The financial year 2021-22 is about to end. The last date for dealing with income tax related work is also near. At the same time, the Income Tax Department has adopted a completely new method to identify people who have underreported their income. Income Tax officials are trying to find names of people who have committed income tax malpractices this year or in the last few years through algorithmic scanning of data on the department’s new portal ‘Insight’. Whatever name the machine will give from the new rule coming into force in 2021-22. The officers of the Income Tax Department can ask for the details of assessment of any previous tax from that person on the basis of the prescribed rules.
An Income Tax official told about the Insight portal that ‘there is some irregularity in this portal right now, so there is every possibility that the tax evasion is four years old and the portal shows only one year, but this gives us a chance to take action. A base is found. It also takes a long time to upload information on this portal.
The Income Tax Department after taking information from ‘Insight’ issues a notice under section 148A of Income Tax to the taxpayer. In which the taxpayer has to answer within a week. Sources say that only by using this portal, the Kshatriya Income Tax Office of Mumbai has sent revaluation notices under section 148A to more than 50 thousand people.
From where the Income Tax Department will get information: The Income Tax Department will upload the information received from banks, SBI, ED, foreign administration and other third parties on the ‘Insight’ portal and after scanning, tax notices will be issued to the names revealed. If a taxpayer does not respond to the notice within a week, the case of that taxpayer will be reopened. Further, if the taxpayer responds to the notice and the department is not satisfied with the same, the revaluation notice can be issued to the taxpayer.
How many old cases will be processed: According to the new rule, the Income Tax Department can process cases up to 11 years old if there is more than 50 lakh discrepancies in tax assessment, while only 4 years old cases can be processed if the tax assessment is less than 50 lakhs. Is.