Abhay Singh Rathore, LucknowIn Uttar Pradesh, the Income Tax Department and GST groups raided the premises of MLC Pushpraj alias Pammi Jain, near the fragrance dealer and SP chief Akhilesh Yadav. After which Akhilesh Yadav fiercely focused the BJP authorities by holding a press convention from Kannauj. At the identical time, countering Akhilesh’s assertion, Deputy Chief Minister Keshav Prasad Maurya stated that the general public has understood the actual face of the Samajwadi Party and we’re going to win the 2022 elections, now don’t discover an excuse for defeat in 2022 by linking this raid with the elections. Keshav Prasad Maurya focused SPKeshav Prasad Maurya fiercely focused Samajwadi Party nationwide president Akhilesh Yadav over the Income Tax Department raid. He stated that the Samajwadi Party is livid, Akhilesh Yadav being the nationwide president of the occasion in addition to the previous chief minister, he ought to welcome it. These raids are happening not in anyone place, however at fifty locations. At the identical time, the Deputy CM stated on elevating the query of Akhilesh Yadav’s raid that from his query evidently Samajwadi Party has some relation with such a rip-off and the cash popping out of such a large basement. Akhilesh stated BJP is conducting raids to get aggravated, allow us to let you know that on the raid of Income Tax Department, SP chief Akhilesh Yadav attacked BJP by holding a press convention in Kannauj. He stated that the Samajwadi Party had no relation with the place the place it had raided earlier. He has hyperlinks with BJP. BJP ought to inform how this large sum of money got here out. Went to seek out that Pushpraj Jain of Samajwadi Party needs to be discovered and Piyush Jain of BJP needs to be introduced. Akhilesh stated that now BJP is doing all this to cowl its mistake and get aggravated and with it extra have come underneath wraps. IT raids in lots of cities throughout the nation together with UP, Income Tax Department crew’s Uttar Pradesh together with about 50 nations of the nation. Heavy raids are happening within the districts. In Lucknow, the capital of UP, the Income Tax Department officers reached the residence of fragrance dealer Mohammad Mohsin Malik at Hazratganj. At the identical time, raids are happening at two completely different fragrance merchants in Kannauj. Raids are additionally happening on the areas of Mohammad Abdul Malik, who is alleged to be the elder brother of Mohd Mohsin Malik. At the identical time, simultaneous raids are happening on the residence and manufacturing unit of Samajwadi Party MLC Pushpraj alias Pampi Jain. Preparations for the Uttar Pradesh Election 2022 have began. These elections for the 403-seat 18th Assembly might be held between February and April. The time period of the seventeenth Assembly (UP Assembly) is until 15 May. Elections to the 403 seats for the seventeenth Legislative Assembly have been held in 7 phases from 11 February to eight March 2017. About 61 % of the voters exercised their franchise. Of these, greater than 63 % have been girls, whereas the share of males was about 60 %. In the election, BJP received 312 seats for the primary time and secured three-fourth majority within the UP Vidhansabha. At the identical time, the Samajwadi Party and Congress alliance led by Akhilesh Yadav might win 54 seats. Apart from this, the BSP of Mayawati, who had been Chief Minister a number of instances within the state, was diminished to 19 seats. This time the direct contest is between Samajwadi Party and BJP. The BJP is contesting the elections by placing ahead the faces of Yogi Adityanath and Prime Minister Narendra Modi. ,
Tag: income tax department
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Income tax return submitting deadline in the present day: What occurs in case you fail to file ITR?
ITR submitting final date: The due date for earnings tax return or ITR submitting for AY 2021-22 is ending on thirty first December 2021. Though, it’s advisable for all taxpayers to file their earnings tax return earlier than the ITR final date, in case, a taxpayers fails to file its ITR inside the due date, she or he would nonetheless have an opportunity to file their earnings tax return.
According to tax and funding specialists, due date for ITR submitting is thirty first December 2021 whereas final date for ITR submitting for FY 2021-22 is thirty first March 2022. However, in case of lacking the ITR due date of thirty first December 2021, a taxpayer must pay a flat late effective of ₹5000, in case its taxable earnings is greater than ₹5 lakh. Apart from this, the taxpayer must lose some advantages like carry ahead of losses, curiosity on the surplus tax paid by you.
