ITR Filing: Trying to hide income from IT-Department? It can track one's earnings from 46 sources; check list
Income Tax Season: The last date for filing income tax return is July 31. When taxpayers file their ITR, some of them indulge in the foul practice of not declaring all their sources of income to the Income Tax (I-T) Department. But if such taxpayers think they can fool around the government, they are daydreaming. The I-T department has a foolproof mechanism through which it can track their earnings, not just from one or two sources, but from as many as 46 sources. It tracks every penny of taxpayers' earnings. So, if anyone thinks of cheating the Income Tax department, beware! Foul practice can land them in trouble, inviting a penalty, jail, or both. Here, we are giving you a list of 46 sources from where the I-T department tracks your earnings.
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Income sources that I-T department tracks
Salary
balance in your account
Rent you get
Cash withdrawal
Cash deposit
Credit/debit card
Dividend
Investment in bank/NBFC
Interest on saving in the bank
Interest on savings
Mutual fund/bond/share investment
FD, RD
Income sources that I-T department tracks
Life insurance policy
PF deposit and withdrawal
Sell of mutual fund NAVs and securities
Interest from other sources
Income Tax Refund
National Savings Scheme deposit and withdrawal
Purchase of foreign currency
Income sources that I-T department tracks
Foreign visit
Rent paid
Rent received from a plant and machinery
Receipts from foreign currencies
Purchase of immovable assets
Money received from the transfer of immovable assets
Income received from horse races u/s 115BB
Income sources that I-T department tracks
Income earned from the lottery and crossword puzzle
Income received from an infrastructure debt fund
Interest received from government securities and bonds
Interest received from non-Indian companies
Insurance commission
Income received from non-Indian units
Capital gains from foreign currency bonds and the sell of Indian firm shares
Income sources that I-T department tracks
Commission receipts, etc
Sell of land or a building
Off-market debit transaction
Off-market credit transaction
Business expenditures
Business receipts
Income sources that I-T department tracks
Purchase of a vehicle
Sell of a vehicle
Payments done at different places
Income from a business trust
Income from an investment fund
Income from investment in securitisation
Payment made to a non-Indian player or a sports organisation under Section 115BBA