Taxmen to snoop social networking sites to trace black money

Taxmen to snoop social networking sites to trace black money.

A photo of your shiny new luxury car on Instagram or a costly watch on Facebook may lead the taxman to your door as the tax department from next month will begin amassing virtual information to trace black money.

Other Updates

- Govt to assess input tax credit claims of Rs 60,000 crore in GST.

The government is in the process of checking the veracity of the around Rs 60,000 crore of claims made by entities for stocks before the implementation of the goods and services tax (GST). Of the Rs 95,000 crore of revenue collected in July.

- TDS, TCS deductors can apply for GST registration from 18 September.

GST registrations for entities mandated to collect and deduct tax at source will start from 18 September. However, the date from which tax deducted at source (TDS) or tax collected at source (TCS) is to be done will be notified later.

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