Quick Summary
In a significant statement, Sanjay Rai, the Chief Commissioner of Income Tax, Madurai, revealed that the Income Tax Department currently captures only 23% of the total transactions occurring across the country. However, efforts are underway to increase this scope to 50% in the near future. The announcement was made during an outreach programme for taxpayers and tax deductors organized by the Income Tax Department in Madurai. Speaking at the event, Mr. Rai expressed concerns over the rising case
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FAQ :
The Income Tax Department is currently tracking 23% of the total transactions occurring across the country.
The department aims to increase the scope of tracked transactions to 50% in the near future.
The department plans to monitor social media accounts, in addition to traditional documents like Aadhaar and voter IDs, to track financial transactions.
Tax collections have grown significantly from ₹11,000 crore in 1991 to over ₹90 lakh crore currently.
Yes, the Income Tax Department has encouraged the public to take advantage of an extended time period for revised return filing, even for those who missed the original July 31 deadline.
Individuals who seek assistance from fraudulent sources to evade taxes could face prosecution.
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