There has been a prevailing misconception in recent times concerning the Income Tax Department’s (ITD) ability to track cashless transactions. Contrary to popular assumption, though, the ITD employs sophisticated technologies to closely examine transactions, eliminating any possibility of evasion. Banks and other financial institutions immediately notify the tax offices of any transactions that surpass predetermined thresholds, whether they are made…
Read MoreFive High-Value transactions Could Be Investigated by Income Tax department
