Tag: income

PAN Aadhaar Link: Income Tax Department has issued a deadline
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PAN Aadhaar Link: Income Tax Department has issued a deadline! PAN card holders do this work immediately
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The Income Tax Department has issued a warning to the PAN card holders, asking them to link Aadhaar immediately, otherwise the PAN card will become inactive. Deadline has also been announced for this.
The method of linking PAN online has also been told and for this the fee has also been fixed for it. The Income Tax Department has told the PAN card holders that according to the Income Tax Act 1961, all the PAN holders who do not come under the exemption category, should link their PAN number with Aadhaar number before March 31, 2023. In case of non-linkage, your PAN will be canceled from April 1, 2023 under Section-139AA of the Income Tax Act. After this the PAN card can never be used. PAN card holders
will have to pay late fees for linking PAN, the Income Tax Department has said that till July 1, 2022, the process of linking PAN with Aadhaar has been free.
But, now the deadline to link PAN has been extended till March 31, 2023 and for this PAN holders will have to pay Rs 1000 as late fee.
Online process to link PAN-Aadhaar
PAN card holders first go to the e-filing website of the Income Tax Department (www.incometaxindiaefiling.gov.in).
After this register yourself on the website. Here PAN number will be your user ID.
Now login by entering User ID, Password and Date of Birth.
Link Aadhaar option will appear on the website, click it.
Now go to the profile setting of your account.
As soon as you go to the profile setting, the option to link Aadhaar card will appear, select it.
Now fill your Aadhaar number and captcha code.
After this, click on the ‘Link Aadhaar’ option shown below.
After completing this process, your PAN card will be linked with Aadhaar.
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( With inputs from : kashmirpublication.in )
February 24, 2023
Income Tax surveys at BBC offices end after over 58 hours

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New Delhi: The Income Tax department’s marathon “surveys” at BBC’s offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
The operation that began at the British Broadcasting Corporation (BBC) offices in Delhi and Mumbai around 11:30 am on Tuesday has ended in Mumbai and will be wound up at Delhi by tonight, sources said late on Thursday.
Tax authorities have made an inventory of the available stock, recorded the statement of some staffers and have impounded some documents as part of the survey action that continued for three days clocking about 57-58 hours, officials told PTI.
The survey was carried out to investigate issues related to international taxation and transfer pricing of BBC subsidiary companies, they had said.
The I-T teams, it is understood, sought answers on financial transactions, the company structure and other details about the news company, and copied data from electronic gadgets as part of their task of collecting the evidence.
Opposition parties have denounced the I-T department action against the London-headquartered public broadcaster, terming it “political vendetta”.
On Tuesday, the ruling BJP had accused the BBC of “venomous reporting” while the Opposition had questioned the timing of the action that came weeks after the broadcaster aired a two-part documentary “India: The Modi Question” on Prime Minister Narendra Modi and the 2002 Gujarat riots.
While there has been no official statement from the Income Tax department on the action, the BBC has said it was cooperating with the authorities.

A BBC staffer in Delhi said they were broadcasting their news like usual and the company has informed them that it is cooperating with the authorities.
The Supreme Court last week dismissed a plea seeking the imposition of a complete ban on the BBC in India in the wake of the controversial documentary, terming the petition “entirely misconceived” and “absolutely meritless”.
Another set of petitions challenging the government’s decision to block the documentary’s access on social media platforms will be heard in April.
On January 21, the government had issued directions to block multiple YouTube videos and Twitter posts sharing links to the documentary.
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#Income #Tax #surveys #BBC #offices #hours
( With inputs from www.siasat.com )

February 16, 2023
Income Tax survey at BBC offices clocks over 55 hours

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New Delhi: The Income Tax department’s marathon survey at BBC’s offices continued for the third straight day on Thursday as officials prepared an inventory of financial data from select staffers and made copies of electronic and paper data of the news organisation. The operation that began at the British Broadcasting Corporation (BBC) offices in Delhi and Mumbai around 11:30 am on Tuesday has clocked more than 55 hours, sources said. It was not clear if the survey has ended. Tax authorities have made an inventory of the available stock, recorded the statement of some staffers and have impounded some documents as part of the survey action, officials told PTI.
The survey is being carried out to investigate issues related to international taxation and transfer pricing of BBC subsidiary companies, they had said.
The I-T teams are seeking answers on financial transactions, the company structure and other details about the news company and are copying data from electronic gadgets as part of their task of collecting the evidence, tax officials had said.
Opposition parties have denounced the I-T department action against the London-headquartered public broadcaster, terming it “political vendetta”.
On Tuesday, the ruling BJP had accused the BBC of “venomous reporting” while the Opposition had questioned the timing of the action that came weeks after the broadcaster aired a two-part documentary “India: The Modi Question” on Prime Minister Narendra Modi and the 2002 Gujarat riots.
While there has been no official statement from the Income Tax department on the action, the BBC has said it was cooperating with the authorities.
A BBC staffer in Delhi said they were broadcasting their news like usual.
The Supreme Court last week dismissed a plea seeking the imposition of a complete ban on the BBC in India in the wake of the controversial documentary, terming the petition “entirely misconceived” and “absolutely meritless”.

