A well-known policy objective of the government is to widen the tax base and bring unaccounted income and wealth to tax. In doing so, the income-tax (I-T) department gathers information from different sources such as banks, mutual fund houses, and foreign tax authorities, besides the information furnished by the taxpayer”, disclosed a report published by the famous national daily www.livemint.com

“The information collected is validated and cross-verified using data analytics. The reporting requirements in the I-T return (ITR) forms have been enhanced over a period of time.”

“The information being collected directly from taxpayers now includes details of directorships held, details of investment in unlisted equity shares, and a separate Assets and Liabilities schedule, which is applicable where the total income of the taxpayer during the financial year exceeds  ₹50 lakh. This is clearly intended to identify shell companies, dummy directorships, unaccounted assets, etc.”

JharkhandStateNews.com thinks that all taxpayers need to read the entire story in their own interest and in the national interest as well. Link is this :www.livemint.in