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Here
Is What’s Gone Wrong With Delhi University’s
4-year Undergraduate Programme

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The best fashion deals you can find on Prime Day 2019 - from Adidas to Amazon's private-label brands

The Income Tax department has become tech-savvy and is using analytical tools to assess personal bank deposits to crackdown on <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword>. The tax officials are using <keyword id="774829" type="ORGANIZATION" weightage="20" keywordseo="Big-Data">big data</keyword> analytical tools for the first time to keep an eagle’s eye on personal accounts. 
 
Earlier, such tools were used only for corporate tax. 
 
"It's practically impossible for tax officials to go through all the data obtained from banks and compare it with other tax-related data. Analytics is being used to look at discrepancies. This would then be scrutinised by experienced tax officials,” a person close to the development told ET. 
 
Through this big data analytical tool, the tax officials can scan through tax returns filed by individuals, companies, etc. In case of irregularities, these analytical tools raise red flags. Tax officers could then issue notices to individuals based on this after December 31. 
 
Talking to ET, another person close to the development, said, "What the analytics tool can throw up is not just the cash deposited in banks by an individual, but details of the income tax paid over the years, corporate tax paid by his company, number of employees he has and whether they too have deposited money recently. Every detail of the individual's tax history can be known.” 
 
Under the bill to amend Section 115BBE of the Income Tax Act, deals with unexplained deposits in banks will be taxed. According to the amendment, tax officers can now tax such deposits at 60% (plus cess) as against 30% earlier. The new tax law is applicable from April 1, this year.

Tax officials are using big data analytics to crack a whip on black money hoarders

The Indian Government passed the <a href="http://www.businessinsider.in/searchresult.cms?query=income+tax+department&amp;sortorder=effectivedate">I-T amendment bill</a>, making the laws stricter but it is yet to see how strongly the laws will be enforced. 
 
According to <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">new laws</a>, many unexplained expenditure, credits and deposits such as wealth inheritance from grandparents, wedding expenditure, etc will have to be explained. In case the person fails to give a ‘satisfactory’ reply to the taxmen on the source of funds received or give, he/she will have to cough up as much as 83% tax. 
 
"We have discussed the matter among ourselves. It's a strong provision in the (Income Tax) Act and the department would find it handy in mobilising tax from black money. But there are chances that it may be misused," a senior tax official in Mumbai which accounts for the highest direct tax collection told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/people-with-unaccounted-cashheres-how-the-i-t-department-is-watching-you/articleshow/56717177.cms">People with unaccounted cash: Here's how the I-T department is watching you </a> 
 
The relevant parts of the I-T Act are: Section 68 (dealing with unexplained cash credit, which is applicable to loans, gifts and share capital); section 69A (unexplained money, jewellery or valuable items); 69B (unexplained investment); and section 69C (unexplained expenditure.) Once section 115BBE is invoked, then the income (which is under question) cannot be set off against any other loss for the year or carried forward. 
 
The laws have gotten more teeth but can be misused too as the person only has to tell a right source of funds. Very few people maintain account books. 
 
“If one is able to establish unexplained deposits, loans, or investments, can the Assessing officer still not be satisfied? While every effort will be made by AO to determine identified credits as unexplained, assesses will try to prove otherwise by adequate evidences, by establishing the identity, capacity and genuineness,” Mitil Chokshi Senior Partners Chokshi and Chokshi told ET.

You Searched For "BBE" and got 4 results

Here Is What’s Gone Wrong With Delhi University’s 4-year Undergraduate Programme

Gurman Bhatia

The best fashion deals you can find on Prime Day 2019 - from Adidas to Amazon's private-label brands

Erin Mayer

Tax officials are using big data analytics to crack a whip on black money hoarders

BI India Bureau

Tax laws have more teeth now but they can be misused too. Here’s how

BI India Bureau

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