Loss of advantages after ITR due date
Speaking on the lack of advantages {that a} taxpayer will lose after failing to file ITR inside the due date; Kartik Jhaveri, Manager — Wealth at Transcend Capital stated, “There is difference between ITR due date and ITR last date. 31st December 2021 is ITR due date for AY 2021-22 whereas ITR last date for FY 2021-22 is 31st March 2021. However, it is advisable for a taxpayer to file ITR within due date i.e. by 31st December 2021 because after this due date, he or she can file ITR but will have to lose some benefits like carry forward of losses. After 31st December 2021, an income taxpayer won’t be able to claim carry forward of losses under the heads like business income or capital gains or loss beyond two lakhs rupees under the house property head.”
Kartik Jhavri of Transcend Capital went on so as to add that failing to file ITR inside due date i.e. by thirty first December 2021, taxpayer will probably be entitled for ITR refund however the taxpayer will not be capable to get curiosity on the earnings tax paid in extra to the precise earnings tax legal responsibility.
Late effective after ITR due date
Speaking on the ITR guidelines on late effective; Mumbai-based tax and funding professional Balwant Jain stated, “A taxpayer will have to mandatorily pay a flat late fee of ₹5000 at the time of ITR filing, if the ITR is submitted by 31st December 2021, in case your taxable income is more than five lakhs. The late fee, however, is restricted to ₹1,000 in case the taxable income is below ₹5 lakhs.” Balwant Jain stated that ₹1,000 late charge implies on them additionally who have no earnings tax legal responsibility and they’re submitting their ITR after the due date i.e. thirty first December 2021.
On what if a taxpayer fails to file its ITR by final date i.e. thirty first March 2022; Balwant Jain stated, “In case a taxpayer fails to file its ITR by the last date i.e. 31st March 2022 the income tax department can levy a minimum penalty equal up to 50 per cent of the tax in addition to the income tax and interest liability till the date a taxpayer files its ITR in response to the notices from the income tax department.”
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Feb 2022 deadline for FY20 ITR e-verification
Taxpayers who haven’t e-verified their ITRs for 2019-20 can full the verification course of by February 28, 2022, because the Income Tax division has given a one-time leisure to assessees, in accordance with a December 28 round by the Central Board of Direct Taxes (CBDT).
Additionally, the CBDT notified the ‘Faceless Appeal Scheme, 2021’ to usher in adjustments to the prevailing faceless enchantment scheme, easing the method for taxpayers in search of private listening to through video convention whereas interesting towards a tax demand by the division.
With PTI Inputs -
My employer declared partial HRA in Form 16. Can I put precise amt in ITR submitting?
My employer moved to a brand new payroll vendor in April 2020. I declared my month-to-month hire within the portal round April 2020 (additionally seen in type 12BB) however forgot to allocate the HRA within the new portal. The home hire needs to be declared and allotted within the portal. I realised this through the annual submission cycle and allotted it in February 2021.
Since allocation was not made for the interval April 2020 to Jan 2021, the payroll crew solely calculated HRA for February 2021 to March 2021 and calculated the identical in Form 16.
I approached the payroll crew however they refused to make adjustments saying it has been calculated as per the corporate HR coverage and regulation as suggested by my firm. HR crew mentioned the exterior payroll crew handles something associated to Form 16 and so they can’t do something. I wish to know: a) can I declare the precise HRA whereas submitting my return for 2020?
b) What might be the implications of actions in Point 1, if the Income Tax division doesn’t recognise it as legitimate declaration?
c) Whom ought to I method if any corrections should be made?
– Jatin
If a person fails to declare the precise HRA to the employer or which isn’t mirrored correctly in Form 16, he can nonetheless declare the identical whereas filling his tax return ITR. In such a case, the employer could have deducted larger taxes as he didn’t contemplate the HRA exemption whereas calculating the taxable wage for which the worker could avail refund due, if any.
In such situations, the person will probably be required to calculate the correct quantity of HRA exemption and declare the identical from the wage. As per the provisions of Section 10(13A) of the IT Act, exempt HRA might be calculated as follows:
Lowest of the next is exempt:
> Actual HRA acquired from the employer
> 50% or 40% of the wage (50% is relevant just for homes located in Mumbai, Delhi, Kolkata and Chennai)
> Rent paid in extra of 10% of wage (wage = fundamental + dearness allowance (for retirement goal) + fee (fastened % of turnover)
Thus, you possibly can declare the precise quantity of HRA within the ITR as revenue computed in Form 16 is on an estimated foundation. When HRA deduction is claimed whereas submitting ITR, the surplus taxes that the employer would have deducted will both be refunded or it’ll routinely be adjusted in opposition to different revenue not thought of in Form 16.
