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Tag: income tax department

  • Over 6.63 cr revenue tax returns filed up to now for AY 2021-22

    More than 6.63 crore revenue tax returns (ITRs) for Assessment Year (AY) 2021-22 and about 99.27 lakh statutory kinds have been filed on the brand new e-filing portal of the revenue tax division until 15 March, the tax division stated in an announcement.

    The Income Tax Department has expressed gratitude to taxpayers and tax professionals for the help in well timed compliances.

    To help taxpayers with the sleek expertise on the portal, over 8,500 taxpayer calls and 260 chats have been responded to by the helpdesk solely on 15 March itself, it stated.

    Two-email ids have been created to resolve grievances of taxpayers in an expeditious method associated to importing of ITRs and tax audit report and over 16,000 emails have been acquired and most of which have been resolved, the IT dept stated.

    In addition to the above, the tax division stated, it has been proactively participating with and reaching out to taxpayers and professionals for help by its official twitter deal with on a steady foundation and thru direct webex calls.

    “The department expresses gratitude to all tax professionals and taxpayers for the support in timely compliances. Taxpayers and tax professionals are also requested to note that the last date of filing belated return, revised return, linking of Aadhar and PAN and compliance to the e-proceedings for assessment is 31 March,” it stated.

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  • I-T division searches Omaxe group premises in NCR, others

    By PTI

    NEW DELHI: The Income Tax division on Monday carried out searches at a number of premises linked to actual property group Omaxe within the nationwide capital area and few different cities on fees of tax evasion, officers stated.

    At least 30 places in Delhi-NCR and few others in Uttar Pradesh and Punjab are being coated the place the tax division officers are taking a look at firm paperwork and monetary transactions primarily associated to their actual property enterprise, they stated.

    The group couldn’t be reached for feedback instantly. Omaxe is likely one of the main actual property builders of Delhi-NCR. It additionally has important presence in related product tasks of Punjab, Haryana and Uttar Pradesh.

  • Income tax: Taxpayers want to finish this compliance by March 31

    Income tax division has issued reminder to the taxpayers whose instances are underneath scrutiny. The state company, which undertakes direct tax assortment of the Government of India (GoI) requested such taxpayers to adjust to the notices issued to them by thirty first March 2022. Failing to fulfill the deadline of this revenue tax compliance will result in ‘finest judgement evaluation’ based mostly on the paperwork obtainable to the division.

    The revenue tax division issued this reminder from its official twitter deal with citing, “Gentle reminder to taxpayers whose cases are under scrutiny,to be completed by 31.03.2022! Pl ensure timely compliance with notices issued by ITD calling for information/details. Failure to comply with the notice may result in Best Judgment assessment based on material on record.”

    See revenue tax tweet beneath:

    Gentle reminder to taxpayers whose instances are underneath scrutiny,to be accomplished by 31.03.2022!
    Pl guarantee well timed compliance with notices issued by ITD calling for info/particulars. Failure to adjust to the discover might lead to Best Judgment evaluation based mostly on materials on document.

    — Income Tax India (@IncomeTaxIndia) March 9, 2022

    Detailing upon what does this revenue tax reminder imply; Mumbai-based tax and funding professional Balwant Jain mentioned, “This income tax reminder is for those taxpayers whose cases are under scrutiny and the department has issued notice to them as well. So, those who have filed income tax return (ITR) are advised to check on income tax compliance portal whether there is any notice issued by the department against them. If they found any such income tax notice, then they should reply to this notice by 31st March 2022 otherwise the department will do the best judgement assessment on the documents available to them.”

    On what could possibly be the result if a taxpayer fails to fulfill the deadline of this revenue tax compliance, Balwant Jain mentioned, “Failing to meet the deadline of this income tax compliance may lead to additional income tax outgo or lower income tax refund amount.”

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  • Income Tax division raids Shiv Sena corporator Yashwant Jadhav’s premises in Mumbai

    By PTI

    MUMBAI/ NEW DELHI: The Income Tax division on Friday carried out searches on the premises of Shiv Sena corporator Yashwant Jadhav in Mumbai on costs of tax evasion, officers mentioned. A crew of tax division officers is endeavor the raids in opposition to Jadhav, additionally the chairman of the BMC standing committee, since early morning, they mentioned.

