How does income tax department track your income and compare it with your income tax return?
Aadhaar-enabled PAN linking:
This helps the ITD to cross-check your PAN with your Aadhaar data, which includes your personal details, address, and bank account details.
PAN-based TDS reporting:
The ITD now requires all deductors to report TDS deducted at source to the ITD in real time. This helps the ITD to track your income from salary, interest, dividends, and other sources.
Bank account analysis:
The ITD now has access to your bank account details through the Financial Intelligence Unit (FIU). This allows the ITD to track your income and expenses through your bank account transactions.
Income-expenditure analysis:
ITD uses sophisticated algorithms to analyze your income and expenses.
Data analytics:
The ITD uses data analytics to identify taxpayers who are likely to be under-reporting their income.