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Tag: income tax department

  • Know the modifications in newly notified earnings tax types for AY22

    NEW DELHI: The tax division has notified the brand new types for submitting Income Tax Return (ITR) for evaluation yr 2021-22. In a notification, the tax division stated it has not made any important modifications within the types this yr given the pandemic. However, there are particular modifications which have been introduced consistent with the Finance Act, 2020.

    Here are a few of the modifications it is best to learn about:

    1) Dividend to be declared as earnings from different sources. In the Finance Act, 2020, dividends have been made taxable within the palms of taxpayers as a substitute of the dividend distribution tax deducted by the corporate or fee or declaration of dividend. The dividend earnings must be disclosed below “Income from different sources”.

    “Till AY21, only dividend income which was not exempt was required to be disclosed in the section ‘Income from other sources’. Now all types of dividend incomes are required to be disclosed in the section,” stated a observe from Taxmann, a tax analysis agency.

    2) Earlier dividend earnings as much as ₹10 lakh was exempt from tax below Section 10(34). Taxpayers had been required to point out such earnings below the exempt earnings part. The reference to dividend earnings as much as ₹10 lakh from a home firm has been faraway from the exempt earnings part.

    3) In the Finance Act, 2020, workers receiving ESOPs from eligible startups had been allowed to defer taxes, not required to pay taxes on the time of exercising the choice. “The TDS on the ‘perquisite’ stands deferred to earlier of the next occasions, expiry of 5 years from the yr of allotment of ESOPs, date of sale of the ESOPs by the worker or date of termination of employment. Such workers won’t be able to file ITR-1, they must file ITR-2. The respective ITRs have been amended accordingly.

    4) Section 194N requires banks, submit workplaces and co-operative banks to deduct TDS of non-filers of ITR. “As per the newly notified forms such taxpayers will not be able to file ITR 1,” stated the observe from Taxmann.

    5) The newly notified tax types don’t have the Schedule DI (Details of investments). Last yr, as a result of pandemic, the tax division had prolonged the deadline for making tax saving investments for FY20 until 30 June. A particular column was launched for taxpayers to present the main points of the funding to be claimed in FY20 and achieved between 1 April and 30 June. The schedule has been eliminated within the newly notified ITR types.

    6) Opting for a brand new tax regime: In FY20, the federal government launched a brand new concessional tax regime below Section 115BAC which gave taxpayers the choice to pay tax at decrease slab charges however forgo round 70 deductions. In part-A of the tax types, the taxpayer is required to decide on if she or he is choosing concessional tax regime below Section 115BAC.

    (Do you will have private finance queries? Send them to [email protected] and get them answered by business specialists)

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  • Income Tax dept launches offline utility for ITR 1, 4

    The Income Tax Department has launched the offline utility for taxpayers submitting ITR – 1 and 4 for 2020-21 fiscal yr.

    As per the web e-filing portal, “the user can now download and fill the offline utility for ITR 1 & 4 (AY 2021-22)” It additionally acknowledged that the utility for different ITRs will likely be enabled shortly.

    The offline utility is out there on the e-filing portal and relies on new know-how “JSON” (JavaScript Object Notation), which is a lightweight weight format for storing information.

    The offline utility may be downloaded on computer systems with working system Windows 7 or later variations.

    “This Offline Utility is enabled just for ITR-1 and ITR-4. Other ITRs will likely be added within the utility in subsequent releases,” the division stated, whereas releasing the step-by-step information for its submitting.

    ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are easier types that cater to numerous small and medium taxpayers. Sahaj may be filed by a person having earnings as much as ₹50 lakh and who receives earnings from wage, one home property / different sources (curiosity and so forth).

    ITR-4 may be filed by people, Hindu Undivided Families (HUFs) and corporations with whole earnings as much as ₹50 lakh and having earnings from enterprise and career.

    I-T return filers can import and pre-fill the info from e-filing portal and can even fill the remaining information. Since the ability to add ITR on the e-filing portal is just not but enabled, filers can fill and save the offline utility.

    “Once submitting is enabled, you may add the identical at e-filing portal,” the I-T division added.

    Through the offline utility, taxpayers shall must obtain the pre-filled information from the earnings tax e-filing portal and import the identical on the brand new utility, which permits customers to edit and save returns, pre-filled information and profile information.

