Remember, the taxman knows more this time

Filing Returns

 After years of trying, the department seems to have got it right this time round and is in a position to track a lot of income, especially those earned from moonlighting.

 And how does it do that? Before this year is out, more than 4 crore Indians will sport a PAN number, which means that the department can track almost any income flow in the country on their upcoming computerised tax information network (TIN).

 So take just that bit of extra time to fill up the income tax returns, which is mandatory for anybody with an annual income above Rs 50,000.

 The last date has been extended to September 30 this year, for salaried people for whom the procedure remains basically the same.

 Along with Form 16, which is supplied by one