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Tag: income tax department

  • Making reward of HUF property by a Karta

    Can reward be given from HUF to the son though the son is a Coparcener?

    There are not any restrictions on the rights of a Karta to reward property of the HUF to anybody underneath the tax legal guidelines. However, if the reward is made to a member of the family, the revenue tax division could deal with this as partial partition of the HUF and disrespect this for revenue tax functions. What it means is that the revenue arising from the gifted asset will proceed to be taxed within the fingers of the HUF despite the fact that the asset might need been bodily transferred to the member for his profit and pleasure. 

    Under the Hindu Law there are particular restrictions on Karta’s proper to make reward of HUF property. A Karta can reward any movable property of the HUF for the needs like performing indispensable act of responsibility, aid from misery, for help of the household and for affection with out consent of different coparceners. The presents for affection may be made to any member of the household however the quantum of reward ought to be inside affordable limits. As far as presents of immovable properties are involved, the Karta could make reward of HUF immovable property just for pious functions and that too inside affordable limits. If all of the members and coparceners agree then there isn’t a downside in giving reward to any member or coparceners any property of the HUF however the revenue tax penalties as mentioned above will observe.

    Balwant Jain is a tax and funding professional and may be reached on [email protected] and @jainbalwant on Twitter.

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  • Form 26AS to now embrace international remittance, off-market transaction particulars

    The earnings tax division on Wednesday notified a number of latest tax-related data to be included in Form 26AS. 

    The following eight new inclusions will probably be integrated within the annual data assertion, extra generally generally known as Form 26AS:

    a) Foreign remittance data as reported in Form 15CC

    b) Details on TDS on wage contained in Annexure II of the Form 24Q TDS Statement of the final quarter

    c) Information in ITR of different taxpayer

    d) Interest earned on earnings tax refund issued for the earlier monetary 12 months

    e) Information in Form 61/61A the place PAN might be populated, which suggests if a taxpayer will get PAN after submission of Form 61, it must be populated within the Form 26AS

    f) Off Market Transactions, which refers to trades not settled via the clearing company of an alternate, reported by Depository/ Registrar and Transfer Agent (RTA)

    g) Information about dividend of mutual fund reported by RTA

    h) Information about buy of mutual fund reported by RTA

    Introduction of those new inclusions are according to the finance minister’s announcement in Budget 2020 for a extra complete Form 26AS. This transfer is aimed toward growing the scope of the annual data assertion that can ease earnings tax return (ITR) submitting for taxpayers and in addition assist plug tax leaks.

    “This new reporting in Form 26AS will assist each taxpayers in addition to tax authorities in assessing a taxpayer’s profile and convey higher circulate of data between taxpayer and the tax authorities,” stated Shailesh Kumar, Partner, Nangia & Co LLP.

    Form 26AS of a taxpayer contains data on tax deducted at supply (TDS) on her incomes, advance tax, if any, paid by her, tax refund obtained in a monetary 12 months, high-value transactions, amongst different issues.

    It comes helpful on the time of submitting ITR as one can import the main points in it to auto-populate the ITR kind. Form 26AS will be seen and downloaded on both the TRACES web site or via internet banking facility of banks.

    “With all the data accessible at one place, it’ll help tax authorities throughout e-assessment and in addition restrict interplay with taxpayers because the authorities will be capable of examine data accessible in Form 26AS vis-a-vis data reported by a taxpayer in his ITR,” stated Kumar.

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  • Certain non-residents, international buyers exempted from submitting revenue tax returns

    The revenue tax division has exempted sure non-residents and international buyers from submitting Income Tax Return (ITR) from 2020-21 onwards, a transfer geared toward easing compliance burden.

    Through a notification, the Central Board of Direct Taxes (CBDT) mentioned non-residents (corporates/ in any other case) who don’t earn any revenue aside from revenue from funding in ‘specified fund’, being Alternate Investment Fund Category III situated in International Financial Services Centres (IFSC) or GIFT metropolis shall not be required to file ITR.