    Nangia Andersen India Director Neha Malhotra informed information company PTI , the brand new utility is a user-friendly performance for submitting of returns and can afford larger ease to the taxpayers.

    “The utility itself gives assist in the type of FAQs, steerage notes, circulars and provisions of the legislation in order to allow hassle-free return submitting. The authorities’s efforts, to construct a beneficial tax regime for taxpayers can’t be disregarded. Augmenting simplicity and eradicating impediments will go a good distance in rising compliance and facilitating good governance,” Malhotra added.

    Last week, the I-T division had notified types for submitting tax returns for 2020-21.

    Earlier, the earnings tax division notified tax types ITR 1 to ITR 7 for evaluation yr 2021-22. Due to the pandemic, it didn’t introduce any important modifications within the types. However, there are a couple of modifications that try to be conscious of in ITR 1 and 4. Officials have added two extra circumstances beneath which taxpayers can’t file these types.

    As per the newly notified types, an individual whose tax has been deferred in respect of ESOPs allotted by an eligible startup can’t file ITR 1 or 4. Now, the worker needn’t pay tax on exercising the choice, i.e. when he/she converts the ESOPs into shares.

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  • Know the TDS guidelines in case you are taking NRI’s home on hire

    I’ve given the flat of my Non-Resident Indian (NRI) grandson on hire. The tenant had agreed to deduct TDS (tax deducted at supply) on the relevant charge of 31.2%. But after taking possession of the home, he has denied deducting the TDS and deposit it within the authorities’s account citing tedious process. I’m a sick senior citizen girl and unable to take any authorized motion. Now, what could be executed to keep away from authorized motion by the Income Tax Department towards my grandson?

    Under India’s ncome-tax regulation, if the payee qualifies as “Non-Resident” in India throughout the related monetary 12 months, the payer is required to deduct TDS (tax deducted at supply) at a specified charge (plus relevant surcharge and well being and training cess) on taxable revenue of the payee. In case of rental revenue, the desired charge is 30% (plus relevant surcharge and well being and training cess).

    Accordingly, it’s the payer’s obligation to deduct and deposit TDS on the taxable revenue of the “Non-Resident”. In case of non-compliance, the payer shall be accountable for penal penalties.

    As an revenue earner, your grandson might deposit the income-tax below advance tax mechanism or self-assessment mechanism. Advance tax must be deposited in 4 installments (15% by 15 June, 45% by 15 September, 75% by 15 December, and 100% by 15 March). In case of any default in fee of advance tax, curiosity on the charge of 1% per 30 days is payable for the interval of default of every installment. Self-assessment tax could be deposited on or earlier than submitting of income-tax return together with curiosity for delay in deposit of advance tax and self-assessment tax.

    Sonu Iyer is tax accomplice and other people advisory companies chief, EY India. Queries at [email protected]

    Do you may have a private finance question? Send in your queries at [email protected] and get them answered by business consultants.

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  • Polls on, I-T dept searches premises of Stalin daughter

    The Income Tax division Friday launched a collection of search operations in Tamil Nadu concentrating on DMK leaders together with DMK chief M Ok Stalin’s daughter Senthamarai. Of the 28 premises searched, 4 belonged to Senthamarai and her husband Sabareesan, thought-about one of the highly effective individuals serving to Stalin within the elections.
    The I-T motion commenced at Senthamarai’s residence in Teynampet and Neelankarai within the morning. Subsequently, premises of Lotus Bala, a good friend and businessman near Sabareesan, DMK’s Tiruvannamalai MP C N Annadurai, DMK MLA MK Mohan’s son Karthick Mohan in Anna Nagar in Chennai, and Senthil Balaji, one of the highly effective DMK leaders in central Tamil Nadu, have been additionally searched by the I-T division.
    Mohan can also be the state deputy secretary of DMK’s IT wing, a staff that had been working additional time to amplify rallies and speeches of Stalin and his son Udhayanidhi throughout social media platforms.
    Stalin who was campaigning at Ariyalur and Perambalur districts mentioned the raids is not going to have an effect on him. “I have seen MISA (Maintenance of Internal Security Act) and Emergency. I would like to tell one thing to (Prime Minister Narendra) Modi — this is DMK… do not forget that. I am Kalaignar’s son. You cannot scare us with such raids, we will not surrender the entire state to you like AIADMK leaders after some I-T, CBI raids,” he mentioned.

