Attention taxpayers! The Income Tax return deadline is approaching, and this year, the tax department has embraced cutting-edge technology to scrutinize returns like never before. By July 11, over 2 crore returns were filed for Assessment Year 2023-24, surpassing last year's numbers. With around 6 crore taxpayers in India, it's a remarkable feat.
What's causing this early surge in filings? The Income Tax department credits the help of taxpayers and their cooperation, but there's more to it. The department has adopted Artificial Intelligence (AI) to track and match data, making the process smarter and more efficient.
The AI system goes beyond the basics, cross-referencing transactions from your Aadhaar and PAN with linked bank accounts. It compiles comprehensive data on fixed deposits, interest credits, share dividends, mutual fund investments, and gains from all declared bank accounts. No undeclared account is safe; the AI hunts them down, including joint accounts.
The AI's quest doesn't stop there. It searches for postal and cooperative bank accounts, fixed deposits, recurring deposits, and more. It verifies your PAN against government records to spot land and property transactions in recent years.
But wait, there's more! The AI delves into your debit and credit card transactions, passport and visa details, and vehicle purchases, and cross-references it all with TDS data. Based on this thorough analysis, it automatically calculates your factual income tax, even catching undeclared income.
The AI's impact doesn't end there. It's also cracking down on fake donation claims. No more getting away with it - the tax department has already issued notices to those who attempted to deceive.
If you're struggling with your ITR, seek help from experts like Chartered Accountants. And if you haven't linked your PAN to Aadhaar, check the status, as the deadline has passed.
In conclusion, as technology takes center stage in tax scrutiny, honesty is crucial. The AI-powered system leaves no room for escape, so respond promptly if you receive a notice to avoid penalties. Happy filing!