    Further, eligible international buyers (non-residents who function in accordance with SEBI directions), who in the course of the monetary 12 months, have solely transacted in capital asset like Global Depository Receipts, Rupee Denominated Bonds, derivatives or different notified securities, listed on recognised inventory trade in IFSC, have additionally been exempted from ITR submitting.

    This is topic to the situation that the consideration for switch of such asset is discharged in international foreign money and no different revenue is earned by such class of individuals in India.

    However, in each the instances above, these lessons of non-residents shall have to make sure that they’re exempted from the requirement of acquiring PAN.

    As per I-T guidelines, PAN just isn’t required if tax has been duly deducted on revenue of non-residents and remitted to the federal government by the ‘specified fund’.

    Additionally, requisite particulars and paperwork like contact data, TIN and residential standing declaration, are submitted by the non-resident to the ‘specified fund’.

    Nangia Andersen LLP Director Neha Malhotra mentioned because the authorities has all of the tax associated data concerning the taxpayers exempted from submitting ITR and their revenue can also be topic to deduction of tax at supply, this transfer does not affect the federal government kitty.

    “Exempting such non-residents from the obligation of filing the return of income, simply eases their compliance burden. Reducing the compliance burden on taxpayers reflects on the country’s efficient tax administration, which will further improve investor confidence,” Malhotra mentioned.

    Tax and consulting agency AKM Global, Tax Partner Amit Maheshwari mentioned the notification has supplied that the abroad buyers who spend money on a fund working in Gift City and having revenue from such funds shall not be required to file the tax return in India supplied they haven’t any different revenue in India.

    “Anyway, such investors are not required to have PAN in India and the relaxation further makes it easier to invest without much compliance hassles and this will help in further boosting the status of Gift city as a preferable investment destination,” Maheshwari added.

    BDO India Associate Partner (Tax & Regulatory Services) Raghunathan Parthasarathy mentioned in each the instances the place ITR submitting exemption has been given, the tax officer may entry the information of the entities as transactions are topic to Securities Transaction Tax and are carried out within the inventory trade.

    “The notification aims at reducing the compliance burden of non-resident taxpayers in India and is a welcome move from the Government of India, and will promote the government’s ‘Ease of Doing Business’ initiative,” Parthasarathy mentioned.

    Dhruva Advisors LLP Partner Sandeep Bhalla mentioned the notification supplies exemption to following assessees to file their return of revenue –non-resident unit holders of a Category III AIF set-up in IFSC, whereas an exemption had been supplied earlier from acquiring a PAN in India, there was no particular exemption granted to them for submitting return of revenue in India.

    “The notification also provides similar exemption to investors that are solely earning income from trading in debt and derivative securities listed on IFSC exchange, the income from which is exempted from tax u/s 47(viiab) of the Act,” Bhalla added.

    This story has been printed from a wire company feed with out modifications to the textual content. Only the headline has been modified. Subscribe to Mint Newsletters * Enter a sound e mail * Thank you for subscribing to our publication.

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  • CBDT points over ₹80,000 cr in refunds to taxpayers between 1 Apr-27 Sept

    The revenue tax division has issued over ₹80,000 crore refunds to over 49 lakh taxpayers within the present monetary 12 months, Central Board of Direct Taxes (CBDT) has mentioned on Friday.

    The CBDT, which frames the coverage for the revenue tax division, mentioned this determine consists of revenue tax refunds of ₹19,699 crore in 47,53,254 instances and company tax refunds of ₹60,387 crore in 1,63,021 instances.

    “CBDT issues refunds of over ₹80,086 crore to more than 49.16 lakh taxpayers from 1st April, 2021 to 27th September, 2021.”This consists of 20.92 lakh refunds of AY (evaluation 12 months) 2021-22 amounting to ₹1611.45 crore,” it mentioned.

    CBDT points refunds of over Rs. 80,086 crore to greater than 49.16 lakh taxpayers from 1st April,2021 to twenty seventh September,2021. Income tax refunds of Rs. 19,699 crore have been issued in 47,53,254 instances &company tax refunds of Rs. 60,387 crore have been issued in 1,63,021 instances(1/2)— Income Tax India (@IncomeTaxIndia) September 30, 2021

    The revenue tax division has issued over ₹80,000 crore refunds to over 49 lakh taxpayers within the present monetary 12 months, Central Board of Direct Taxes (CBDT) has mentioned on Friday.

