Page 19 - Income Tax

I-T dept finds discrepancies in SFT reports filed by certain banks

The Income Tax Department on Friday said it has found discrepancies in Statement of Specified Financial Transaction (SFT) reports filed by some banks with regard to high value financial transactions. Under SFT, specified institutions are required to furnish the details of certain financial transactions or any reportable account maintained by them during the year. The last date for filing an SFT for a fiscal is May 31 of the subsequent fiscal. The reporting entities which are required to file SFT returns with tax authorities include forex dealers, banks, sub-registrar, NBFC, post offices, issuer of bonds/debentures, mutual fund trustees, company paying dividend or buying back shares. In a statement, the Central Board of Direct Taxes (CBDT) said, recently the department carried out "verification" of a Tamil Nadu-based "prominent bank" to address Reporting Entity compliance issues. "In the recent past too, verification was conducted by the department on 2 cooperative banks in Uttarak

I-T dept launches tax-evasion probe against social media influencers

The income-tax department has launched a probe against certain social media influencers and content creators on platforms like YouTube and Instagram for allegedly not showing their income and profits commensurate with their earnings, official sources said on Thursday. The department initiated the action last week after it searched about 10 YouTubers and other social media influencers -- mostly young artistes and actors -- in Kerala. The sources said a "data analytics" investigation undertaken by the department found out that these social media influencers and online content creators are making "substantial" earnings but either not showing or under-reporting it in their income tax returns (ITRs) or filings, largely due to ignorance of tax laws. Social media influencers and online content creators are those who have the power to address online and affect their audiences' purchasing decisions or opinions about a product, service, brand or experience because of their authority, knowledg

I-T dept tweaks exemption norms for charitable institutions, seeks details

The income tax department has tweaked disclosure norms for charitable institutions claiming I-T exemption by seeking additional details. As per amendments to the Income Tax Rules, which will come into effect from October 1, charitable institutions will have to now disclose whether the activities undertaken by them are charitable, religious or religious cum charitable. The amendment also includes a declaration under which the charitable institution will have to give details of donations received from a person in excess of Rs 2 lakh in a single day. The details to be furnished include the name of the payer, address, amount of payment and PAN (if available). Nangia Andersen LLP Partner Vishwas Panjiar said the government had recently revamped the registration requirement applicable for charitable organisations for claiming tax exemption or obtaining an 80G certificate under the Act. "The government have now made consequential amendments in the Income-tax Rules (Rule 2C, 11AA and 17A)

Respond to I-T notice on time or risk refund adjustment against tax demand

If AO doesn't respond within 21 days, CPC may release refund, or adjust it partially based on taxpayer's consent

10 things taxpayers should keep in mind before filing income tax return

Form 16 contains all the salary details that need to be entered while filing income tax returns

AIADMK asks ED, I-T dept to probe corruption charges against Udayanidhi

In an audio tape allegedly of then Tamil Nadu finance minister, P Thiagarajan (PTR), there were allegations against Udayanidhi and Sabareesan

Ten Sports sale to Sony: I-T dept to appeal ITAT's capital gains tax ruling

The Income Tax Appellate Tribunal (ITAT) had claimed that the IT's contribution to play-out facilities was an afterthought

BBC communicates to I-T Dept on unpaid taxes, probe still underway

British broadcaster BBC has communicated to the income-tax department that some of its past income, for its operations in India, could have gone unreported during the statutory filing of returns and hence it would like to amend it, official sources said on Wednesday. The development comes in the backdrop of the tax department conducting a three-day long survey in February at the offices of the organisation in Delhi as part of an alleged tax evasion investigation against them. I-T sources, however, said that the purported BBC communication has "no legal value" till it pays the due taxes. They also refused to quantify the possible amount of tax evaded or avoided by the company, saying their investigation was still on. The Central Board of Direct Taxes (CBDT), the administrative authority of the tax department, said they do not comment on individual cases. The company responded to PTI's queries in this context saying it continues to cooperate with the tax authorities. The BBC is ...

When and how can I claim a TCS refund on foreign remittance?

TCS credit is available to be adjusted against actual tax liability to be payable at the end of the year. In case of no such tax liability, one can claim a refund at the end of the year.

28K J&K govt employees under I-T dept scanner for claiming bogus refunds

More than 28,000 government employees working in Jammu and Kashmir, including 8,000 police and paramilitary force personnel, are under the scanner of the Income-tax department for allegedly claiming bogus refunds worth a few crores of rupees while filing their ITRs, official sources said. The taxman has found that this purported fraud took place during the Income Tax Returns (ITRs) filing seasons in 2020-21 and 2021-22 even as the department has registered two criminal FIRs against a Chartered Accountant (CA) and 404 other people, with the J-K Police crime branch after a similar fraud was detected for the last few fiscals. The alleged irregularities came to light sometime back after the Tax Deducted at Source (TDS) wing of the department located in Srinagar found that a number of people who are assessed in the Union Territory of J-K had claimed "excessive and ineligible deductions" under various heads leading to claim of bogus refunds, the sources said. Documents accessed by PTI sh