    His spouse Yamini Jadhav is the social gathering MLA from the Byculla seat.

    The groups are on the Byculla residence of Jadhav, who chairs the Standing Committee of the richest civic physique within the nation, concerning an alleged below reporting of property in his election affidavit, the officers mentioned.

    Jadhav heads the committee which sees a bulk of the expenditure of the Municipal Corporation of Greater Mumbai. The I-T division motion comes weeks forward of elections to the civic physique. The raids come shut on the heels of the arrest of Maharashtra minister and NCP chief Nawab Malik in an alleged cash laundering case by the Enforcement Department.

    The Shiv Sena and NCP have alleged that the Opposition leaders are being focused by the central companies with a view of destabilise the Maharashtra authorities. Union Finance Minister Nirmala Sitharaman has dismissed such costs as baseless.

  • ITR submitting: This revenue tax return violation could land you in jail. Details right here

    ITR submitting: Last date for revenue tax return or ITR submitting for AY 2021-22 is thirty first March 2022. Those incomes people who missed to file their ITR by the given due date of thirty first December 2021, they will nonetheless file their revenue tax return by the given ITR final date of thirty first March 2022. However, ITR submitting after the due date will appeal to penalty relying upon the revenue tax slab they fall in. However, if a taxpayer, who has revenue tax legal responsibility, fails to file its ITR by the given final date, she or he could need to land in jail for such revenue tax return violation and the jail sentence might be to the tune of minim 3 years and most 7 years.

    Speaking on the revenue tax return final date; Mumbai-based tax and funding consultants Balwant Jain stated, “Failing to file ITR by given last date, the income tax department may levy penalty of 50 per cent to 200 per cent on taxpayer’s actual income tax outgo, in addition to the tax and interest liability till the date a taxpayer files its ITR in response to the income tax notice from the department,” including, “The Government of India (GoI) has powers to launch prosecution against the taxpayer who has failed to file ITR by last date despite having income tax liability.”

    Explaining the prosecution norms in revenue tax guidelines, Balwant Jain went on so as to add, “The present income tax rules prescribe a minimum sentence of 3 years of imprisonment and a maximum sentence of 7 years of imprisonment. It is not that the department can launch prosecution against you in each and every instance of failure to file the ITR. The income department can launch prosecution only in case the amount of tax sought to be avoided exceeds ₹10,000.”

    Speaking on the late payment concerned whereas submitting ITR after the due date however earlier than the final date; Pankaj Mathpal, MD & CEO at Optima Money Managers stated, “If a taxpayer has missed to file ITR by the given due date of 31st December 2021, it can still file its income tax return by given ITR last date of 31st March 2022 but the taxpayer will have to pay ₹5,000 late fee at the time of ITR filing if its taxable annual income is more than ₹5 lakh. In case, one’s taxable income is less than ₹5 lakh, in that case the late fee would come down to ₹1,000.” He suggested taxpayers to file ITR by final date and keep away from 50 to 200 per cent penalty on precise revenue tax outgo or prosecution for 3 to 7 years.

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  • PAN card holders have a possibility to save lots of ₹1000. Details right here

    PAN Aadhaar hyperlink: PAN card holders are suggested to hyperlink their Permanent Account Number (PAN) with their Aadhaar card quantity by thirty first March 2021. Failing to satisfy this Aadhaar PAN hyperlink final date will now result in late charge of ₹1,000. According to the lately inserted Section 234H of Income Tax Act, if a PAN card holders fails to seed one’s PAN with Aadhar card quantity on or earlier than the given deadline, shall be liable to pay as much as ₹1,000 late charge. The part was inserted in Budget Session 2021 by a Finance Bill.

    As per the newly inserted Section 234H of the Income Tax Act, “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 pay 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.”

    Apart from ₹1,000 charge for PAN Aadhaar linking, there are numerous different financial losses {that a} PAN card holder cannot afford to overlook out. Failing to satisfy the deadline for Aadhaar PAN linking, one’s PAN card would grow to be invalid which means a person will not be capable to put money into mutual funds, shares, open a checking account, and so forth. the place furnishing one’s PAN card is should.