    The CBDT, which frames the coverage for the revenue tax division, mentioned this determine consists of revenue tax refunds of ₹19,699 crore in 47,53,254 instances and company tax refunds of ₹60,387 crore in 1,63,021 instances.

    “CBDT issues refunds of over ₹80,086 crore to more than 49.16 lakh taxpayers from 1st April, 2021 to 27th September, 2021.”This consists of 20.92 lakh refunds of AY (evaluation 12 months) 2021-22 amounting to ₹1611.45 crore,” it mentioned.

    |#+|

    The central authorities had earlier prolonged due dates for submitting of revenue tax returns and varied stories of audit for the Assessment Year 2021-22.

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  • Filing tax returns? Avoid these three errors in any respect prices

    Though initiated with the suitable intentions, these initiatives are saddled with technical and different glitches. For occasion, there isn’t a readability on whether or not a taxpayer can manually rectify errors in pre-filled fields and whether or not penalty on late submitting might be waived if getting such an error rectified from the reporting authority delays submitting returns late date.

    “Even as we transition to a extremely automated submitting system, taxpayers must be cautious whereas submitting ITR because the onus of furnishing right info stays on the individual submitting and verifying the return of earnings,” mentioned Sandeep Jhunjhunwala, accomplice, Nangia Andersen LLP.

    Any slip-up in ITR submitting can get you on the taxman’s radar. We inform you three main errors you need to keep away from for a hassle-free ITR submitting expertise.

    Getting incomes mistaken: Several adjustments have been made in ITR kinds previously couple of years to make them exhaustive. While the auto populated ITR kinds might be of help to taxpayers and should speed up the submitting course of, additionally they improve possibilities of errors in submitting.

    “Due to a number of knowledge entry factors and backend linking of such knowledge, there might be errors corresponding to under- or over-reporting, and even missed reporting of earnings or inaccurate TDS particulars in pre-filled kinds,” mentioned Jhunjhunwala.

    “Information supplied in such kinds have to be verified individually earlier than submitting the return. In case of any error, the taxpayer could also be required to speak with the entity furnishing info. This might trigger undue hardship, delays in reporting and unintended errors in submitting the tax returns,” he added.

    Multiple errors in submitting may get you a discover for faulty return or perhaps a demand discover.

    Mismatch between earnings and bills: Apart from the earnings you declare in your ITR, the tax division gathers info in your earnings, particularly high-value transaction of ₹10 lakh or extra from different sources as effectively. The tax division has mandated bank card firms, banks, registrar and mutual fund homes to submit an annual info report on high-value transactions.

    “Under Section 285BA of the Income Tax Act, an individual or an authority accountable for sustaining a document of specified monetary transactions, which incorporates transactions on property, banking, shares and securities and repair rendering or works contract, amongst others, is required to submit an announcement of economic transactions to CBDT occasionally. These statements are the place the federal government obtains details about high-value transactions,” mentioned Sujit Bangar, founder Taxbuddy.com.

    Additionally, Form 26AS was amended final 12 months to incorporate sure specified monetary transactions (SFT) along with the TDS and tax cost particulars.

    “These (SFT) are money deposits of greater than ₹10 lakh in financial savings account, sale and buy of property of ₹30 lakh or extra, buy and sale of shares, items and debentures, and many others. The excellent tax demand if any or the main points of any opening proceedings may even be mirrored,” mentioned Bangar.

    Any discrepancy between the earnings you report in your ITR and the info that the taxman has on you’ll be able to deliver you beneath scrutiny. One option to keep away from that is by downloading Form 26AS prematurely and cross-checking all entries in it together with your financial institution and different related statements effectively earlier than you sit to file your taxes.

