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Jul 26, 2021
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Not disclosed some income in ITR? You may soon get a tax notice
Recently, many individuals and companies, who may have hidden some income from the tax department, have come under the taxman’s lens following an elaborate investigation based on application of data analytics and machine learning and robust data sharing between various tax authorities.
According to a report in the Economic Times, the government has used statistics of the last two financial years to create the audit checklist. Tax departments have used big data analytics in the last few years. The tool is deployed to find outliers in any industry, and the gap from industry based average taxes is used to determine targets for further scrutiny.
The indirect tax department has issued notices to several individuals and companies in July after it found discrepancies in their income tax and indirect tax filings, the financial daily mentioned.
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