MUMBAI: Income Tax department has been the busiest government organ ever since the announcement of the demonetization scheme by the Indian Prime Minister on November 8, 2016. The IT department was handed the most important task of monitoring the huge transactions across the country to unearth non-taxpayers and black money stackers. In line with its efforts, the department has now asked the existing taxpayers to check the cash deposits against their PAN ‘online’, to eliminate errors if any, so as to avoid further legal complications in the future.
The department is reportedly using data analytics to compare the cash transactions post-demonetization with the taxpayer data profile available with it. Accordingly, taxpayers whose cash deposits do not appear to be in line with the existing tax-paying profile will be issued a notice to provide with information on the source of income.
However, with a huge number of transactions to be scrutinized, the Income tax department has asked taxpayers to check their cash transactions after November 8, 2016, updated with its database to avoid future unwanted harassments of visiting the Income tax office. Taxpayers can now check their deposits online and bring it to the notice of the income tax department if accounts mapped against the PAN are incorrect. The information thus provided by the taxpayer will be scrutinized by the officials before calling them for further verification, if needed.
The income tax department looks to eliminate a majority of analytical errors by empowering citizens to check their records online. To do this, taxpayers have to visit the official website for filing income tax returns i.e., https://incometaxindiaefiling.gov.in. Citizens can check for their cash transactions made in 2016, under the compliance section of the website named “Cash transactions 2016”.
The website allows for checking the transactions made post demonetization and filing a complaint if there was a mismatch with the details. Such complaints will be addressed within a 15-days time frame, the Times of India reported.