The new Income Tax Bill talks about virtual digital space. It says that social media platforms will come under virtual digital space. This will include taxpayers’ accounts on social media platforms like Facebook, WhatsApp and Instagram
Add informalnewz.com as a Preferred Source
Income tax officers will be able to investigate the digital accounts of taxpayers. The new rules will come into effect from April 1, 2026. The powers of tax officers have been increased in the new Income Tax Bill. Income tax officers will be able to investigate taxpayers’ emails, social media, bank accounts, trading platforms and other online investments if there is suspicion of tax evasion. There is a provision for this in clause 247 of the new Income Tax Bill.
Powers of income tax officers will increase
Even now, income tax officers have the right to search and seize the physical assets of taxpayers if there is suspicion of tax evasion. They can break the closed doors of the room for investigation. Can break the lock to investigate the closed almirah. Can also investigate lockers. In the new Income Tax Bill, tax officers have also been given the rights to investigate digital assets. This means that they can break into the computers, emails and online financial accounts of taxpayers to investigate them.
Officers will have access to virtual digital space
The new Income Tax Bill talks about virtual digital space. It says that social media platforms will come under virtual digital space. This will include taxpayers’ accounts on social media platforms like Facebook, WhatsApp and Instagram. Email accounts of taxpayers will be included. Trading platforms, cloud storage and online bank accounts will come under this.
There will also be digital scrutiny of taxpayers
Experts say that with the increase in the powers of income tax officers, now there will also be digital scrutiny of taxpayers. Tax officers will be able to enter the digital space of taxpayers without passwords. This will increase tax compliance and curb black money. Experts say that if a taxpayer wants that there is no need to break into his digital space, then he will have to provide all the information sought by the tax officers in advance.
Parliament’s Standing Committee is considering the new tax bill
The government has introduced the new income tax bill in the Lok Sabha. It has been sent to the Parliament’s Standing Committee on Finance for extensive discussion. After the recommendations of the committee, necessary amendments will be made and it will be implemented. It is believed that the government will implement the new income tax laws from April 1 next year.
