19: Will reporting 11 spends to tax dept catch tax evaders?

Money with Monika

The government wants banks, insurance firms, jewellers and others to report 11 transactions to the income tax department. In a move to catch tax evaders, the government wants disclosure of certain transactions, not by the taxpayer but by the firms they deal with. Will this nudge the unwilling to pay their taxes? In this episode of Money with Monika, personal finance expert Monika Halan explains how the new notification works.