Another set of petitions challenging the government’s decision to block the documentary’s access on social media platforms will be heard in April. On January 21, the government had issued directions to block multiple YouTube videos and Twitter posts sharing links to the documentary.
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#Income #Tax #survey #BBC #offices #clocks #hours
( With inputs from www.siasat.com )

February 16, 2023
Income Tax department to release BBC Documentary of Tax evasion

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After carrying out a ‘survey’ at the premises of British Broadcasting Corporation (BBC) offices in Delhi and Mumbai for the second day in a row today, the the income tax department on Thursday announced a BBC Documentary on its tax evasion.
“Manipulation of prices for unauthorised benefits including tax advantages are serious crimes and the BBC India is found to be a repeat offender, and this deserves a documentary” told Income Tax department to The Fauxy.
PM Narendra Modi will launch the BBC Documentary on Namo TV and Doordarshan. The documentary will also be shown on theatres and all the BJP ruled states are likely to make the documentary tax free.
Reportedly, BBC has reached UK court to ban airing of the documentary on BBC tax evasion, calling it fake, misleading and a vendetta.
Upset with the BBC for not being able to spread Modi documentary to the masses and polarise the situation ahead of general election, BJP has supported the raid. “They had just one job” said a BJP leader.
Sources suggest that Donald Trump has offered to mediate between BJP and BBC. Details awaited.
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#Income #Tax #department #release #BBC #Documentary #Tax #evasion

[ Disclaimer: With inputs from The Fauxy, an entertainment portal. The content is purely for entertainment purpose and readers are advised not to confuse the articles as genuine and true, these Articles are Fictitious meant only for entertainment purposes. ]

February 16, 2023
Income tax survey at BBC office to continue till Wednesday

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New Delhi: The ‘survey’ being conducted by the Income Tax (I-T) Department at BBC’s Delhi and Mumbai offices since Tuesday morning are expected to continue through the night till Wednesday morning, sources aware of the developments said.
No official reaction on the development has come from the I-T department or the Finance Ministry till the filing of this report.
I-T officials are said to have seized phones and laptops from the staffers in the broadcaster’s offices, according to reports.
The ‘survey’ came weeks after a two-part documentary by the BBC on the 2002 Gujarat riots had created furore across the country.
As per reports, the I-T department officials are learnt to be probing tax details of the UK’s national broadcaster pertaining to the past few years.
“The income tax authorities are currently at the BBC offices in New Delhi and Mumbai and we are fully cooperating. We hope to have this situation resolved as soon as possible,” the BBC had tweeted on Tuesday afternoon.
Employees were allowed to leave six hours after the searches began, only after their laptops had been scanned, reports quoting sources said.

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#Income #tax #survey #BBC #office #continue #Wednesday
( With inputs from www.siasat.com )

February 14, 2023
BREAKING: Income Tax raid in BBC Delhi office

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In a sudden development, the Income Tax department is conducting search operations in BBC’s Delhi office on Tuesday. According to reports, employees have been asked to leave the office and their phones have been seized.
The raid comes after BBC broadcasted a two-part series documentary – India: The Modi Question – on the 2002 Gujarat riots when Prime Minister Narendra Modi was the state’s chief minister. Thousands were killed and millions were left homeless, especially in the Muslim community.
It states that “Modi is directly responsible” for the riots that killed millions of people and displaced many, mostly Muslims. It also said the “violence was politically motivated” and the aim “was to purge Muslims from Hindu areas”. The riots were impossible “without the climate of impunity created by the state government.”
(This is a developing story. More details awaited)
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#BREAKING #Income #Tax #raid #BBC #Delhi #office
( With inputs from www.siasat.com )

February 14, 2023
New Cash Transaction Rule: Income tax notice will come on these

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New Cash Transaction Rule: The Income Tax Department has become very cautious about cash transactions these days.
In the last few years, the Income Tax Department and various investment platforms like banks, mutual fund houses, broker platforms, etc. have tightened the cash transaction rules for the general public. Let us know the complete details about it.
Now these investment and lending institutions allow cash transactions only up to a certain limit. The Income Tax Department can send a notice if there is even a slight violation.
There are many such transactions, which are monitored by income tax. If you do large cash transactions with banks, mutual funds, brokerage houses and property registrars, they will have to inform the Income Tax Department. Let us know about 5 such transactions, which can land you in trouble.
Bank Fixed Deposit (FD)
Cash deposit in bank FD should not exceed Rs 10 lakh. The Central Board of Direct Taxes (CBDT) has announced that banks will have to disclose whether individual deposits in one or more fixed deposits exceed the prescribed limit.

