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
The Indian gaming industry is sitting on an industry explosion in the near future as…
In today's fast-paced business world, when employee fulfillment and efficiency are crucial, technology has become…
The Tech Panda takes a look at how India has been attracting foreign businesses from…
India’s digital payments ecosystem achieved a record high in March, with UPI transactions reaching INR24.77…
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), ), a leader in IT services, consulting, and business…
The ability for AI to spread misinformation has been reaching hair-raising lengths, another and possibly…