I-T Department recovers Rs 36000 crores by utilising advanced technology, Details

Income Tax News: In order to recover an astounding ₹36,000 crore from unpaid tax demands in the current fiscal year, the Income Tax Department has effectively utilised data analytics and cutting-edge technologies. In keeping with the department's vigorous efforts in tax recovery, this included a sizeable ₹27,000 crore from corporate taxes and ₹9,000 crore from personal income taxes.

Income Tax News: I-T Department recovers Rs 36000 crores

The government has recovered ₹36,000 crore as of December 20, and by the end of the fiscal year, it hopes to have accomplished a commendable ₹50,000 crore. According to a senior source, the agency has notified taxpayers whose returns do not match, asking them to file corrected returns by the deadline of December 31.

Technological advancements helping the department

The efficient application of technology, which combines machine learning, advanced AI, and generative AI, is responsible for the achievement of tax recovery. The department analyses income tax returns using an automated artificial intelligence program that was created specifically for this purpose. The department-specific technology, which is updated on a quarterly basis, has greatly expedited the process of identifying instances of tax evasion.

During the current fiscal year, the Income Tax Department has recovered a significant amount of tax thanks to its use of cutting-edge technology and data analytics. The department is dedicated to using cutting-edge solutions to improve efficiency and ensure compliance in the taxation landscape, given the continued critical role that technology plays in tax administration.

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