You will soon receive a monthly SMS from the income tax department telling you whether the tax deducted from your salary has been received. “The system should be ready in a month or two,” Central Board of Direct Taxes chairperson Rani Singh Nair told HT on Wednesday. To avoid this, we are working on a system where an SMS will tell you whether the tax deducted has reached the department or not. It can attract a penalty and a possible jail term of anywhere between three months and seven years. There are sufficient instances where this has been imposed,” said Amit Maheshwari, a partner at the accountancy firm Ashok Maheshwary & Associates.

Source: Hindustan Times August 17, 2016 18:45 UTC