The "furnishing and receiving of records to and from" these valuable businesses can be executed via the countrywide Intelligence Grid (NATGRID), a sturdy mechanism envisaged to tune suspects and save you terrorist assaults with actual-time records and get entry to to categorized facts like immigration, banking, individual taxpayers, air and train travels.
The income Tax department will share PAN and financial institution account information of any entity with 10 investigative and intelligence agencies, which include the CBI and the NIA, below the integrated counter-terrorism platform NATGRID, according to an official order.  Pan Card Apply Online

The relevant Board of Direct Taxes, which frames coverage for the I-T department, stated in a July 21 order that information like everlasting account number (PAN), Tax Deduction and collection Account range (TAN), bank account details, summary of IT Returns and tax deducted at source (TDS) and “every other records as jointly agreed” can be shared with the 10 organizations.
The “furnishing and receiving of facts to and from” those relevant businesses might be achieved via the national Intelligence Grid (NATGRID), a sturdy mechanism envisaged to tune suspects and save you terrorist attacks with actual-time records and get admission to to categorised facts like immigration, banking, man or woman taxpayers, air and educate travels.
the ten agencies are: the crucial Bureau of research, Directorate of revenue Intelligence, Enforcement Directorate, valuable Board of oblique Taxes and Customs, cabinet Secretariat, Intelligence Bureau, Directorate trendy of GST Intelligence, Narcotics manipulate Bureau, economic Intelligence Unit and the countrywide research business enterprise.
these corporations are already approved to acquire real-time NATGRID records as a part of a prison arrangement made inside the past. “at the same time as furnishing the statistics, the required earnings-tax authority shall shape an opinion that sharing of such statistics is necessary for the purposes of allowing those businesses/bodies to carry out its features underneath their respective laws,” the CBDT order stated.
The CBDT and the NATGRID will signal a Memorandum of information to finalise the cutting-edge records-sharing mechanism, it stated. The tax branch and the NATGRID already have an settlement for sharing PAN-associated facts in view that 2017 and the new degree is a breakthrough for better and confidential sharing of the facts among all the probe and intelligence agencies so that they are better enabled to examine and counter any armed, financial or cyber hazard to the usa, a senior officer said.
the need for the NATGRID came after the 2008 Mumbai terror attacks uncovered the deficiency that security companies had no mechanism to search for crucial information on a real-time basis. loss of short facts turned into considered to be one of the principal hurdles in detecting US terror suspect David Headley’s movement across the united states for the duration of his a couple of visits between 2006 and 2009.
Headley had furnished key information and films of terror objectives to Pakistan-based terrorist group Lashkar-e-Taiba that done the assaults in Mumbai that killed 166 humans such as foreigners. The cabinet Committee on protection had given approval to the Rs three,four hundred-crore NATGRID assignment on April eight, 2010 but its paintings slowed down after 2012. but, prime Minister Narendra Modi later directed for its revival.

watch out! those seven ITR submitting errors can lead to an income tax notice
whilst submitting ITR, there are a few not unusual mistakes that you ought to avoid in any respect expenses. here are some of the errors that may result in getting an earnings tax word.
by using Shubhi Khandelwal
profits Tax return (ITR) filing is one of the most vital obligations for all and sundry who has an income. the primary and principal responsibility is to document the ITR in time. while filing ITR, there are a few commonplace mistakes that you need to keep away from at all expenses.
deciding on the wrong ITR form
each 12 months the earnings tax branch releases revised ITR bureaucracy that have specific eligibility standards. each ITR shape is based totally upon specific assets of income to be said. because the forms are revised each yr, it can so appear that taxpayers now not must record the same ITR they filed the previous 12 months. they'll additionally have to reveal additional information due to creation of latest fields that are introduced every year.
not submitting tax returns on time
that is the largest mistake that taxpayers have to keep away from. Tax submitting must now not be a ultimate-minute component and the essential files and TDS bureaucracy need to be accrued nicely in advance. not only does past due filing attract a penalty, but additionally robs you of positive advantages. for example, losses from capital profits or enterprise or profession can not be activate in subsequent years in case of overdue submitting.
not e-verifying the ITR filed
as soon as your ITR is filed, you're required to e-verify the equal either through Aadhaar-based totally OTP or thru netbanking or demat account or manually dispatch a signed reproduction of the ITR acknowledgment receipt (ITR-V) to CPC Bangalore. if you fail to e-affirm the ITR inside 120 days, it is going to be invalidated.
Failing to file all assets of earnings
that is a mistake many salaried individuals make as they'll additionally be earning a few interest on fixed deposits or may additionally have capital profits on debt/fairness gadgets. it's far crucial that profits beneath all heads of earnings be stated correctly. As all of the information at the moment are integrated on line, any mismatch in reporting of an profits may additionally put taxpayers underneath the scrutiny.
Mismatch in profits and tax deduction
shape 26AS is a consolidated tax credit score statement that displays TDS deducted towards your PAN from distinct sources of profits. The equal may be downloaded from your e-filing account at the I-T internet site. earlier than submitting return, it's miles critical to reconcile your income with that meditated in form 26AS and shape sixteen/16A. In case of any discrepancy, inform the deductor to correct it from his stop.
Forgetting preceding job’s earnings
whilst your change your process, the new company may not do not forget your previous earnings even as calculating tax and you could get tax exemption all over again on the new earnings. This virtually results in nearly no taxes as compared to what's payable.
not claiming relevant tax deductions
sometimes, because of lack of know-how humans omit out on possibilities for claiming income tax deductions. you may no longer have submitted tax saving investment proofs to the organization and hence the info had been not recorded on your form 16. but, despite the fact that investments had been no longer declared to the business enterprise, tax relief can nevertheless be claimed while filing earnings tax returns. preserve the information of investments as assisting files in order that these deductions can be claimed. Pan Card Apply Online