EVADING TAX
Income Tax filing: Do NRIs need to file ITR if they have no income in India?
Non-resident Indians (NRIs) are required to file Income Tax Returns (ITRs) if their income in India exceeds ₹2.5-3 lakhs, facing penalties, including potential imprisonment, for non-compliance. Exceptions apply if NRIs have no income in India, yet filing can facilitate tax refunds and support visa applications. FEMA mandates closing or converting Indian accounts upon acquiring NRI status, underscoring the importance of consulting tax professionals for compliance.
8th year of GST: Friendlier, simpler regime ahead? What the future likely holds
It would be unreasonable to expect very quick results. While concrete outcomes on this agenda are likely to be backloaded within the financial year, clear timelines and a glide path of transition may well emerge sooner.
GST simplified compliance, improved tax buoyancy; fake ITC generation still a challenge
Introduced seven years ago, the Goods and Services Tax (GST) has streamlined compliance and boosted tax revenues, but challenges persist with fake invoices and fraudulent registrations causing tax evasion concerns. Despite this, GST has simplified the tax regime, increased taxpayer numbers, and improved tax buoyancy and state revenues. However, efforts to combat evasion are ongoing, with the need for further measures such as operationalizing the GST appellate tribunal.
What happens next in the EU investigation into Chinese EVs?
The European Commission plans to impose provisional duties on electric vehicles (EVs) from China, ranging from 17.4% to 38.1%, in addition to the existing 10% tariff. These duties are set to take effect by July 4 as part of an anti-subsidy investigation to protect EU industry. Following publication of findings on July 4, interested parties have until July 18 to comment before final duties are determined.
Binance stops cash payment for P2P trades
Binance, the world's largest cryptocurrency exchange, has halted 'cash deals' for P2P trades in India, affecting traders who used the rupee 'cash option' to avoid tax regulations.
Clarification likely on GST on NBFC co-lending
The government, led by Vivek Joshi, addresses concerns around GST levy on co-lending arrangements with NBFCs, raising issues of distortion and increased lending costs. Banks, tax authorities, FIDC, MFIN, CRISIL, partner banks discuss the growth of co-lending model, NBFCs' loan book reaching ₹1 lakh crore.
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Indian crypto investors take illegal routes to avoid tax burdern
Peer-to-peer trading through escrow services on banned crypto exchanges has increased five times during weeks of high trading volume in March and April, according to a study conducted by Delhi-based policy think tank Esya Centre.
Financial Intelligence Unit clears Binance and Kucoin to be Virtual Asset Service Providers
ET was the first to report in the April 18 edition that Binance, the world’s largest cryptocurrency exchange that was banned by the government in January, is poised to return to India by paying a penalty of about $2 million.
Taxpayer is entitled to claim benefit of exempted income in revised ITR if it is filed within the deadline
Income tax return: The Supreme Court of India has refused to accept a petition wherein the tax department's assessing officer (AO) contested that a individual be denied the benefit of exempted income which he claimed by filing a revised ITR. The reason behind this denial was that the AO received information from 'entry operators'.
Esop non-disclosure triggers black money law
A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the Income Tax (I-T) department which has pointed out amounts that either went undisclosed or untaxed or both.
Binance, Kucoin get FIU nod to register and trade in India
The Indian government's Financial Intelligence Unit (FIU) has approved the registration applications of offshore cryptocurrency exchanges Binance and Kucoin as Virtual Asset Service Providers (VASPs) to operate in India. Kucoin, after paying a penalty of ₹35.5 lakh for past non-compliances, had its ban lifted. However, Binance's penalty amount is still being calculated. FIU guidelines require a principal compliance officer to register with FIU, India, but do not mandate offshore entities to establish a separate business in India.
SC asks Centre to not use "threat and coercion" in GST recovery operations
The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals time to seek advice and settle liabilities.
NFL legend Bill Romanowski, wife opt for bankruptcy. Here's what has happened?
Former NFL star Bill Romanowski and his wife have opted for bankruptcy. Bill Romanowski and his wife find themselves embroiled in controversy.
GST National Coordination meeting on Friday may discuss tightening noose on fake registrations
Central and state GST officers will convene to discuss various issues, including stricter registration norms to combat fake companies evading taxes. This meeting follows record-high GST collections of Rs 2.10 lakh crore in April, driven by economic momentum and enhanced scrutiny. Among the topics on the agenda are tightening GST registration to deter fraudulent companies and tracking the money trail of GST fraud masterminds.
Dangle less tax and watch 'em go
Personal income-taxpayers in India live in an abnormal environment of taxation where they get next to nothing for compliance and good citizenry. Sure, it can be argued that they get roads, utilities and other infra. But these are delivered to all citizens, including those who systematically evade taxes, giving honest taxpayers only the advantage of a good conscience.
Rajiv Gandhi abolished inheritance law to evade tax after Indira's death, same Congress now wants to tax your kids: PM Narendra Modi
Prime Minister Narendra Modi accused former Prime Minister Rajiv Gandhi of abolishing inheritance tax to evade tax after Indira Gandhi's death, alleging that Congress now aims to impose it on taxpayers. Modi's remarks follow criticism of Congress leader Sam Pitroda's inheritance tax comments. Congress distanced itself, emphasizing Pitroda's remarks' irrelevance to their agenda. The BJP intensified attacks, highlighting past Congress support for inheritance tax. As Lok Sabha elections approach, economic policy becomes a focal point.
