Know what the income-tax department knows about you

In the recent months, the Income Tax Department has been publishing ads in all major newspapers, warning the taxpayers who do not declare their full income in their income tax returns. A huge amount of data is collected from various entities, and the data is collated against each taxpayer in the servers of the income tax department. There is a central processing cell in Bangalore that processes income tax returns using the most advanced software, which matches the data reported by the taxpayers and the data collected by the ITD from various sources.
Based on data mining, a first set of 35,000 notices have been sent to taxpayers. Those served the notice have been told about what they had spent and about their purchases despite which they had not filed income tax returns. Another 35,000 notices are going next week to be followed by more notices.
To avoid landing in such situation, you can now keep track of your tax status with the income tax department’s data, in real time. We will soon be adding this feature in our eFile Premium package. This feature will automatically fetch your Form 26AS information on a monthly basis, and inform you about any changes in your tax status. Moreover, before e-filing your tax return, our software will verify your ITR data against the data in ITD servers. This will not only save you from any future hassles due to data mismatch, but will also give you sufficient time to get any inaccuracies in your data rectified.
We will keep you updated of our upcoming features. If you have any suggestions for our technology and product development team, you can directly write to me at sumit.grover@taxspanner.com