« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  Contract manufacturing to be taxed at source... I-T likely to raise data-sharing , MFs on high-value deals... » Dept to match returns details with excise August, 07th 2006 The message from income tax department is loud and clear that there is no room for evasion. The department is now gearing up to tighten its net further. It is creating a special module which will allow it to match details of returns filed for income tax with those in excise duty. The system, expected to become operational by next fiscal, will be able to compare data from the two departments through permanent account numbers (PAN), sources informed. Also, the department will keep a tab on data and business intelligence reports generated by various agencies to monitor the performance of various industrial sectors. Department sources said the objective was to ascertain that sectors which were showing good performance should also do so on taxation front. The module, will help the department in keeping a close tab on performance of companies and returns filed by senior officials especially in the Rs 8-10 lakh and above bracket. For example, if a company is showing downslide in its performance, it could well be evident through its excise returns. The department would be able to access it though the PAN and further match it with the data on income tax side. Any upswing in its performance would also not go unnoticed. Since the information would be centralised, the data could well be used for income tax purpose both on corporate and individual fronts. PAN would act as the key to information and would help in creation of profiles which was the aim with which it was concieved. As a precursor to the operationalisation of the module, the department has already initiated an exercise to create a central pool of data. Currently, there are 7-8 data processing centres based on the zone-wise division made for tax collection purposes.