Proof of HRA claims of previous years; can you really take it easy after CBDT's assurance of no review of old HRA cases
Rent HRA: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to identify fake HRA claims from previous years. However this communication from CBDT should not be taken lightly, because if you have claimed false HRA and evaded income tax then the income tax department is bound to catch you.
HRA tax exemption: HRA fraud with illegal usage of PANs detected by tax dept; how to avail House Rent Allowance, proofs
HRA tax fraud: The investigation by the tax department began when authorities stumbled upon purported rent receipts totaling approximately Rs 1 crore under an individual's PAN. However, upon questioning, the individual disavowed any knowledge of these transactions. Subsequent inquiry revealed that the individual had not actually received the rent attributed to them.
If you missed filing updated ITR by March 31, can you go to jail?
ITR-U: The deadline to file updated income tax return (ITR-U) for FY 2020-21 (AY 2021-22) was March 31, 2024. However there is no need to worry since an individual cannot be jailed just for not filing ITR-U. But the income tax department can seek imprisonment for those individuals who have escaped paying income tax i.e. tax evaders.
Highest tax-saving FD interest: Senior citizens can earn up to 7.75% rate, up to 7.25% interest for public; full list of banks
Tax-saving fixed deposits (FD): There are several banks which offer more than 7% interest on tax-saving FD. However do note that if you have chosen the old tax regime then only under section 80C of the Income-tax Act, 1961 you may claim a tax deduction. The interest earned from tax-saving FD is always taxable.
Fearing defeat in Lok Sabha polls, BJP misusing central agencies: Siddaramaiah
Karnataka Chief Minister Siddaramaiah accused the BJP of using institutions like the IT Department, ED, and CBI to weaken the Congress Party ahead of the Lok Sabha elections. He alleged that the BJP is resorting to 'tax terrorism' to undermine the Congress Party, believing it will help them win the election. Siddaramaiah criticized the IT Department for targeting opposition parties while ignoring tax violations by the BJP. He also accused the BJP of misappropriating funds through electoral bonds and protecting fraudsters like Vijay Mallya and Nirav Modi.
Congress leader Ajay Maken accuses BJP of 'tax terrorism', calls for I-T dept to pursue over Rs 4,600 cr demand from saffron party
Speaking at a press conference held at the AICC headquarters alongside Congress General Secretary Jairam Ramesh, party treasurer Ajay Maken alleged serious violations of income-tax laws by the BJP. Maken emphasized the need for the Income Tax department to demand over Rs 4,600 crore from the saffron party for these purported infractions.
Congress' Maken says party served Rs 1,823 cr notice by I-T dept, calls it a 'premeditated, diabolical campaign'
The Congress party has been issued a notice of around Rs 1,823 crore by the Income Tax department, adding to its financial worries before the crucial 2024 Lok Sabha elections, reported PTI, citing Ajay Maken on Friday. This action follows the rejection of the party's appeal against reassessment proceedings for four assessment years by the Delhi High Court. The newly imposed demand relates to assessment years 2017-18 to 2020-21, encompassing penalties and interest.
March 31 is the last date to file ITR-U for AY 2021-22; If you miss, be ready to pay up to 200% of the income tax evaded
Income tax updated return: March 31, 2024 is the last date to file an updated income tax return (ITR-U) for AY 2021-22 (FY 2020-21). Do note that ITR-U may be used to fix errors like under-reporting or misreporting of income, or any other errors in the previously filed ITR. Once the deadline to file ITR-U is over and you are caught evading taxes penalty up to 200% of the tax evaded can be levied.
Joe Biden calls for higher taxes on corporations and the wealthy
President Biden's budget aims to cut deficits by $3 trillion through tax increases. It proposes $5 trillion in additional taxes on corporations and high earners, raising the corporate tax rate, denying deductions for executive pay, and implementing a wealth tax on billionaires.
Taxmen catch Bengaluru restaurants using multiple QR codes to evade GST
A team of about 50 officials from the Commercial Taxes department’s vigilance and enforcement (south zone) wings raided the business premises of restaurants and the residences of their owners after conducting multiple surveys.
Commercial Taxes dept detects use of multiple QR codes by hoteliers to evade tax
The vigilance wing of the Commercial Taxes department in Bengaluru has uncovered hoteliers using 30 QR codes to evade taxes and suppress actual turnovers. The search operation also discovered Rs 1.47 crore cash at the residence of one of the proprietors. The hoteliers were engaged in the supply of biriyani and non-vegetarian items, and they were receiving payments through multiple UPI accounts to hide their actual turnovers and avoid issuing tax invoices. Income Tax officials have initiated proceedings regarding the cash found.
TDS on interest income from bonds hurts honest taxpayers more than tax evaders
The Budget 2023 has made amendments in the Income Tax Act, 1961 to reduce the instances of underreporting of incomes especially on bonds. This is done by introducing TDS on interest incomes from bonds. However, the well-intended move may reduce their interest income (due to TDS) and also increase the compliance burden on the bond investors.
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