For a country with a population of a hundred crore plus, India has only 4.26 crore taxpayers.
Theres every chance that youve heard successive finance ministers lament about this deplorable piece of statistic in their budget speech. This year, however, the FM could spell out a big, hairy, audacious goal-of doubling the taxpayer base by 2010-11.
Its no sleight of hand. At its core, is a massive IT networking strategy that promises to shake up the fundamentals of the income-tax system in the country.
Using the power of technology, the taxman will be able to instantly track every transaction we make-be it buying a house, flashing the plastic to buy jewellery or withdrawing money from the bank-at a click of a button. More on it in a bit.
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