Income Tax News: Beware! No Escape for ITR Fraudsters, Tax Dept Can Retrieve Your Details from These 15 Sources, Check

Income Tax News: Filing Income Tax Returns (ITR) is a crucial responsibility, but some taxpayers attempt to manipulate their returns to save extra tax. However, beware! The Income Tax Department now employs advanced tracking systems and can access financial details from 15 different sources. From bank transactions and credit card spending to foreign travel and cash withdrawals, authorities monitor everything. Providing false information can lead to penalties, legal action, or even the cancellation of your ITR. Stay informed and ensure compliance to avoid trouble. Read on to learn how the tax department keeps a 24/7 watch on financial activities.

Income Tax Department Monitors You Through These 15 Sources

Many taxpayers try to manipulate their ITR to reduce tax liability, but escaping scrutiny is now impossible. The Income Tax Department has a strong monitoring system t15 different sources. Whether it’s bank transactions, credit card usage, or real estate deals, authorities can access your financial data anytime.

Here are the 15 key sources from which officials gather taxpayer details:

1. Cash withdrawals
2. Bank account details
3. Dividends received
4. Credit card transactions
5. Income Tax refund claims
6. Foreign travel records
7. Real estate purchases
8. Insurance commission earnings
9. Business expenses
10. Business earnings
11. Interest earned on deposits
12. Credit and debit card usage
13. Bank account balances
14. Stock market investments 
15. Large-value transactions

With this extensive tracking, any false information in ITR can lead to penalties, legal action, or even cancellation of returns. Stay transparent and file your taxes correctly to avoid trouble.

Taxpayers Get Tax Rebate Up to ₹12 Lakh – Big Relief Announced

In the latest Budget, Finance Minister Nirmala Sitharaman provided big relief to common taxpayers by offering a tax rebate of up to ₹12 lakh. Along with this, a new income tax law was introduced in Parliament, bringing significant reforms.

For common taxpayers, the last date for filing ITR is July 31, 2025. This means taxpayers can submit their returns until July 31 without any penalties. However, if someone provides false information while filing ITR, their return can be canceled, and department may take legal action against them.