    Under Section 272B of the Income Tax Act, if an individual furnishes an invalid PAN card, the Assessing Officer could direct that such particular person shall pay, by the use of penalty, a sum of ₹10,000. Also, an invalid PAN card holder will not be capable to recordsdata earnings tax return (ITR).

    So, it is necessary for a PAN card holder to seed its PAN with its Aadhaar card quantity and keep away from any type of penalty after failing to satisfy PAN Aadhaar linking deadline.

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  • ITR submitting: These taxpayers can file revenue tax return with none late charge

    ITR submitting: The due date for revenue tax return (ITR) submitting for AY 2021-22 is over and now individuals have likelihood to file their ITR inside the final date of thirty first March 2022, shedding some advantages like carry ahead of losses, curiosity on the surplus tax paid, and many others. Apart from this, the revenue taxpayer must pay a late charge as nicely. However, it must be famous that not all taxpayers, who didn’t file their ITR for AY 2021-22 inside the due date must pay the late charge. According to tax and funding specialists, these taxpayers whose taxable revenue is lower than ₹2.50 lakh want to not pay any late charge although they didn’t file their ITR inside the given due date of thirty first March 2021.

    Speaking on the ITR guidelines in regard to late charge; Mumbai-based tax and funding professional Balwant Jain stated, “Late fine is imposed on those taxpayers who have income tax liability. If a person has taxable income below ₹2.50 lakh, there is no income tax liability on such taxpayer, neither in old nor in new tax regime. So, if such earning individuals file their ITR on or before 31st March 2022, the income tax department doesn’t ask for any late fee from such taxpayers.”

    Explaining the late charge provisions in regard to ITR submitting; Kartik Jhaveri, Manager — Wealth at Transcend Capital stated, “A taxpayer, who failed to file its ITR within the given ITR due date i.e. 31st December 2021, is liable for paying late fee if its taxable annual income is more than ₹2.5 lakh. There is difference between due date and last date. 31st December 2021 was deadline for ITR due date whereas ITR last date is 31st March 2021. So, in case, a taxpayer has missed to file one’s ITR for AY 2021-22, he or she has a chance to file its ITR within the last date. But, the taxpayer is liable for paying late fee only when he or she has income tax liability. Since, there is no income tax liability on an earning individual if its annual taxable income is ₹2.50 lakh or less. So, such earning individuals need not to pay late fee if they file their ITR within the given last i.e. 31st March 2021.”

    Speaking on payable late charge for the taxpayers having taxable annual revenue greater than ₹2.50 lakh; Balwant Jain stated, “A taxpayer will have to pay late fee of ₹1,000 if its taxable annual income is more than ₹2.50 to ₹5 lakh whereas the late fee will be flat ₹5,000 if the taxable annual income is more than ₹5 lakh.”

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  • PAN card holders could get fined as much as ₹10,000 after thirty first March. Details right here

    Aadhaar PAN hyperlink: PAN card holders are suggested to hyperlink their Permanent Account Number (PAN) with their Aadhaar card quantity by thirty first March 2022. Failing to do that by given deadline won’t solely result in their PAN card changing into invalid however it will require a payment of ₹1,000 for PAN Aadhaar linking. The drawback of the PAN card holder will not finish right here solely as the person will not have the ability to put money into mutual funds, shares, open a checking account, and many others. the place furnishing a PAN card is should. Apart from this, if the individual furnishes the PAN Card, which is not any extra legitimate, then below Section 272N of the Income Tax Act 1961, the Assessing Officer could direct that such individual shall pay, by the use of penalty, a sum of ten thousand rupees.

    Speaking on the significance of PAN Aadhaar hyperlink deadline; Amit Gupta, MD at SAG Infotech — a SEBI-registered earnings tax resolution supplier firm stated, “Earlier, the rules pertaining to the Aadhaar PAN linking had no provision of penalty. According to the new law, failure to link the two IDs would result in the PAN becoming invalid, which further means that one cannot perform financial transactions requiring PAN details. These include filing an income tax return and opening a bank account. Also, the said individual might have to pay a higher TDS amount, plus a penalty of ₹10,000 will be imposed as per section 272B of the Income Tax Act, if the person fails to quote PAN as and when needed.” He stated that furnishing an invalid PAN would additionally result in the penalty of ₹10,000. So, it is essential for a PAN card holder to seed its PAN card with its Aadhaar card and keep away from any form of penalty after failing to satisfy PAN Aadhaar linking deadline.

