Letters: More scrutiny expected
The income tax department is now armed with advanced data analytics
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With reference to Shrimi Choudhary's report, “IDS-II gets cold response” (March 28), the Pradhan Mantri Garib Kalyan Yojana (PMGKY) is nearing its deadline but is far behind the IDS-I scheme of September 2016 that fetched a declaration of nearly Rs 55,000 crore. PMGKY has managed only Rs 6,000 crore so far.
The government's new "fear" tool lacks effectiveness, as the present situation indicates that tax evaders are not keen to take up these schemes. Close to 1.8 million taxpayers were sent emails and messages explaining the sources of their high-value tax deposits; only 871,000 responded under Operation Clean Money.
The income tax department is now armed with advanced data analytics that provides them more specific demonetisation data. Moreover, social media has been utilised to keep vigil over taxpayers and their spending.
Tax evaders who did not declare their income through IDS-II should brace for stricter norms. From a 10 per cent penalty under IDS-II, the figure is expected to jump to around 60 per cent after the scheme ends making the total tax liability 110 per cent. The scrutiny procedure will likely become more intense.
Ankita Kalia Chandigarh
The government's new "fear" tool lacks effectiveness, as the present situation indicates that tax evaders are not keen to take up these schemes. Close to 1.8 million taxpayers were sent emails and messages explaining the sources of their high-value tax deposits; only 871,000 responded under Operation Clean Money.
The income tax department is now armed with advanced data analytics that provides them more specific demonetisation data. Moreover, social media has been utilised to keep vigil over taxpayers and their spending.
Tax evaders who did not declare their income through IDS-II should brace for stricter norms. From a 10 per cent penalty under IDS-II, the figure is expected to jump to around 60 per cent after the scheme ends making the total tax liability 110 per cent. The scrutiny procedure will likely become more intense.
Ankita Kalia Chandigarh
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