Many use multiple PAN cards to evade taxes. Using artificial intelligence, the IT department wants to catch people who make large transactions, but do not pay taxes or pay a nominal amount. After the deadline of PAN and Aadhaar meets March 31 next year, 180 million PAN cards may become inactive. It is learned that some additions may be made to the list of transactions to be monitored.
Now the IT department keeps an account of the statement of financial transaction (SFT) for the fate of such large money transactions. The IT department takes information from banks, financial institutions, mutual funds, credit card companies, etc. So far only 1.5 crore people have paid income tax. The IT department is determined to increase this number.
According to estimates, there are 50.95 crore PAN cards in the country. Of these, 6.48 crore people file income tax returns. Only one and a half crore people pay taxes. Only 32.71 crore pans attached to Aadhaar. The IT department estimates that many people are spending on duplicate pans to hide their real income. Needless to say, all these pans will come under fire.
From now on, to bring more people into the IT net, who pay over one lakh for education, over one lakh for electricity bill every year, those who travel in business class, those who buy over one lakh for jewelery every year, those who pay property tax over Rs 20,000, who paid a LIC premium of more than Rs 50,000 and a health insurance premium of more than Rs 20,000, the tax department will keep an eye on all of them.
However, all this information will be taken from third parties, taxpayers do not have to pay this information. This is so that honest taxpayers do not have problems and only dishonest people can be caught. Tax experts also agree, that the situation will improve when all PAN cards will be linked to Aadhaar. Because then no one will be able to issue extra PAN Card.