2. All stock brokers whose brokerage income is more than Rs 1 crore and also brokers who have claimed bad debts of Rs 10 lakh or more are set to come under the tax department’s scanner.
3. All corporate entities that have witnessed a fresh capital infusion of more than Rs 50 lakh will face scrutiny.
4. Companies that claim tax benefits under Section 72A of Income-Tax Act ( which allows companies undergoing an amalgamation or merger to set off losses against profits) can be scrutinised.
5. Banks will now be required to furnish details on interest accruing on deposits even if the interest is less than Rs 5,000 and not liable to tax deducted at source.
6. It is compulsory for firms to file their income tax returns even if they are exempt from tax.