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News INCOME TAX

  • Nov 17, 2020
  • Income-Tax portal showing GST turnover to better compliance: Govt

    The revenue department on Monday clarified that the GST turnover details available to taxpayers on income-tax portal (Form 26AS) is aimed at providing additional information to the assessees without any extra compliance burden.

    Further, the details would force dishonest taxpayers to report correct GST turnover and pay the resultant income-tax on it. The department said that data analytics has detected several cases where a person shows “turnover of crores of rupees in GST and doesn’t pay a single rupee of income tax.”
    The I-T system generates Form 26AS for each assessee which till a year ago had limited information related to tax deducted at source and interest income from saving bank accounts.

    However, from this year onwards, the scope of information available has been expanded to turnover from GST-registered businesses, cash deposit/withdrawal from saving bank accounts, sale/purchase of immovable property, time deposits and credit card payments, among other transactions.