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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


//media-entertainment.news-articles.net/content/ .. ig-changes-are-going-to-happen-from-april-1.html
Published in Media and Entertainment on by Newspoint   Print publication without navigation

Section 132 of the Income Tax Act, 1961 allows an Income Tax Officer to search and seize any suspect property. Income Tax Department now keeps an eye on social media accounts, these big changes are going to happen from next month It will not be easy for anyone to evade tax now.

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.

Read the Full Newspoint Article at:
[ 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 ]

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