These data related to income tax may surprise you. About 7-8 lakh people in India earn more than Rs 1 crore, but this income does not appear in income tax returns. A senior officer of the Income Tax Department told this to Moneycontrol. He informed that only 3 lakh highnetworth individuals pay tax on income of more than Rs 1 crore. This means that millions of people earn a lot more but they pay very little tax.
Many people are telling their income less in ITR
According to the data from the Income Tax Department, the income of taxpayers in the 3.50 lakh income tax returns filed in Financial Year 2022-23 was more than Rs 1 crore. Significantly, a total of 7.97 crore income tax returns were filed that year. The official said that the pattern of spending people indicates that people are not telling about their income properly in ITR. Its purpose may be to pay less tax.
360-Digry profiles will be caught tax evasion
The Income Tax Department is going to be strict about this. He is going to use a special technology for HNI, which shows low income, named ‘360-degree profiles’. Under this, the Income Tax Department will keep an eye on transactions with high value of such taxpayers. Its track will be kept from TCS and TDS. The government is also monitoring foreign remedies. Sources in the government said that even GST data is being monitored to find out the correct income of HNI.
High value transaction from TCS/TDS will be detected
Tax experts say that governments worldwide are trying to increase tax base. It has more focus on HNI. Ashish Karundia, founder of Chartered Accountancy firm Ashish Karundia & Company, said that the government is running at the footsteps of other countries in India too. For this, high value transactions are being detected with the help of TCS. The government is also monitoring the purchase of things like expensive watches, sunglasses, handbags, shoes and home theater. These things worth more than Rs 10 lakh are being tracked.
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Ana will be analysis with the help of AI
Sriram, partner of Laxmikumaran and Sreedharan, said that the government will analyze the data of high value transactions with the help of AI. They will then be matched with the returns filed. He said that the results of this analysis may not be 100 percent correct, but this will know about cases and taxpayers whose expenses are much higher than income shown in income tax.