    Stalin’s son Udhayanidhi continued his assault on Modi and Amit Shah in his ballot rallies on Friday too whilst searches have been on at his sister’s home. “Dear Modi, Dear Amit Shah, I am not Edappadi K Palaniswami or O Panneerselvam to fall at your feet. Who am I? I am Udhayanidhi Stalin…,” he mentioned.
    Referring to the I-T raids at his sister’s home, Udhayanidhi mentioned: “I am challenging you… I am giving you my house address – 25/9, Cenotaph Road, Sittaranjan Salai, Chennai. I challenge you, come to my house if you have courage… I will show you what all I have.”
    Sources within the I-T division mentioned searches have been performed on three teams and some people in Tamil Nadu — all of those are concerned in companies starting from distilleries and breweries, actual property, native financing and solar energy EPC. “Part of these are alleged to have been actively assisting in political cash distribution,” a supply mentioned. “All the premises are in Chennai, Coimbatore and Karur. Several incriminating materials on tax evasion have been found… A total of 28 premises are covered under Section 132 of the I-T Act,” the supply mentioned, including searches have been nonetheless on.
    Meanwhile, the DMK despatched a letter to the Election Commission alleging that “the Income Tax department has been used as a sword and as a pawn in the hands of the ruling BJP party”. It mentioned “there are no reasons as to why these searches are being conducted few days before the election date.”
    The letter mentioned the “intention of the AIADMK-BJP led alliance was to “somehow or the other, tarnish the image of DMK.” It mentioned the DMK was being focused after the Centre had sensed an enormous victory for the occasion within the polls.
    The DMK’s allies Congress and the Left hit out on the Central authorities over the raids. Many different opposition events additionally rallied behind the DMK.
    “Raiding the opposition is BJP’s coping mechanism when facing electoral defeat,” tweeted senior Congress chief Rahul Gandhi. CPM General Secretary Sitaram Yechury accused the BJP-led authorities of misusing Central businesses. “The gross misuse of central agencies as a political tool is condemnable. Facing imminent defeat, the BJP is resorting to intimidate and browbeat opposition. This will only steel people’s resolve to comprehensively defeat BJP alliance in Tamil Nadu. Everywhere,” Yechury mentioned.

    Trinamool Congress chief Derek O’Brien mentioned there was nothing new in such raids. “What’s new! At BJP and MO-SHA’s command the agencies act. Brazen political vendetta in Tamil Nadu against a political opponent you cannot defeat politically. We strongly condemn the blatant political vendetta against DMK and M K Stalin,” he mentioned.
    “Dear M K Stalin ji..We have had enough of these from the ‘Dirty Trick Department’. Brazenly using these agencies for ‘political goal’ is the NEW NORMAL by BJP….They should realize not all can be scared by these intimidating techniques. Fight On!!” tweeted senior RJD chief Manoj Kumar Jha.

    “I strongly condemn motivated & revengeful raids in the house & premises of M K Stalin’s son in law. This shows frustration on the part of BJP and AIADMK that they conceded defeat in the election BJP Govt misusing official machinery is blatant,” former Puducherry Chief Minister V Narayanasamy mentioned.
    Veteran DMK chief Duraimurugan mentioned his occasion is not going to be cowed down by earnings tax searches and termed these as “politically motivated.” Ok Balakrishnan, state secretary of CPI(M), Dalit occasion VCK’s chief Thol Thirumavalavan additionally condemned the raids.
    (With inputs from Aanchal Magazine in New Delhi)

  • PAN-Aadhaar linking: Here’s find out how to hyperlink your PAN with Aadhar on-line

    The deadline for linking Permanent Account Number (PAN) to Aadhaar is simply a few days away and if anybody fails to do it by Wednesday, March 31, 2021, then their PAN will develop into invalid. Not solely this they could even be liable to pay a penalty of as much as Rs 1,000.
    The authorities handed the Finance Bill 2021 within the Lok Sabha final week the place it inserted a brand new part 234H beneath which an individual shall be liable to pay a late payment of as much as Rs 1,000 in case of non-linking of their PAN with Aadhaar.
    “234H. Without prejudice to the provisions of this Act, where a person is required to intimate his Aadhaar number under sub-section (2) of section 139AA and such person fails to do so on or before such date, as may be prescribed, he shall be liable to such fee, as may be prescribed, not exceeding one thousand rupees, at the time of making intimation under sub-section (2) of section 139AA after the said date,” the invoice stated.

