Quoting an incorrect PAN during property registration can invite penalties and prosecution.
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate. As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate. Last month, the income tax department issued a circular stating that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31.
ITRs with zero tax liability have increased to 55.7 million in FY25.
rediffGURU T S Khurana answers readers' personal income tax queries.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
The South African, 32, approached the France-based court in February, 2021 after losing appeals to CAS, sport's highest court, and another plea to the Swiss Federal Tribunal (SFT) in a long-running legal battle against the regulations.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
The outperformance of Hyderabad market was essentially due to the substantial increase in pre-committed absorption during this period, while the average deal size here till date increased 28 per cent at 18,400 sft, Cushman mentioned in the report.
Semenya has vowed to fight the regulations, but has already lost an appeal to the Court of Arbitration for Sport, and another subsequent plea to the Swiss Federal Tribunal (SFT) asking for the CAS ruling to be set aside.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
In Tokyo, hundreds of Japanese citizens came out on the streets to express solidarity with the oppressed people of Tibet, Xinjiang, Mongolia, Hong Kong and Taiwan.
Govt wanted to launch the scheme on October 27, while the industry had requested for October 30.
The over Rs 15,000-crore Hyderabad project comprises 72 kilometre of elevated metro rail line and six million sft of transit-oriented development.
The double Olympic champion won her race in five minutes 38.19 in front of 1,650 spectators on the outskirts of Paris.
Summary of sports events and persons who made news on Thursday
The government on Thursday extended the due date of filing income tax returns for 2020-21 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies by a month till November 30. As per the income tax law, for individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms the deadline to file ITR is July 31. The deadline for taxpayers, like companies or firms, whose accounts are required to be audited is October 31.
Double Olympic 800 metres champion Caster Semenya has lost her appeal to the Swiss Federal Tribunal (SFT) to set aside a 2019 Court of Arbitration (CAS) ruling that female athletes with high natural testosterone levels must take medication to reduce it.
Amenities include 20,000 sft clubhouse that features a terrace swimming pool, gym and an indoor badminton court.
There is no proposal to modify income tax returns forms, finance ministry sources clarified when asked to comment on news reports that the purported statement of financial transactions expansion would result in the filing of high-value financial transactions in ITR by the taxpayers themselves.
EmaarMGF Land, a joint venture between Emaar Properties PJSC of Dubai and MGF Developments of India, is planning to invest $3 billion (Rs 12,000 crore) in 10 locations across south India over the next few years.
In its efforts to upgrade itself as the largest IT hub in Kerala, Thiruvananthapuram-based US Technology has charted a mega expansion plan by building a 16-lakh sft campus adjacent to the Technopark in Thiruvananthapuram.
Plans for SEZ development are still in their nascence, Chitty Babu, managing director, Akshaya Homes, said.
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
The people who know Tibet will continue to fight the good fight. Long, hard, less than hopeful, but always peaceful.
Summary of sports events and persons who made news on Thursday
Summary of sports events and persons who made news on Tuesday
Ratan Tata said he continued to feel the need to support young entrepreneurs who were keen to unleash the Indian tiger.
Around 55 per cent of land in the 36 operational special economic zones (SEZs) in Tamil Nadu is lying vacant owing to various reasons, including the recent economic slowdown.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
Tax wing scanning cash deposits between Rs 5-10 lakh
Look at reaping the first-mover advantage by possessing lands in AP's newly-announced capital city.
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