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Earn More than Rs 5 Lakh Interest and Still Not Paying IT Returns? Tax department is watching

Earn More than Rs 5 Lakh Interest and Still Not Paying IT Returns?

Income Tax Department will focus on individuals who are gaining high returns on fixed deposits investment and still not paying taxes.  Be careful, there will be a close observance on individuals, senior citizens who are earning more than Rs 5 Lakhs and are not paying income tax.

A senior officer in the Central Board told that IT department would scan the data, collected from taxpayers as well as tax deductions on FDs.

However, there has been a massive growth in earnings based on income from interests received on large fixed deposits. So it is observed to be a more durable source of revenue.

Reports say that taxpayers who fall in 30% bracket are not paying taxes whereas taxpayers who fall under 10% category pay their taxes.

A top ranking officer told the newspaper that “Our focus is on the large evaders. There is no point chasing the smaller persons who do not yield many returns,”

Income Tax Department Seized Rs 106 Crore Cash and 127 Kg Gold through raids in Chennai

Reports stated that income tax department would also track details of professionals who get more than 5 lakhs money through cash and do not disclose the revenue amount in their annual statements.

Previously IT department had taken few steps to remove individuals who bought property with suspected benami money for never having filed their income taxes.

The move will help IT staff to reach their goal to raise Rs 9.8lakh crore from direct taxes in the coming year and also helps in widening the tax base.

CBDT Launches aaykar setu, a Mobile App to Pay Taxes and Apply PAN Card

aaykar setu image

Aayakar Setu App: Income tax department has released a new app named Aayakar Setu for paying taxes . Now you can just sit in home and pay taxes for the government. This new tax app  allows entities track Tax Deducted at Source (TDS), apply for Permanent Account Number (PAN) and pay taxes.

This app is launched by the finance minister, Arun Jaitley will be available on Android phones. Your 12 digit biometric Aadhaar can be helpful for linking Aadhaar with PAN card.

12-Digit Aadhar Card Brings Three Children and Parents Together

The minister said, “This is a great step taken by CBDT and the principle reason behind is technology as a powerful tool becomes an enabler. With this app, most of the work assesses can take place without any external help while just sitting at home.”

The app is in the series of actions taken by the Central Board of Direct Taxes to provide better taxpayer services and reduce grievances.

The new initiative step by IT department is to communicate with the taxpayers on a range multi-informative and tax services aimed at giving tax information at fingertips.
In the coming month, CBDT will also activate the option of filing tax returns using the mobile app.

This module compiles different tax tools, dynamic updates, live chat facility and important links with various processes within IT department in a single module. Regarding important tax dates, forms, and notifications, taxpayers will receive regular updates on their registered mobile number with the department.

Taxpayers who are interested to receive such SMS alerts are requested to register their mobile number in Aayakar Setu app.
Jaitley said, “Physical interface many leads to many consequences and a lot of time may consume. This app reduces the physical interface between assesses and assessing officer.”

The tax department already said a lot of interfaces are happening while paying taxes by taxpayers so this can reduce those issues

He said,” it also helps us in building the image of the department. For the reason that one of the not so acceptable claims given by those who don’t comply is we don’t comply because harassment that fact involves. Today this issue gets eliminated more reducing interfaces.”

“An external audit should be done to see how much of interface has reduced and which are the other areas can be done,” said Jaitley Anyone can download this app by giving missed calls to 7306525252

Link your PAN card with Aadhaar card in easy steps

Aadhaar, PAN Card linking

With effect from July 31st, citizens filing income tax returns will require an Aadhaar Card linked with their PAN Card. However, only 1.08 crore Indians have linked their PAN Cards with Aadhaar Cards. As per the records, there are 25 crore PAN Card holders and 112 crore Aadhaar card holders which mean less than 4% of PAN Card holders and less than 1% of Aadhaar Cards have linked these two.

Companies can get PAN and TAN Within 24 Hours: e-PAN card can be used as Proof

After the new Finance Bill which was passed in the earlier week, Aadhaar was made mandatory for filing income tax, and Permanent Account Number should also be linked to Aadhaar Card. After few issues like the mismatch of the names, Govt. of India has now made alternative provisions to link Aadhaar with PAN Card.

EPF claims to be settled through UMANG mobile app soon

“In case the taxpayer is unable to link PAN with Aadhaar because of discrepancy in name, we are advising them to log into the Aadhaar website, request for a name change and upload a scanned copy of PAN card as supported proof. This is the simplest way to update the name in Aadhaar, and only the registered mobile number has to be functional,” says, an official.