The Income Tax Department could ask for the paperwork supporting the calculation of exemption of HRA quantity. Thus, the taxpayer can be required to offer legitimate hire receipts and different documentary proofs so as to show the validity of the HRA exemption, in case the identical is requested by the tax authority.
You can method any native tax marketing consultant or practitioner to hunt clarification or corrections to be made within the tax return.
– Suresh Surana, founder, RSM India.
(Send your queries at [email protected])
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Income tax: These 5 money transactions could appeal to I-T discover. Details right here
Income tax division has develop into extremely vigilant towards money transactions today. In the previous few years, Income Tax Department and varied funding platforms like financial institution, mutual fund homes, dealer platforms, and many others. have tightened the money transactions guidelines for public typically. Now, these funding and lending establishments permit money transaction to a sure restrict solely. In the case of little violation, the Income Tax Department could ship discover to the offender.
Advising taxpayers to report excessive worth money transaction in a single’s revenue tax return (ITR); Amit Gupta, MD at SAG Infotech mentioned, “If an individual makes high-value cash transactions, there are chances that he or she might get a notice from Income Tax Department. The different cash-related transactions include banks, mutual fund houses, brokerages and property registrars. The high-value transactions must be always reported to the income tax department if the value surpasses a particular threshold. The Income Tax Department has settlements with multiple government agencies to obtain financial records of individuals who indulge in high-value transactions but do not report them on their tax filing.”
On prime 5 money transactions that will result in revenue tax discover, the Managing Director of SEBI registered revenue tax answer supplier firm listed out the next:
1] Bank mounted deposit (FD): Cash deposits in financial institution FD shouldn’t exceed ₹10 lakh. The Central Board of Direct Taxes (CBDT) has introduced that banks should reveal if particular person deposits are greater than the prescribed restrict in a number of mounted deposits.
2] Bank financial savings account deposits: The money deposit cap in a checking account is ₹10 lakh. If a financial savings account holder deposits greater than ₹10 lakh throughout a monetary 12 months, the revenue tax division could serve an revenue tax discover. Meanwhile, money deposits and withdrawals in a checking account crossing ₹10 lakh restrict in a monetary 12 months should be revealed to the tax authorities. In present accounts, the cap is ₹50 lakh.
3] Credit card invoice fee: As per the CBDT norms, fee of ₹1 lakh or extra in money towards bank card payments needs to be reported to revenue tax division. Additionally, if fee of ₹10 lakh or increased is paid in a monetary 12 months to settle bank card payments, the fee should be disclosed to the tax division.
“Any big transaction should be revealed while filing ITR. In case you are using credit cards on any high-value transactions, make sure to disclose them on Form 26AS while filing your ITR to avoid getting an income tax notice,” mentioned Amit Gupta.
4] Real property property sale or buy: The property registrar should have to disclose any funding or sale of immovable property for an quantity of ₹30 lakh or extra to the tax authorities. So, in any actual property property buy or sale, taxpayers are suggested to report their money transaction in Form 26AS as property registrar would undoubtedly report about it.
5] Investment in shares, mutual funds, debentures and bonds: Investors who spend money on mutual funds, shares, bonds or debentures should be certain that their money transaction in these investments doesn’t exceed ₹10 lakh in a single monetary 12 months. The revenue tax division has created an Annual Information Return (AIR) assertion of economic transactions to hint high-value money transactions of taxpayers. Tax officers will collect particulars towards uncommon high-value transactions on this foundation in a selected monetary 12 months.
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Searches at premises linked to 4 ARCs: I-T
The Income Tax Department on Wednesday mentioned it has searched a minimum of 60 premises linked to 4 asset reconstruction firms (ARCs) in Mumbai, Ahmedabad and Delhi for alleged irregularities.
The search carried out on December 8 has discovered that the ARCs adopted “unfair and fraudulent trade practices in acquiring the non-performing assets (NPA) from the lender banks”.
Without naming the ARCs, the tax company mentioned it has discovered “an unholy nexus” between the borrower teams and the ARCs. The tax division has additionally discovered that the ARCs have used “shell/dummy” firms within the course of.
“The amount at which the NPA has been acquired by the ARC has been found to be far less than the real value of the collateral securities covering the said asset/NPA,” mentioned the tax division in a press release.
The I-T search discovered that the minimal money payout made out by the ARCs to lenders for buying the harassed belongings had been made via the funds of the borrower group.
“Such funds have been routed through several layers of dummy companies controlled by the borrower group or through hawala channels,” mentioned the I-T division.