    “If you discover any discrepancy, it may be dropped at the discover of the tax division. Mistakes might happen on account of duplication of entries in financial institution accounts or different statements. These will be corrected by contacting the reporting authority, however be certain that you perform this diligence effectively earlier than the ITR submitting deadline to keep away from last-minute hassles,” said Bangar. “Carefully checking documents such as Form 16, Form 26AS, broker’s statement, demat account and bank statement should suffice to ensure correct filing of ITR,” he added.

    If you’re a salaried one that finally ends up spending greater than ₹10 lakh yearly out of your bank card on work-related bills, and are reimbursed by the corporate later, it’s suggested that you simply doc such transactions as proof in case of an enquiry. “Any mismatch with knowledge obtainable with the tax authorities might imply a scrutiny or verification of the ITR filed,” Jhunjhunwala warned.

    Filling the mistaken ITR kind: For submitting ITR for FY21, the taxpayer has to select from amongst seven tax kinds. The proper kind to fill is to be decided primarily based on the whole quantity and all sources of earnings earned within the monetary 12 months, which incorporates each taxable and tax-exempt incomes.

    For occasion, for an individual with earnings from wage or pension, one home property, and sources together with curiosity from deposit, presents, and dividend, amounting to lower than ₹50 lakh, ITR-1 is relevant. Now, say, a salaried particular person with no different earnings has incurred long-term capital beneficial properties (LTCG) of ₹40,000 within the monetary 12 months. The individual might consider that since LTCG beneath ₹1 lakh is tax-exempt, she or he can go for ITR-1 as there isn’t a different earnings to report moreover wage. However, this may land the individual in bother.

    “LTCG from shares and fairness funds need to be reported in ITR-2 regardless of the quantity of beneficial properties. ITR kinds require disclosure of each taxable and tax-exempt incomes so the taxpayer ought to select the ITR kind relying on the character of earnings she or he earns and never simply on the quantity. ITR-1 is solely for individuals who don’t have any earnings apart from wage or pension, lease from one home property and different sources,” mentioned Bangar.

    Similarly, in case your fairness funding is not only restricted to shares and funds and in addition consists of futures and choices, you need to choose between the extra difficult ITR-3 and ITR-4, as beneficial properties or losses from the derivatives market are handled as enterprise earnings and never capital beneficial properties.

    Filing returns utilizing the mistaken kind can fetch you a discover for faulty return beneath Section 139(9) from the taxman. “Filing mistaken ITR kind might make such return invalid. An invalid return would imply that ITR has not been filed for a selected evaluation 12 months,” mentioned Jhunjhunwala.

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  • Sonu Sood Evaded Taxes of Over Rs 20 Crore, Violated FCRA Norms: I-T Department

    Mumbai: Actor Sonu Sood, whose six properties have been raided by the Income Tax division, has evaded taxes of over Rs 20 crore, the I-T division stated in a press release at present. The I-T division officers visited the actor’s residence for 3 days in a row for a search. In a press release, the tax division stated that Sonu Sood’s non-profit additionally raised from abroad donors utilizing a crowdfunding platform in violation of the regulation – Foreign Contribution (Regulation) Act, that governs such transactions.Also Read – Sonu Sood Once Praised by BJP, Now Considered Tax Evader: Shiv Sena on IT Raids at Actor’s Properties The assertion reads, “During the course of search at the premises of the actor and his associates, incriminating evidence pertaining to tax evasion have been found. The main modus operandi followed by the actor had been to route his unaccounted income in the form of bogus unsecured loans from many bogus entities. Investigations so far have revealed the use of 20 such entries, the providers of which, on examination, have accepted on oath to have given bogus accommodation entries. They have accepted to have issued cheques in lieu of cash. There have been instances where professional receipts have been camouflaged as loans in the books of accounts for the purpose of evasion of tax. It has also been revealed that these bogus loans have been used for making investments and acquiring properties. The total amount of tax evaded unearthed so far, amounts to more than ₹ 20 crore.” Also Read – The Reason Why Sonu Sood’s Properties Were Raided by I-T Department As per the allegations in opposition to the actor, his non-profit Sood Charity Foundation was arrange in July final yr throughout Covid-19 first wave, has collected donations of over Rs 18 crore until April final yr. Out of which Rs 1.9 crore has been spent on aid work and the steadiness Rs 17 crore has been mendacity unused within the non-profit organisation’s checking account. Also Read – Sonu Sood’s Mumbai Home And Other Premises Raided By I-T Department : Sources

