax Department It is easier to keep an eye on. In such a situation, more and more such people will come under the scanner of the Income Tax Department whose income is taxed but they are not paying tax. The Income Tax Department had earlier also monitored people to prevent the evasion of income tax, but now the income tax department’s aggression has increased considerably.
Earlier, you did not care about buying a house that you may have difficulty in making cash payments or you can come in contact with the Income Tax Department by buying a house. But now you have to give pan details to buy a home of more than Rs. 10 lakhs. In this case, the Income Tax department can easily track you. The Income Tax department can ask you where you have money to buy a home. In such a way, people are now buying the house after taking care of these things.
Earlier, Buying the car was also easy. You could buy a car in cash or by cheque in any way. Earlier, the Income Tax Department could not easily track such people. But now it has become necessary to give pan details to buy a car. Because of PAN number, the government can track this transaction. The Income Tax department is now focusing on whether the car purchaser is filing an income tax return. Data of car buyers will be of very much work to the Income Tax Department.
Earlier, the people buy gold or jewellery without any tension. But now it is necessity of pan to buy gold or jewellery worth more than Rs 2 lakh, people are now thinking of shopping for gold or jewelery. Those who have black money too are making such purchases too low due to being a transaction track.
Now people go to the luxury holiday or abroad, then they photos pictures on Facebook. The Income Tax department is also exploring people’s Facebook posts. The Income Tax department thinks that if your lifestyle does not match your income profile then it can start investigating your case. Earlier, people post photos of wedding at Facebook without any fear. He did not fear that the Income Tax Department could inquire about his income by reaching his house on the basis of these photographs. The Income Tax Department has approved a project costing Rs 1,000 crore, under which Facebook is to be monitored.
If your annual income is taxed and you do not file an income tax return or you do not pay taxes then you should worry about getting a notice from the Income Tax Department. On the other hand, people who file income tax returns regularly and pay tax under the rule, they do not have to fear about any kind of purchase…