How to Link PAN Card with Aadhaar Card:

  1. Enter you details in the Income Tax department’s website after registering in the e-filing portal
  2. If you are a registered user, Log-in to e-filing portal by using your PAN as User ID, date of birth and password
  3. A pop-up window appears asking to link your PAN card with Aadhaar card.
  4. Enter your Aadhaar number and fill the ‘captcha’ code and click on ‘link now’.
  5. If you have opt to link Aadhaar with PAN later click on ‘later’ button.
  6. After logging, if you don’t find popup window, then go to profile Setting and click on ‘link Aadhaar’.
  7. Now enter your Aadhaar number and fill the captcha code and click on ‘link Aadhaar’.
  8. Once the system matches your name, date of birth and gender with PAN card and Aadhaar database, you will receive the message “Aadhaar – PAN linking is completed successfully.”

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No Gold Tax if you Show Proper Income, says Finance Ministry

No Tax on Jewellery Bought from Revealed Income says Finance Ministry

The Finance Ministry on Thursday has given clarity on holding gold or Jewellery. Government mentioned that there would be no Gold tax or Jewellery tax if you show the proper documents or explain the source of income, including from inheritance.

Modifications to Income Tax laws, Government Shutdown the rumors on gold holdings and the ministry came out with a statement that 85 percent tax in the new taxation law bill would not apply to official gold holding, including those attained through legacy or agricultural income. However, later the Finance Ministry stated that there would be no Gold Tax or limit on Jewellery if you show the proper sources of revenue.

The Government said, “Jewellery and ornaments to the range of 500gms for married women, 250 gms for an unmarried woman and 100 gms for a male person will not be seized if you doesn’t show the known income.”

Move to Seal Bank Lockers, Impound Gold and Jewellery are Fake News: Finance Ministry

The bill which is currently under consideration of the Rajya Sabha will revise section 115BBE of the income tax act to provide for a sudden 60 percent tax and 25 percent surcharge on it for black money holders.

It said that the tax rate under section 115BBE is planned to be increased only for unexplained income sources as they were reports that tax evaders are trying to include unknown income sources as business income or income from other sources in their tax returns. So, the section 115BBBE mainly apply for those who will not explain proper sources of revenue or hide it as unsupported business income.

All You Need to Know the below things about Gold Tax or Jewellery tax

  • In case of Known Source

There is no limit on holding of Jewellery or ornaments by anybody those who provided known income sources, including legacy and Agriculture incomes.

  • In Case of Disclosed Source

There is no seize of gold to the extent of 500 gms per married woman, 250 gms per unmarried woman and 100 gms per male person.

  • Other Proposal

During the search and seize operations, in case of any black money, the government has proposed a sudden tax and penalty up to 85 percent.

For More News Update: Techfactslive

IT Department Keeps an Eye on Gold Merchants Who Sell Gold at Higher Rates to Black Money Holders

Income Tax Department Focus on Jewel Selling Gold to Black Money Holders at Higher Rates

After the announcement of the ban of Rs 500 and Rs 1000 notes, the situations gradually keep on changing in the society. Especially it became a major hurdle for black money holders, and they are spending sleepless nights about how to exchange the old currency, and they are also looking for other sources to change the cash. However, black money holders chose Jewellery stores to exchange their notes for Gold.

Following the demonetization of big notes, one had witnessed a rush at Gold stores. People those who have black currency flooded to Jewellery stores to exchange their cash with Gold. Now Gold merchants took this as an advantage, and they are selling Gold to the people with black money at higher rates.

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Meanwhile, Income Tax Department had found that there were a huge number of Jewellery merchants sold gold for higher rates. To avoid such situation, the IT department put focus on those retailers who are selling gold at high prices.

The Income Tax Department has also conducted raids, and it was known that many had sold off gold at higher rates, and in many cases, PAN cards had not been wanted. Now, an official from Income Tax department stated that they had noticed several loopholes. Many Jewelers had not following the basic rules and selling gold at higher rates for saving black money people. This had in fact led to order by the Government which made PAN card is mandatory while purchasing gold.

If You Receive IT Department Notice on Depositing above Rs 2.5 lakh, Then Don’t fear

The senior official from IT department said, “We had already noticed that many Jewelry merchants are taking advantage of people those who want to exchange black money and selling gold to them at higher rates. In many cases, the PAN card details are not taking. So, we keep eyes on the Gold shops from now. The IT department is planning to conduct a series of raids across India at Gold stores. If the shopkeeper has not taken PAN details of the consumer, then he would explain a lot about the purchase. We will also check if gold had been sold at higher price. If we notice that cases, strict punishment will apply on the Gold Merchants.”

For More News Update: Techfactslive