    The tax division additionally added within the assertion, “The simultaneous search operations carried out at various premises of an infrastructure group in Lucknow in which the actor has entered into a joint venture real estate project and invested substantial funds, have resulted in the unearthing of incriminating evidence pertaining to tax evasion and irregularities in the books of account.” Sources have stated {that a} current deal between ‘Sonu Sood’s firm and a Lucknow-based actual property agency is below the scanner’ and survey started on allegations of tax evasion on this deal. According to allegations, the Lucknow-based group is concerned in bogus billing of subcontracting bills and diverting funds. The I-T division stated, “Evidences of such bogus contracts found so far are to the tune of over ₹ 65 crore… Further investigations are being carried out to establish the full extent of tax evasion. Cash of ₹ 1.8 crore has been seized during the course of the search.”

  • File your IT returns now to keep away from curiosity penalty

    The revenue tax division, final week, prolonged the deadline for submitting revenue tax returns to 31 December from 30 September. However, there isn’t any aid on curiosity penalty for taxpayers who’ve an excellent tax legal responsibility above ₹1 lakh and are late in submitting their returns.

    On 9 September, a notification by the Central Board of Direct Taxes (CBDT) stated “the extension of the dates … shall not apply to rationalization 1 to part 234A of the (IT) Act.”

    What this implies is that if a taxpayer didn’t file her ITR on or earlier than 31 July and has excellent tax to be paid to the IT division, underneath part 234A she shall be charged a month-to-month curiosity of 1% on the excellent tax quantity. This penalty shall be levied solely on these whose excellent tax is above ₹1 lakh after eradicating advance tax or TDS that may have already been paid.

    “The authentic due date was 31 July 2021. This was first prolonged to 30 September 2021 and now it has additional been prolonged to 31 December 2021. We ought to perceive that curiosity u/s 234A of I-T Act can be chargeable now, provided that excellent tax payable is greater than Rs1 lakh and it might be levied from 1 August 2021 until date of submitting of return on the price of 1% per 30 days,” defined Sujit Bangar, founder, Taxbuddy.com.

    The curiosity charged is straightforward curiosity and won’t compound every month. To give an instance, in case your excellent tax legal responsibility is ₹1.3 lakh, you’ll have to pay ₹1,300 each month until the date you file your ITR. Since the curiosity is calculated on a month-to-month foundation and kicks in firstly of every month previous the unique due date, when you file your ITR even on the primary day of any month, you’ll nonetheless need to pay the total curiosity quantity for that month.

    Hence, it’s suggested that you just pay your pending tax, if any, on the earliest. “It’s advisable to compute tax instantly even when ITR could also be filed later. This might assist us in saving curiosity. After paying the excellent tax, which is finished by way of internet banking, one can file ITR anytime earlier than 31 December,” stated Bangar.

    This transfer doesn’t affect small taxpayers who’re more likely to have tax legal responsibility underneath ₹1 lakh.

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  • CBDT refunds over ₹67,401 cr between April 1 to August 16

    The Central Board of Direct Taxes (CBDT) has issued refunds of over ₹67,401 crore to greater than 23.99 lakh taxpayers between April 1 and August 16, the Income Tax Department of India stated on Saturday.

    It additional stated that the earnings tax refunds of ₹16,373 crore have been issued in 22,61,918 circumstances and company tax refunds of ₹51,029 crore have been issued in 1,37,327 circumstances.

    “CBDT issues refunds of over Rs. 67,401 crore to more than 23.99 lakh taxpayers between 1 April 2021 to 30 August 2021. Income tax refunds of Rs. 16,373 crore have been issued in 22,61,918 cases and corporate tax refunds of Rs. 51,029 crore have been issued in 1,37,327 cases,” Income Tax India tweeted.

    Earlier, on August 21, the division had stated that it has issued earnings tax refunds of over ₹49,696 crore to greater than 22.75 lakh taxpayers between April 1 and August 16. 

