Income Tax returns (ITR) filing: All your transactions are under taxman's scanner
Income Tax returns (ITR) filing: The department reportedly believes that if a tax payer is filing returns honestly, he/she should not be scrutinised. This will save a tax payer from notice after submitting his/her ITR. Because a notice from the Income Tax office is not something that anyone would like to find in their mailbox.
Income Tax returns (ITR) filing: With digitisation of income records and use of technology it has now become very easy for Income Tax department to keep an eye on tax evaders. Image source: Reuters