« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.