The Taxman Knows More Than You Think
As tax authorities gain unprecedented visibility into financial transactions, filing a return is becoming only the beginning of compliance. For most Indians, income-tax compliance has long had a familiar rhythm. The financial year wraps up, you gather your paperwork, file your return, and put the matter away until next year. But things aren’t quite that simple anymore. This year, Indians filed more than 7.28 crore income-tax returns for Assessment Year 2024-25 — a 7.5 percent jump over the...
