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News INCOME TAX

  • Oct 27, 2014
  • The taxman is tracking you

    Quite a few people have a pathological aversion to paying taxes. To avoid tax, they put through convoluted transactions, enlist the help of spouses, friends and relatives or even open dozens of bank accounts to evade the taxman. But technology is transforming the way the Indian tax department operates. So, anyone who thinks that such old-fashioned strategies can save them from the taxman is living under a delusion. As a part of an e-governance initiative of the Government, the Income Tax Department, in 2004-05, flagged off the Tax Information Network (TIN). The TIN’s basic purpose is to use technology for computerising the collection, accounting and monitoring all direct taxes down to each individual account, so that leakages are plugged.

    Source - http://www.thehindubusinessline.com