    PAN card holders are additionally suggested to notice that failing to satisfy PAN Aadhaar linking deadline, they should pay as much as ₹1,000 penalty for late seeding of PAN with Aadhaar. As per the newly inserted Section 234H of Income Tax Act (in March 2021 by way of Finance Bill), “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 pay 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.”

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  • Pushpraj Jain IT Raid: Team reached Kanpur with SP MLC Pushpraj Jain, locks might be opened underneath the supervision of fragrance dealer

    Pushpraj Jain IT Raid Latest News: The staff of Income Tax Department has introduced fragrance businessman Pushpraj Jain IT Raid to Kanpur. IT staff is interrogating Pushpraj Jain. The investigation staff has discovered many paperwork from the flat. Raid on the premises of SP MLC Pushpraj Jain, raid from Kanpur to Kannauj At the identical time, raids are occurring for the final 4 days within the premises of Pushpraj Jain situated in Kannauj. The locks of many locations of fragrance dealer situated in Kanpur might be opened underneath the supervision of Pushpraj Jain. The investigation staff has introduced Pushpraj Jain to the residence of Ratan President of Rani Ghat. Where he’s being interrogated. Cash value crores has been discovered at a number of places of Pushpraj Jain, who launched the socialist fragrance. Pushpraj Jain’s troubles are rising constantly. The investigation staff has introduced Pushpraj Jain from Kannauj to Kanpur on Monday morning. Ratan has reached the flat quantity 503 situated within the fifth flooring of the President. Atul, youthful brother of the investigation staff Pushpraj Jain, lived on this flat. Which was sealed by the investigation staff. On Monday, breaking the seal and interrogating the fragrance dealer. Purchase paperwork have been obtained. Along with this, bogus entry paperwork of about 10 crores have been discovered. that are being investigated. Investigation is happening at 12 places of Pushpraj Jain. According to the knowledge, the investigation staff has discovered locks at many locations. Their keys aren’t being discovered, the locks might be damaged if the keys aren’t discovered. News from close by citiesNavbharat Times News App: News of the nation and the world, the situation of your metropolis, training and enterprise updates, bustle of the world of movie and sports activities, viral information and spiritual deeds… Get the most recent information in Hindi Download NBT Like NBT Facebook web page to remain up to date with appletest information Next articleUp Vidhan Sabha Chunav 2022: ‘Before 2017 authorities cash used to bop songs’, SP MLA raised questions on hoardings in hospital Read extra on these topicsWeb Title : it staff reached kanpur with sp mlc pushpraj jainHindi News from Navbharat Times, TIL Network .

  • 58.9 million earnings tax returns filed for AY22

    New Delhi: Nearly 58.9 million earnings tax returns (ITRs) have been filed on the brand new tax submitting portal of the Income Tax Department as on 31 December, the prolonged due date for submitting returns for evaluation yr 2021-22, the division mentioned on Saturday.

    More than 4.6 million ITRs have been filed on the due date itself. The division mentioned that its assist desk attended to 16,850 taxpayer calls and 1,467 chats for a easy buyer expertise. The division has been participating with taxpayers and professionals for help on its official Twitter deal with, the division’s assertion mentioned. On 31 December alone, greater than 230 tweets from taxpayers and professionals have been responded to.

    Out of 58.9 million ITRs filed for AY 2021-22 as on 31 December, 49.6% are ITR1, 9.3% are ITR2, 12.1% are ITR3 and 27.2% are ITR4.

    Over 45.7% of those ITRs have been filed utilizing the web ITR type on the portal and the steadiness have been uploaded utilizing the ITR created from the offline software program utilities.

    In comparability, as on 10 January, 2021 (the prolonged due date for ITRs for AY 2020-21), the overall variety of ITRs filed was 59.5 million with 3.1 million ITRs filed on the final day.

    “The division gratefully acknowledges the contribution of the taxpayers, tax practitioners, tax professionals and others who’ve made this potential. We reiterate our resolve to work tirelessly to make sure a easy and steady taxpayer service expertise to all,” the assertion mentioned.

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