« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  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 «  SC refuses to vacate stay on levy of tax on airport services... Moscow court targets Russneft oil tycoon over tax claim... » Beware! I-T sleuths are keeping a watch August, 29th 2007 Data from service tax department and state value-added tax (VAT) departments may now come handy for the I-T sleuths to catch those evading taxes. Traders have to register with the state VAT departments once their annual turnover crosses Rs 5 lakh. Similarly, service providers register themselves once they reach Rs 7 lakh in annual turnover. The data about number of traders registered, turnover declared and VAT paid will help the I-T department in catching tax evasion. The finance minister P Chidambaram had at the annual conference of chief commissioners of excise and customs indicated that excise department could source data from state VAT departments. The income tax department feels this information will come handy in profiling and nabbing tax evaders, a source said. It will also help in catching non-filers. Similarly, data from service tax department could be equally useful. Though, income tax department representatives meet state agencies every month for exchange of information, the data is limited to specific and big cases. If the tax department is able to get complete details of the registration, payments, etc, it could be used meaningfully. It is also collecting city-wise data on various businesses like trusts, nursing homes and educational institutions through third parties. This information will then be given to field formations for their use. It is also setting up a cell to monitor collection of tax from individuals who are caught with huge disclosures. This information will be made available to the intelligence wing for its use. This data could include modus operandi of tax evasion, amount of undisclosed investments and undisclosed bank accounts.