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Project insight information to provide information from Instagram, Facebook post

The Government of India will launch project insight to sniff out tax evaders from the information posted on social media.

Recent reports state that Indian Government will build up a warehouse of virtual information collected from social media. Till now, Income tax department has just collected information from traditional sources like banks. Starting next month, this project insight will help Income tax officials by providing information from social media data base.

“Officials will be able to spot those who pay too little tax without raiding offices and homes as they currently do,” the report states.

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This project insight is essentially a database which provides information on social media with extensive search and matching facilities. Income tax officers can estimate the expenditure and can co-relate with the income statements. This new regime is expected to roll out its operations starting this financial year itself.

The government has taken many such anti-evasion measures in the past too. Linking tax payers PAN with biometric identifier Aadhaar aims to prevent tax evasion using multiple PANs. The nature of expenditure is also will be under surveillance and if it is compliant with the declared income of the assessee.

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

Prime Minister Narendra Modi revealed that over two crore people went on foreign trips in the earlier year. Out of which only 32 lakh people have declared their income above Rs 10 lakh.

Earlier, Modi had declared that 37,000 shell companies are included in tax evasion have been detected. More than three lakh firms found suspicious dealings post demonetization.

Other than this project insight, Government is trying for automatic tax information exchange regime between India and Switzerland.

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Ministry of Corporate Affairs Issues Public Notice to More than Two Lakh Shell Companies

The Central Board of Direct Taxes (CBDT) is cutting off some businesses which are evidently shell firms from the Ministry of Corporate Affairs(MCA). Sushil Chandra, Chairman of CBDT, was invited by the Gujarat Chamber of Commerce and Study(GCCI) for felicitation in which he said that he don’t believe obtrusive way regarding the ordinary tax-payers.

He stated that they would not encourage any company that is operating as a shell company.
Thousands of such companies still exist under the statutory authority and working in Ministry of Finance under Department of Revenue.

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“We introduced a committee which is currently checking the companies list, and any shell firm that is found in this will be removed immediately by striking it off from Ministry of Corporate Affairs(MCA) by sending them a notice” He quoted.

He said that they wouldn’t leave the shell companies and the Income Tax Department will take action. He requested the ordinary people to come forward and outsource if they have any information. He claimed that every bank account is checked to find tax evasion and they will take strict actions on the tax-evaders at any cost.

MCA recently notified that the companies which haven’t commenced business within one year of their incorporation and which haven’t done any operation for over a period of two years and made no applications in that period.Those shell companies would be stricken off from the website under section 248(1) of Companies Act.2013.

We have given the complete information of Shell companies to which MCA have given public notices in the below table.

ROC Area No of Companies Updated Date
RoC Ahmedabad 12205   20/03/2023
RoC Bangalore 22145   04/04/2023
RoC Chandigarh  4687  31/03/2017
RoC Chennai - -
RoC Chhattisgarh 1319   07/04/2017
RoC Coimbatore 50  14/03/2017
RoC Cuttack 2102 16/03/2023 & 03/04/2023
RoC Delhi 53312  06/04/2017
RoC Ernakulam 5479  05/04/2017
RoC Goa 1957  07/04/2017
RoC Gwalior 6304 10/03/2023 & 23/03/2023
RoC Himachal Pradesh  862  31/03/2017
RoC Hyderabad - -
RoC Jaipur 6044  31/03/2017
RoC Jammu  - -
RoC Jharkhand  - -
RoC Kanpur 7024  31/03/2017
RoC Kashmir - -
RoC Kolkata - -
RoC Mumbai 71530   07/04/2023
RoC Patna  -  -
RoC Pondicherry  438   07/04/2017
RoC Pune 11285  07/04/2017
RoC Shillong 323  28/03/2017
RoC Uttarakhand 843  31/03/2017


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Income Tax Returns 1 and 4 for FY 2016-17 E-filing Started on Income Tax Website

E-filing of income tax returns ITR-1 and ITR-4 for FY 2016-17 have begun at income tax official website incometaxindiaefiling. gov.in. Now You have facility for e-filing ITR-1(Sahaj) and ITR-4(sugam)

The senior officer of income tax department said the other five ITR’s would be soon activated for filling on the e-portal

The central board of direct taxes has launched all  ITR’s for AY-2017-18 including the one page ITR-1 for salaried class and people having income from one house and interest totalling upto Rs 50 lakhs.

No TDS or Advance Tax Credit for Income under PMGKY, Says CBDT

Various parts of ITR form 1 Sahaj namely parts relating to tax computation and tax deductions have been rationalised and simplified for easy compliance. They also declared there is no change in the manner of filling IT forms as compared to last year.

