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Income Tax Department now has a keen eye on social media accounts, these big changes are going to happen from April 1

The Income Tax Department in India is set to implement new measures starting April 1, 2023, focusing on monitoring social media accounts to detect tax evasion. This initiative aims to cross-reference the lavish lifestyles often displayed on social media with the income declared in tax returns. The department will look for discrepancies between the expenditures shown on platforms like Instagram, X (formerly Twitter), and others, and the financial declarations made by individuals. This move is part of a broader strategy to enhance tax compliance and reduce tax evasion by leveraging digital footprints. Additionally, the department is also planning to introduce a new form for tax collection at source (TCS) for foreign remittances under the Liberalised Remittance Scheme (LRS), which will require detailed reporting of expenditures abroad.

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[ https://www.msn.com/en-in/entertainment/bollywood/income-tax-department-now-has-a-keen-eye-on-social-media-accounts-these-big-changes-are-going-to-happen-from-april-1/ar-AA1BQngy ]