    Although the federal government has not clearly specified whether or not it’s going to cost a penalty from those that fail to hyperlink their PAN with Aadhar by March 31 and neither has it specified the precise penalty quantity for a similar, it has handed the invoice within the parliament which suggests it has the authority to implement it after notification within the Government Gazette.
    In the previous, the federal government has supplied a number of extensions, permitting individuals to hyperlink their PAN with Aadhaar.
    Here’s how one can hyperlink your PAN along with your Aadhaar:
    Open your browser and head to Income Tax Department’s web site – https://www.incometaxindiaefiling.gov.in/home
    Click on “Link Aadhaar” beneath the Quick Links part situated on the left facet of the web page.
    On the subsequent web page, it’s important to enter your PAN, Aadhaar Number, Name as per Aadhaar
    Click the verify field if you happen to solely have the yr of delivery in Aadhaar card after which click on the verify field for agreeing to validate your Aadhaar particulars with UIDAI
    Enter the Captcha code proven within the picture (Visually challenged customers can request an OTP as a substitute of the captcha picture. They shall be requested to enter their registered cell quantity the place the OTP shall be despatched)
    Click on the “Link Aadhaar” tab beneath
     

  • IT raids on Anurag Kashyap, Taapsee Pannu: Tax discrepancy of about Rs 300 crore surfaces

    Image Source : FILE PHOTO, INDIA TV IT raids had been performed on the premises of Anurag Kashyap, Taapsee Pannu, others in Mumbai, Pune, different places.
    The Income Tax Department had carried out searches at over 30 places in Mumbai and Pune, together with the premises of famous movie director Anurag Kashyap, actor Taapsee Pannu, filmmaker Vikas Bahl, and executives of Kwann Talent administration, on Wednesday.

    During the search, proof of big suppression of revenue by the main Film Production home in comparison with the precise field workplace collections has been unearthed. The firm officers haven’t been in a position to clarify the discrepancy of round Rs 300 crore, knowledgeable Surabhi Ahluwalia, spokesperson, Commissioner of Income Tax (Media & Technical Policy), CBDT.

    The group is principally engaged within the enterprise of Production of Motion Pictures, Web Series, performing, path and expertise Management of celebrities and different artists. A complete of 28 premises are being lined in numerous places which embody residences and places of work.

    Evidence associated to manipulation and under-valuation of share transactions of the manufacturing home amongst the movie administrators and shareholders, having tax implication of about Rs 350 crore has been discovered and is being additional investigated.

    Also, proof of money receipts by the main actress amounting to Rs 5 crore has been recovered. Further probe is underway.

    ALSO READ | Income Tax raid at Taapsee Pannu, Anurag Kashyap’s residence

    Apart from this, non-genuine/bogus expenditure to associated considerations by the main producers/director having tax implication of about Rs 20 crore has been detected. Similar findings have been made within the case of the main actress additionally.

    At the workplace premises of the 2 expertise administration corporations, an enormous quantity of digital information has been seized within the type of emails, WhatsApp chats, arduous disk and so on that are beneath investigation.

    During the search, 7 financial institution lockers have been discovered which have been positioned beneath restraint. Search is continuous in all of the premises.