However this all ITI forms have to be filled electronically. Persons who are above age 80 years and individual or HUF whose income not more than Rs 5 lakh and who has not claimed any refund in the return of income will have an option to file return in paper form

The ITR forms are available at the official website, so people can visit this website to complete their E-filing process.

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Union Budget 2017-18: Slab Balances More for Poor

The Union Finance Minister Arun Jaitley presented the Budget 2017-18 on February 1, 2017. The new budget now excepts tax for the citizen with an annual income of less than Rs 3 lakh. Income class of up to Rs 5 lakh will be imposed an income tax at 5 per cent. A surcharge of 10 per cent will be levied on people with annual income between Rs 50 lakh to Rs 1 crore.

Arun Jaitley failed to live up to his promise of tax concessions. A concession in Income tax is observed in the minimum slab from 10 percent to 5 percent for salary holders between Rs 2.5 lakh to Rs 3 lakh. However, this fell short of expectations as it is expected that he would exempt tax up to Rs 4 lakhs. Macro-level announcements are on more positive note for the economy.

Union Budget 2017-2018 by Arun Jaitley: Key Points of the Budget

It is expected that Demonetisation will lead to a transient impact on the economy. Also, it is expected that it will have a strong impact on the economy and lives of people. The bold move will lead to higher GDP growth and the effects will not spill over to the next fiscal.

The budget assures security against natural calamities for sowing farmers. Rs. 10 lakh crore is allocated as credit for farmers along with interest waiver of 60 days. NABARD fund will be raised to Rs. 40,000 crore.  The latest budget also assured to set up mini labs in Krishi Vigyan Kendras for testing soil. The government also targets to get 1 crore households out of poverty by 2019. Five lakh farm ponds will be taken under the MGNREGA during 2017-18.

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On youth sector, the budget focuses on 3,479 educationally backward blocks mainly. Will also introduce a system to measure annual learning outcomes and come out with an innovation fund for secondary education.  Under a nationwide scheme for pregnant women, a sum of Rs. 6000 will be transferred to each person. Rs. 500 crore allocated for Mahila Shakthi Kendras. In total, Rs.1,84,632  will be allocated for women and children.

Income Slab Tax Rate
Income up to Rs 3,00,000 Nil
Income from Rs 3 lakh up to 5 lakhs 5%
Income from Rs 5 lakh up to Rs 10 lakh 20%
Income above Rs 10 lakh up to Rs 50 lakh 30%
Income above Rs 50 lakh up to Rs 1 crore 30% + 10% surcharge
Income above Rs 1 crore

30% + 15% surcharge

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

The Income Tax Department shocked after conducting sudden raids in multiple locations in Chennai. Yes, the I-T department had seized more than Rs 106 crore cash including Rs 10 crore new notes and gold biscuits weighing 127 kg. I-T raids were held in multiple locations in Chennai to check tax avoidance after demonetization.

This is the largest seizure of new currency after the ban on inactive Rs 500 and Rs 1000 notes on November 8. The Income Tax Department had conducted a special operation at Chennai to caught tax evaders. Coming to the details, I-T officials said a contractor named as S Reddy working with the state Government has demanded the full cash and the gold as his own and is being questioned.

No Service tax on Debit Card or Credit Card Transactions Up to Rs 2000

I-T Dept officials confirmed that “the officials have seized 127 Kg gold in 1 kg bars, Rs 96 crore in cash and Rs 10 crore in new currency with new 2000 notes after the operation. This is a record amount that the Income Tax Department has detained in recent times.”

The department has performed searches based on intelligence reports about the activities of Reddy and few others for the last few days. The agency was investigating how the concerned party should get that much amount of new notes under the cash crunch. The bundles of the new Rs 2000 notes had no bank slips on them.

The officials said the tax investigators have also seized some documents related to financial transactions, entries of gold sale and records of sale/purchase. At least three persons of the so-called association are being questioned while few others are under the radar, they said.
I-T department has conducted IT raids in Chennai.

The officials stated that they would share the case details with the enforcement directorate and CBI for further probe into money washing and corruption angles. Some bank officials are also under the scam, and we are searching for those.

Rs 10 for Digital Transactions: Government is Looking to Provide Inducements to Boost Cashless Digital Payments

Earlier, the income tax department had made the big seizure of Rs 5.7 crore cash in new notes in Bengaluru a few days back after which two other central probe agencies. CBI and the Enforcement Directorate had taken over the cases to review instances of corruption, money laundering and large-scale hawala transactions in wake of the currency scrap on November 8.