The tax division mentioned it has additionally discovered that the ARCs have disposed the belongings that had been acquired by them from the banks in a non-transparent manner.
“More often than not, the underlying assets had been re-acquired by the same borrower group, albeit at a fraction of their real values. The ARCs are found to have concealed the profits on disposal of the underlying assets by diverting the actual profit to their related concerns, under the garb of consultancy receipts or unsecured loans/investments. Through this method, the ARCs have not only evaded the payment of due taxes but also deprived the lender bank(s) of their share of actual profits,” mentioned the tax authority.
According to the company, one ARC had maintained a parallel set of accounts on Tally accounting software program, in a pendrive. The pen drive was recovered from the custody of the trusted workers of the promoter, mentioned the tax division. This parallel set of accounts has money transactions of over Rs 850 crore, it claimed.
“Handwritten diaries have additionally been discovered in the course of the search, containing detailed entries substantiating the deliberate act of layering of transactions by the promoter group and use of a community of middlemen for a similar.
There are additionally evidences of routing of funds via offshore constructions to accumulate the belongings,” mentioned the I-T.The tax company has additionally seized money of Rs 4 crore throughout its search operation. -
Deadline nears, over 3 crore ITRs filed thus far: virtually half of whole from final fiscal 12 months
Over 3 crore revenue tax returns have been filed thus far on the brand new e-filing portal for evaluation 12 months 2021-22 (monetary 12 months 2020-21). The Income Tax Department in an announcement issued on Sunday urged taxpayers who’re but to file their revenue tax returns for AY 2021-22 on the earliest.
To put the numbers in perspective, the entire variety of revenue tax returns filed in monetary 12 months 2020-21 have been 7.38 crore, as per authorities knowledge. In 2019-20, 6.78 crore revenue tax returns have been filed together with revised returns, whereas in 2018-19, 6.74 crore ITRs have been filed.
As of December 3, ITR submitting has elevated to three.03 crore ITRs for AY 2021-22. Over 52% of those ITRs are filed utilizing the net ITR type on the portal, the tax division stated.
As many as 2.69 crore returns have been e-verified, of which greater than 2.28 crore are by means of Aadhaar primarily based OTP. In November, 48 per cent of the verified ITRs 1, 2 and 4 have been processed on the identical day. Of the verified ITRs greater than 2.11 crore ITRs have been processed and over 82.80 lakh refunds for AY22 have been issued.
The Income Tax Department has urged all taxpayers to view their Form 26AS and Annual Information Statement (AIS) by means of the e-filing portal to confirm the accuracy of the TDS and tax funds. “It is important for taxpayers to cross check the data in the AIS statement with their Bank passbook, interest certificate, Form 16 and Capital gains statement from brokerages in case of purchase and sale of equity/Mutual funds etc,” it stated.The authorities has prolonged the due date for submitting ITRs for 2020-21 fiscal twice. The due date for ITRs for people whose accounts are to not be audited was prolonged to December 31 from September 30, whereas that for corporations was prolonged to February 15, 2022 from the sooner prolonged deadline of November 30.
The new revenue tax portal, http://www.incometax.gov.in, which was launched on June 7, has confronted glitches since its launch. The Finance Ministry had on August 23 “summoned” Infosys CEO Salil Parekh to elucidate the problems leading to disruption of the portal developed by the software program main. In the assembly with Parekh on August 23, Finance Minister Nirmala Sitharaman had expressed “deep disappointment” over persisting glitches for greater than two months after portal launch and was given a deadline of September 15 to Infosys to resolve the problems. In October, the revenue tax division had said that a lot of technical points within the new revenue tax portal have been resolved and the efficiency of the portal has considerably stabilised. -
Income Tax Department detects Rs 500-crore black revenue after raids on Jaipur jewelry, gems group
The Income Tax Department has detected undisclosed revenue of greater than Rs 500 crore after it not too long ago raided a Jaipur-based group engaged in manufacturing and export of jewelry and colored gem stones, the CBDT mentioned on Wednesday.
Around fifty premises had been searched by the division throughout the raids launched on November 23.
The tax division additionally seized Rs 4 crore money and jewelry valued at Rs 9 crore throughout the motion in opposition to the unidentified group.
“So far, detection of undisclosed income of more than Rs 500 crore has been made in the group, out of which an aggregate amount of Rs 72 crore has been admitted by the respective group entities as their undisclosed income,” the CBDT mentioned in a press release.The Central Board of Direct Taxes frames coverage for the Income Tax dDpartment. The CBDT claimed that the “rough of semi-precious and precious stones is imported from African countries and the same is processed in Jaipur.” “The yield of cut and polished stones is suppressed and part of it is sold in cash, generating unaccounted income which is not recorded in the books of accounts,” it alleged.