    Latest India News

  • I-T Raids at Taapsee Pannu’s, Anurag Kashyap’s Residence Over Tax Evasion Issue

    Mumbai: Filmmaker Anurag Kashyap and actor Taapsee Pannu have come underneath the radar of the Income Tax division that performed searches at their workplace and residence in Mumbai on Wednesday morning. The raid performed in relation to tax evasion. Producer Madhu Mantena, who co-owned Phantom Films with Kashyap, Vikramaditya Motwane and Vikas Bahl, has additionally come underneath the radar of the I-T division. Mantena at the moment owns a expertise administration company named KWAN. The searches started at Bahl’s residence later within the day. Also Read – Taapsee Pannu Says ‘Plain Simple DISGUST’ Over SC’s ‘Will You Marry Rape Victim’ Question to Accused IT Raid at Taapsee Pannu’s, Anurag Kashyap’s Residence The raids are being performed at round 20 locations each in Mumbai and Pune on the allegations of tax evasion. As reported by NDTV, all of those locations are associated to the folks of Bollywood. The I-T division additional intends to ship notices to all of the folks concerned within the searches. Also Read – Taapsee Pannu, Pratik Gandhi Come Together For Arshad Syed Directorial ‘Woh Ladki Hai Kahaan’ Neither Kashyap nor Pannu has spoken out on the matter but. Both the filmmaker and the actor have been immensely essential of the Central authorities, particularly on social media. Taapsee and Anurag have launched many tweets previously, talking for the farmers protesting in opposition to the contentious Farm Laws, and likewise supporting those that have been on the receiving finish of the federal government’s insurance policies and choices. Also Read – Taapsee Pannu Takes Sarcastic Dig At Kangana Ranaut, Says ‘It’s In Her DNA To Be Toxic Or Abusive’

    Vikas Bahl on sexual harassment allegations in opposition to him through the #MeToo motion Meanwhile, Phantom Films that was co-owned by Anurag, was dissolved within the yr 2019 after Bahl was accused of sexual harassment underneath the #MeToo motion. However, earlier this yr, Madhu Mantena determined to revive the corporate and acquired it in partnership with Reliance Entertainment. More particulars awaited.

  • Income Tax: I-T refunds price Rs 1.81 lakh crore issued up to now in FY21

    Image Source : PTI Income Tax: I-T refunds price Rs 1.81 lakh crore issued up to now in FY21
    The Income Tax Department on Wednesday mentioned it has issued over Rs 1.81 lakh crore price refunds to greater than 1.74 crore taxpayers up to now this fiscal yr. Of this, private revenue tax refunds of Rs 62,231 crore have been issued to over 1.71 crore taxpayers and company tax refunds of Rs 1.19 lakh crore have been issued in 2.12 lakh instances.

    “CBDT issues refunds of over Rs. 1,81,336 crore to more than 1.74 crore taxpayers between 1st April, 2020 to 25th January, 2021,” the division tweeted. 
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  • Crackdown on corruption! Govt’s huge transfer towards tax evasion, benami property. How you may file criticism?

    Image Source : FILE PHOTO Government’s new step towards tax evasion. (Representational picture)
    In a step ahead, the federal government has launched a brand new characteristic for receiving complaints those that are concerned in actions comparable to tax evasion, bemami property or dealing in black cash. The Central Board of Direct Taxes (CBDT) has launched an automatic devoted e-portal on the e-filing web site of the division to obtain and course of complaints of tax evasion, international undisclosed property in addition to grievances relating to benami properties.

    How to file an e-complaint?

    People can now file a tax evasion petition by a hyperlink on the e-filing web site of the division — https://www.incometaxindiaefiling.gov.in — below the pinnacle “File complaint of tax evasion/undisclosed foreign asset/benami property”, CBDT stated in an announcement.

    The new facility permits for submitting of complaints by individuals who’re present PAN and Aadhaar holders in addition to these having no PAN or Aadhaar. After an OTP-based validation course of (cellular and/or e-mail), the complainant can file complaints with respect to violations of the Income Tax Act, 1961, Black Money (Undisclosed Foreign Assets and Income) Imposition of Tax Act, 1961 and Prevention of Benami Transactions Act (as amended) in three separate types designed for the aim.

    Upon the profitable submitting of the criticism, the division will allot a singular quantity to every criticism and the complainant would be capable of view the standing of the criticism on the division’s web site.

    This e-portal is yet one more initiative of the Income Tax Department to result in enhanced ease of interplay with the division whereas strengthening its resolve in the direction of e-governance, the assertion stated.

    (With inputs from IANS)

    ALSO READ | Income tax calendar 2021: Important dates and deadlines it’s best to know

     
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