Bank savings account deposit

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The limit for cash deposit in a bank account is ₹10 lakh. If a savings account holder deposits more than ₹10 lakh during a financial year, the Income Tax Department can send an Income Tax notice. Meanwhile, cash deposits and withdrawals in a bank account that cross the limit of ₹10 lakh in a financial year must be disclosed to the tax authorities. In current accounts, the cap is ₹50 lakh.
Credit card bill payment
As per CBDT rules, payments of Rs 1 lakh or more in cash in lieu of credit card bills should be reported to the Income Tax Department. Additionally, if ₹10 lakh or more is paid in a financial year to settle credit card bills, the payment should be disclosed to the tax department.
Sale or purchase of real estate
The property registrar will have to disclose to the tax authorities any investment or sale of immovable property for an amount of ₹30 lakh or more. Therefore, in the purchase or sale of any real estate property, taxpayers are advised to report their cash transactions in Form 26AS as the Registrar of Property will definitely report about the same.
Investment in Shares, Mutual Funds, Debentures and Bonds
Investors investing in mutual funds, stocks, bonds or debentures should ensure that their cash transactions in these investments do not exceed ₹10 lakh in a financial year.
The Income Tax Department has prepared the Annual Information Return (AIR) statement of financial transactions to trace high-value cash transactions of taxpayers. The tax authorities would collect details of abnormally high value transactions in a particular financial year on this basis.
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( With inputs from : kashmirpublication.in )

February 11, 2023
No proposal to hike OBC non-creamy layer income ceiling: Centre

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New Delhi: The existing annual income ceiling of Rs 8 lakh is “sufficient” to determine the OBC non-creamy layer status of community members, the Centre told Lok Sabha on Tuesday, clarifying that there is no proposal to increase the cap.
The annual income limit to determine the non-creamy layer status for Other Backward Classes (OBC) has so far been revised four times, Union Minister for Social Justice and Empowerment Virendra Kumar said in a written reply in the Lower House.
Congress member Dean Kuriakose had sought to know if there was any proposal to increase the OBC non-creamy layer annual income limit from the current Rs 8 lakh to Rs 12 lakh before completion of the next financial year.
“There is no proposal for revision of the OBC non-creamy layer limit since the existing income limit is considered sufficient,” the minister said in his reply.
The Department of Social Justice and Empowerment has also not “officially” sought any recommendation from the National Commission for Backward Classes for revision of the existing OBC creamy layer criteria, the minister clarified.
“The income criteria for determining OBC non-creamy layer status of the candidates was fixed as Rs 1 lakh per annum at the time of introduction of the OBC reservation scheme on September 8, 1993,” he said.
This income limit has since been revised four times so far, he added.
The Centre revised the annual income limit for the OBC non-creamy layer from Rs 6 lakh to Rs 8 lakh in September 2017.

Over the past two years, various sections of the media reported that the Centre was mulling an increase in the annual income ceiling for the category from Rs 8 lakh to 12 lakh.
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#proposal #hike #OBC #noncreamy #layer #income #ceiling #Centre
( With inputs from www.siasat.com )

February 7, 2023
Income tax rebate is of no use to Telangana: BRS MLC Kavitha

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Hyderabad: Reacting to the union budget delivered by Finance minister Nirmala Sitharaman BRS MLC K Kavitha Kalvakuntla on Wednesday said that the income tax rebate on income up to Rs 7 lakhs in the new tax regime is of no use to the people of Telangana.
“This budget mathematical confirmation of the failure of Modi govt. This seems like a budget for few states. We hoped tax rebate of up to Rs 10 lakhs. In Telangana, we pay good salaries to people so this rebate is of no use to us,” she said speaking to ANI.
Centre announces development projects in either poll-bound states or BJP-governed states. They announced Rs 10,000 crore for infrastructure, which infrastructure? They are not clear. They owe us Rs 1000 cr & I request Finance Min to pay our dues: Kavitha Kalvakuntla, BRS leader pic.twitter.com/mnNCDi8Fn5
— ANI (@ANI) February 1, 2023
Kavitha also said that the centre only announces development projects in either poll-bound states or BJP-governed states.
“Centre announces development projects in either poll-bound states or BJP-governed states. They announced Rs 10,000 crore for infrastructure, which infrastructure? They are not clear. They owe us Rs 1000 cr & I request Finance Min to pay our dues,” she further said.
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#Income #tax #rebate #Telangana #BRS #MLC #Kavitha
( With inputs from www.siasat.com )

February 1, 2023
Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime: FM

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Finance Minister Nirmala Sitharaman announced that the income tax rebate is extended on income up to Rs 7 lakhs in the new tax regime.
“I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs,” the Finance Minister announced.
(This is a breaking story. Keep refreshing the page for fresher updates).
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( With inputs from www.siasat.com )

February 1, 2023

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PAN Aadhaar Link: Income Tax Department has issued a deadline! PAN card holders do this work immediately