Income tax division cracks down on tax-evading social media influencers

Income tax division is not only your financials and the revenue tax return (ITR) you’ve got filed. In reality, they have a look at your social media posts as nicely. In reality, your social media posts can be a drop of trace in regard to tax evasion for the revenue tax division. As per the data accessible on the official web site of CA Club of India, the revenue tax division has despatched notices to fifteen social media influencers who posted their luxurious procuring and abroad holidays however paying zero or considerably low revenue tax. While sending notices to those 15 social media influencers, the revenue tax division has requested them to make clear about their sources of revenue tax and purpose for not paying revenue tax.

The revenue tax division is reportedly utilizing knowledge analytics to scan social media influencers account to search out out any mismatch of their social standing and the ITR filed. They utilizing knowledge analytics to search out whether or not social media iinfluencers are beneath reporting their revenue or not. The revenue tax notices slapped to fifteen social media influencers ranges from numerous fraternities like Bollywood, vogue, life-style, journey, and so forth. In its discover, the revenue tax division has requested from the influencers to share their particulars of revenue from sponsored content material, model endorsement, and so forth. The revenue tax division has additionally sought particulars from these 15 taxpayers to supply particulars of cash spent on journey, cloths and apparels, lodging, and so forth.

This transfer by revenue tax division on media influencers is aimed to growing the revenue tax compliance among the many excessive incomes people who evade revenue tax whereas fling their ITR.

Here are some new revenue tax guidelines that applies on a social media influencer. A media influencer wants to stay conscious of those new taxes making use of on them in the event that they need to keep away from revenue tax notices in future:

1] The revenue tax rule applies on all social media influencers who earn greater than ₹2 lakh in single monetary yr;

2] The revenue tax charge is fastened 30 per cent on the gross revenue of social media influencers;

3] The social media influencers can declare tax deduction on their bills like tools buy, journey, and so forth.; and

4] The new revenue tax utilized on social media influencers have turn out to be efficient from 1st April 2023.

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Updated: 29 Jun 2023, 11:59 AM IST

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