Income-Tax Bill 2025: Taxmen can check your credit card, bank account details

The income tax assessing officer can ask for credit card and bank account details of taxpayers for verification purposes, according to the Income-Tax Bill 2025.

Under section 263 (2)(a) and (2)(b), the recently tabled bill in the parliament has given the Central Board of Direct Taxes (CBDT) the right to make rules for ITR forms, the manner of their verification and such other particulars. The CBDT can frame rules for:

• the class or classes of persons who have to furnish ITR in electronic form or otherwise;

• the form and the manner in which the return may be furnished, whether in electronic form or otherwise;

• the documents, statements, receipts, certificates, audited reports or any other documents, which may not be furnished along with the return in electronic form but shall be produced before the assessing officer on demand.

• the computer resource or the electronic record to which the return in electronic form may be transmitted

Other details that might not be required when submitting your ITR but could be requested by the assessing officer include the following:

• income exempt from tax;

• assets of the prescribed nature and value held by the assessee as a beneficial owner or otherwise or in which he is a beneficiary;

• bank account and credit card held by the assessee;

• expenditure exceeding the prescribed limit incurred by the assessee under prescribed heads

The Income-Tax Bill 2025 will come into force from April 1, 2026. It will replace the Income-Tax Act of 1961. Till then, it may undergo some modifications.

The new bill has retained the tax policies and major provisions of the Income-Tax Act, 1961.

However, redundant rules have been omitted and the remaining text of the tax law has been simplified to make them easy to understand.

According to CBDT, the simplification of the tax laws in the new bill would enhance clarity and ensure ease of compliance.