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  • Amid ‘difficulties’ in submitting, some tax compliance deadlines prolonged

    Citing difficulties reported by taxpayers and different stakeholders in digital submitting of sure types, the income-tax division on Sunday prolonged the deadline for varied compliances, together with submitting of assertion for equalisation levy and remittances. The extension of compliance deadlines comes as the brand new revenue tax portal, http://www.incometax.gov.in, launched on June 7, has been dealing with glitches since its rollout.
    The Finance Ministry had final week “summoned” Infosys CEO & MD Salil Parekh to clarify the problems ensuing within the 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 the launch and gave a deadline of September 15 to Infosys to resolve the problems.
    The tax division has prolonged the deadline for submitting the equalisation levy assertion in Form-1 for the Financial Year 2020-21 until December 31, towards the unique due date of June 30. The quarterly assertion in Form 15CC to be furnished by authorised sellers in respect of remittances made for June and September quarter, can now be filed by November 30 and December 31, respectively. The authentic due date for submitting this assertion was July 15 and October 15 respectively.
    In an announcement, the Central Board of Direct Taxes (CBDT) stated on consideration of difficulties reported by the taxpayers and different stakeholders in digital submitting of sure types it has been determined to additional prolong the due dates for e-filing of those types.

    The CBDT in a separate assertion additionally introduced extending the deadline for making funds beneath the direct tax dispute decision scheme Vivad Se Vishwas (VsV) by a month until September 30. However, taxpayers have the choice to make funds until October 31, with a further quantity of curiosity.
    Also, the due dates for digital submitting of types associated to intimation by pension funds and sovereign wealth funds, too, have been prolonged. Intimation to be made by Pension Fund and sovereign wealth fund in respect of funding made in India for the June and September quarter, which is required to be furnished by July 31 and October 31, would now must be furnished by November 30 and December 31, respectively.
    The CBDT additionally prolonged the due date for importing of declarations obtained in Form 15G/15H for the June and September quarter until November 30 and December 31, respectively. The authentic due dates have been July 15 and October 15, respectively.

  • Withdrawal of retro tax calls for: ‘Irrevocable’ enterprise by cos to drop circumstances in opposition to authorities

    Following the choice to scrap the retrospective taxation provision, the Income Tax Department on Saturday launched guidelines that can assist shut tax calls for in opposition to corporations resembling Cairn Energy and Vodafone Plc.
    The guidelines present particulars for corporations to present an ‘irrevocable’ enterprise to withdraw all authorized circumstances in opposition to the federal government in addition to an enterprise to not pursue any in future.
    Earlier this month, the Centre had introduced in The Taxation Laws (Amendment) Act 2021 stating that no tax demand shall be raised for any oblique switch of Indian belongings if the transaction was undertaken earlier than May 28, 2012.
    The authorities had, in 2012, retrospectively amended the Income-tax Act. This was in response to a Supreme Court verdict, which had held that Vodafone can’t be taxed for a 2007 transaction that concerned its buy of a 67 per cent stake in Hutchison Whampoa for $11 billion. Later in 2014, the Centre used the identical part to lift tax demand in opposition to Cairn Energy Plc for restructuring achieved in 2006. After the retrospective modification moved by the UPA-led authorities in 2012, tax calls for have been raised in 17 circumstances, out of which tax quantity of Rs 8,100 crore has been collected for 4 circumstances.

    “The amendment made by 2021 Act also provides that the demand raised for offshore indirect transfer of Indian assets made before 28th May, 2012 (including the validation of demand provided under Section 119 of the Finance Act 2012) shall be nullified on fulfillment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc. shall be filed and such other conditions are fulfilled as may be prescribed,” the tax division stated in a press release.

    The quantity paid/collected in these circumstances shall be refunded, with none curiosity, on achievement of the stated situations, it stated, including a draft of the enterprise is being launched for feedback.
    The declaration supplies for a corporation to “irrevocably withdraw, discontinue and not pursue” any current or future authorized problem in opposition to the tax demand.
    The division has invited ideas and feedback on the draft notification of the principles, which will be submitted by September 4.