E-commerce: Online shops, BBM, OVI under Income Tax department lens

With increase in transactions taking place in the e-world, the Income Tax department is keeping a vigil on online shopping stores and messenger services like BBM to keep a tab on deals that could have ramifications of international taxation.

Subscription-based interactive websites and online payment terminals have been placed under the scanner to develop actionable intelligence on cross-border transactions.

A recent report prepared by the I-T department talks about keeping a tab and understanding the nuances of all such internet portals along with services like ‘pushmail’, offered on latest cell phones by various service providers, Nokia’s OVI online store, Black Berry Messenger (BBM), multi-level e-marketing and deals struck through networks enabled by cloud computing.

The department which has been aggressively pursuing cases which have ramifications related to international taxes and transfer pricing, has also asked its field formations and investigation units to understand the operation of these new technologies and prepare manpower in detecting such instances.

The I-T has two forensic labs (developed by the Centre for Development in Advanced Computing – CDAC) in Delhi and Mumbai and it has begun training its criminal investigation and intelligence sleuths in these new domains where transactions take place at the click of a mouse.

A number of recent cases developed by the I-T department as potential cases of tax evasion have been worked upon at various levels to check for net-based transactions.

Source: TheEconomicTimes

Team TechPanda

Recent Posts

Indian gaming shifts from audience to creator “given India’s mobile-first gaming capabilities”

The Indian gaming industry is sitting on an industry explosion in the near future as…

6 hours ago

Transforming modern business operations: How Microsoft 365’s AI Integration is automating HR workflows & enhancing employee experiences

In today's fast-paced business world, when employee fulfillment and efficiency are crucial, technology has become…

8 hours ago

Outbound & inbound: India attracts businesses from UK, China & US while expanding to Middle East

The Tech Panda takes a look at how India has been attracting foreign businesses from…

1 day ago

UPI value & volume surpass records in March

India’s digital payments ecosystem achieved a record high in March, with UPI transactions reaching INR24.77…

1 day ago

AI-powered digital twins, Cobots, agentic AI, physical AI & edge computing are enabling an anticipatory AI-first manufacturing ecosystem

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), ), a leader in IT services, consulting, and business…

1 day ago

Misinformation & deepfakes help weaponize AI: Should AI be as open as the internet then?

The ability for AI to spread misinformation has been reaching hair-raising lengths, another and possibly…

3 days ago