The Economic Times

From property deals to foreign assets: how the Income-Tax Department tracks your money

In December, the Income-tax Department sent SMS and email alerts flagging mismatches in reported income and non-disclosure of foreign assets. This article explains how such information reaches the tax systemthrough SFT filings, TDS/TCS data and global information-sharing frameworksand what taxpayers should do to stay compliant in a data-driven tax regime.