This unaccounted revenue, the assertion mentioned, is then deployed to earn curiosity by offering money loans by way of a finance dealer.
Documentary and digital evidences of disbursements of such money loans and curiosity earned had been seized by the tax division.
“Incriminating evidences relating to unaccounted sales and purchases, difference in stock, non-genuine unsecured loans and share application money have also been found,” it mentioned.
The division additionally discovered paperwork from group entities working from particular financial zone (SEZ), indicating that they’re indulging in “unfair practices” for declaring greater earnings from these models because the revenue from these models is eligible for exemption beneath 10AA of the Income Tax Act (particular provisions for newly established models in SEZs). -
Income tax division ask taxpayers to do that for faster ITR submitting
For faster Income Tax Return or ITR submitting and processing, the Income Tax Department has appealed from the taxpayers to file ITR by accessing the e-filing portal incometax.gov.in. The Income Tax Department knowledgeable that greater than 1.76 crore taxpayers have gotten their ITRs processed for AY 2021-22 from the e-filing portal.
Income Tax Department of India tweeted about the identical urging taxpayers to file ITR on-line through e-filing portal, “Sooner the better. File Now! More than 1.76Cr+ Taxpayers have got their ITRs processed for AY 2021-22. We urge you to file your ITR by accessing the e-filing portal incometax.gov.in. Quicker filing, Quicker processing!”
How to file ITR through e-filing portal
The ITR e-filing course of is fast and straightforward. ITR submitting through e-filing portal incometax.gov.in may assist taxpayers in saving cash as they will not have to rent knowledgeable to file their ITR. What they wants is to observe the below-mentioned step-by-step information:
1] Login at e-filling portal — incometax.gov.in and click on at ‘Login’ button;
2] Enter your ‘username’, click on at ‘proceed’ after which enter your password;
3] Now, click on on ‘e-file’ tab after which click on at ‘File Income Tax Return’ choice;
4] Select the ‘Assessment Year 2021-22’ after which click on on ‘proceed’ choice;
5] Then you can be requested to decide on both of ‘on-line’ or ‘offline’ choice, chosse on-line choice and click on at ‘Proceed’ tab;
6] Choose ‘particular person’ choice among the many given choices — particular person, Hindu Undivided Family (HUF) or others;
7] Click at ‘Continue’ tab;
8] Choose both of ITR-1 or ITR-4 and click on at ‘Proceed’ tab;
9] The subsequent step will ask you the explanation for submitting your returns above the fundamental exempted restrict or due to the seventh provision below Section 139 (1). Make certain that you simply select the precise choice whereas submitting your ITR on-line;
10] Enter your financial institution particulars;
11] Then, you’ll then be directed to a brand new web page to file your ITR;
12] Now, confirm your ITR and ship a tough copy of your return to the Income Tax Department. Your ITR verification course of is necessary.
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I-T freezes belongings over `53 cr of Maharashtra-based co-op financial institution
The Income Tax (I-T) Department seized over Rs 53 crore following a search on an city credit score cooperative financial institution in Maharashtra, the tax authority stated on Saturday.
While the division didn’t identify the cooperative financial institution, sources stated the motion was carried out towards Buldana Urban Cooperative Credit, its chairman and considered one of its administrators.
The I-T Department has discovered evident irregularities within the opening of over 1,200 financial institution accounts at one of many branches of the financial institution.
“The investigations have revealed that these financial institution accounts have been opened with out following KYC norms and all account opening kinds are stuffed in by the financial institution workers and so they have put their signature/thumb impressions.
“In these accounts, multiple cash deposits each of exact denomination of Rs 1.9 lakh were made totalling Rs 53.72 crore. Out of these, more than 700 bank accounts have been identified, which were opened in series, where cash deposits of more than Rs 34.10 crore were made immediately within 7 days of the opening of the accounts mainly during August 2020 to May 2021,” an announcement from the division stated.
According to the division, these deposits have been structured to keep away from the obligatory PAN requirement for money deposits over Rs 2 lakh. The probe discovered this cash was subsequently transformed into fastened deposits in the identical department.
“The chairman, managing director and the manager of the branch could not explain the source of cash deposits and accepted that these were done at the behest of one of the directors of the bank, who is a prominent local businessman engaged in trading of grains,” stated the tax authority.