Explained: How you can minimise the impact of 20% TCS on foreign trips

Avoid booking travel packages and use a debit or credit card during your personal international trip

Switched jobs in 2022-23? Consolidate multiple Form 16s accurately

If you find any discrepancy in the Form 16 received from employer, request the latter to amend it

Delhi HC dismisses Gandhis' pleas against income tax assessment transfer

The Delhi High Court on Friday dismissed petitions by Congress leaders Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra against the Income Tax department's decision to transfer their assessments to the Central Circle instead of an ordinary assessment in a matter related to arms dealer Sanjay Bhandari. The court also rejected separate petitions, which raised similar legal issues, by Sanjay Gandhi Memorial Trust, Jawahar Bhawan Trust, Rajiv Gandhi Foundation, Rajiv Gandhi Charitable Trust, Young Indian and the Aam Aadmi Party. Gandhis challenged the order issued by the Income Tax principal commissioner to transfer their cases for assessment year 2018-19 to the Central Circle. Central Circles are mandated with checking tax evasion. They take over the evidence gathered by investigation wing during searches. The assessment of petitioners have been transferred to the Central Circle in accordance with law. The present writ petitions are dismissed, said a bench of Justices Manmohan and

I-T searches underway at premises linked to TN Minister Senthil Balaji

Income Tax authorities on Friday launched coordinated searches across different locations in Tamil Nadu linked to state Electricity Minister V Senthil Balaji, police sources said, The searches were being held in cities including Karur and Coimbatore, at the premises of individuals allegedly linked to the minister, sources said without elaborating. Close relatives of the minister and some contractors were reportedly among those whose premises were being searched by the tax authorities. Balaji, a senior DMK leader from Karur, also holds the Prohibition and Excise portfolio.

I-T dept enables filing of income tax returns 1, 4 at e-filing portal

The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal. In a tweet, the income tax department said, the software/utilities for preparing other ITRs/ Forms will be enabled shortly. "ITR 1 and 4 for A.Y. 2023-24 are enabled for filing in online mode at e-filing portal," the department said in reply to a tweet by an individual. The last date for filing Income Tax returns for fiscal 2022-23 for people who do not need to get their accounts audited is July 31. ITR-1 is filed by individuals, including salaried class and senior citizens. ITR-2 is filed by businesses and professionals who have opted for presumptive taxation and those individuals whose annual income doesn't exceed Rs 50 lakh.

RBI may cancel licence of asset reconstruction companies after I-T report

The move follows a special audit conducted by the banking regulator after the income tax (I-T) department raided the premises of these ARCs in 2021

Link PAN-Aadhaar to avoid restrictions on NPS A/C: Step-by-step guide here

PAN-Aadhaar link: The deadline to link PAN and Aadhaar cards was extended to June 30 on March 28. The earlier deadline was March 31

Income Tax officials search Mankind Pharma's New Delhi office: Report

India's Income Tax Department is conducting searches at Mankind Pharma Ltd's office in New Delhi, a government source told Reuters on Thursday, days after the condom maker's successful public listing

I-T raids unearth Rs 15.3 cr cash, 10.14 kg gold in poll-bound Karnataka

The Income Tax department has seized cash of Rs 15.3 crore and 10.14 kg gold worth Rs 7.08 crore during raids at various places in Karnataka, which goes to polls on May 10, the office of the Chief Electoral Officer said on Saturday. According to a statement issued by the CEO's office, Rs 4.77 crore was seized from Shivajinagar, Rs 3.44 crore from Rajarajeshwari Nagar, Rs 3.35 crore from Malleshwaram, Rs 2.3 crore from Pulakeshinagar, Rs 63 lakh from Shanti Nagar, and Rs 55 lakh from Gandhi Nagar. The I-T officials seized 6.59 kg of gold worth Rs five crore from Hebbal, Shanti Nagar and Gandhi Nagar constituencies. Further, 3.55 kg gold worth Rs 2.08 crore and Rs 30 lakh cash were seized from Raichur. Cumulatively, the seizures totalled Rs 365 crore ever since the model code of conduct came into force on March 29, which comprised of Rs 138.55 crore cash, Rs 82.65 crore worth liquor, Rs 23 crore worth drugs and narcotics, 177.95 kg gold worth Rs 92.62 crore and 667 kg silver worth Rs

I-T dept to release draft rules for foreign investment in unlisted firms

The Income Tax department will come out with draft rules within the next 8-10 days to specify the class of investors and norms of valuation of foreign investment in unlisted companies, an official said on Tuesday. The Finance Act, 2023, has amended Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, except DPIIT-recognised startups, under the tax net. The I-T department will notify the final rules on the so-called angel tax after seeking stakeholder comments on the draft rules, the official said. "The draft rules are expected in the next 8-10 days. Preliminary stakeholder consultation on the subject has been done," the official said. The draft valuation rules would provide for ascertaining the fair market value (FMV) of shares of unlisted companies to levy tax on non-resident investments, an official said. The modification in valuation rules is needed as I-T Act and FEMA provide different methodologies for calculating the FM