Income up to Rs 12 lakh annually is now tax-free thanks to the government. The Income Tax Department will, however, have the legal authority to view and access a person's social media accounts, personal email and bank accounts, online trading and investment accounts, and other accounts starting on april 1, 2025.
The IT Act
Honest taxpayers, however, won't mind this at all. Let us inform you that the new Income Tax Act will grant the officers this privilege. According to Section 132 of the current IT Act, 1961, authorities have the right to search and confiscate accounts and property if they have grounds to suspect that someone is hiding money, assets, or documents from them in order to evade paying taxes.
Virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital Space
Under the existing law, they can break the lock on any door, box, or locker if they don't have their keys and they suspect that any undeclared goods or account book is held inside. This authority has been expanded to include your computer system or virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital area under the new Income Tax Bill.
Section 247 of the Income Tax Bill
According to Clause 247 of the Income Tax Bill, if an officer has reason to believe that a person has undeclared income or property that is covered under the Income Tax Act, he can break the lock of any door, box, locker, safe, cupboard, or other instrument. He can also gain access to any computer system or virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital space by overriding the access code.
The IT Act
Honest taxpayers, however, won't mind this at all. Let us inform you that the new Income Tax Act will grant the officers this privilege. According to Section 132 of the current IT Act, 1961, authorities have the right to search and confiscate accounts and property if they have grounds to suspect that someone is hiding money, assets, or documents from them in order to evade paying taxes.
Virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital Space
Under the existing law, they can break the lock on any door, box, or locker if they don't have their keys and they suspect that any undeclared goods or account book is held inside. This authority has been expanded to include your computer system or virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital area under the new Income Tax Bill.
Section 247 of the Income Tax Bill
According to Clause 247 of the Income Tax Bill, if an officer has reason to believe that a person has undeclared income or property that is covered under the Income Tax Act, he can break the lock of any door, box, locker, safe, cupboard, or other instrument. He can also gain access to any computer system or virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital space by overriding the access code.
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