Govt notifies ITR forms for 2021-22; seeks details on overseas pension a/c
- Apr 02, 2022
- The finance ministry has notified new income tax return forms which, among other things, will seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding Rs 2.5 lakh a year. The Central Board of Direct Taxes (CBDT) has notified the forms ITR-1 to ITR-5. The ITR forms for corporates and trusts (ITR 6 and 7) will be notified later. ITR-1 form, to be filled by individuals having income up to Rs 50 lakh, has been kept broadly the same as last year. However, the assessee will have to provide information about income from overseas retirement fund while calculating net salary.
Indians with hidden income in US on I-T radar: Report
- Apr 04, 2022
- Indians with hidden income in the United States (US) may face legal action under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in the Financial Year '23. According to the internal action plan of the Central Board of Direct Taxes (CBDT) for FY23, persons named in global leaks may be searched, shown-caused, and prosecuted, according to a report in the Business Standard. The publication has also reported that tax officials across the country have been instructed to investigate any cases discovered during the verification of data received on or after April 1, 2022, under the Foreign Account Tax Compliance Act (FATCA), Automotive Exchange of Information (AEOI), and Common Reporting Standard (CRS).
ITR filing: Forms for FY 2021-22 notified. Check which one to file
- Apr 05, 2022
- In a circular dated March 30, 2022, the Central Board of Direct Taxes (CBDT) notified the income tax return (ITR) forms for FY 2021-22. Just as the government kept the income tax slabs unchanged for this financial year, the return forms have also been kept largely unchanged.
- ITR-1 can be filed by individuals having total income up to Rs 50 lakh, just like last year. The source of such income for such individuals can include salaries, income from one house property and other sources such as interest income, dividend etc. and an agricultural income up to Rs 5,000.
- Individuals opting for this form will have to give their salary break up like salary, perquisite, allowances exempt under section 10 (such as HRA, LTA etc. in case they have opted for old tax regime) etc.
- You can save 100% tax on income upto Rs 10 lakh per annum; here’s how
- Those not eligible to fill up this form will include a person who is a director of a company or has invested in unlisted equity shares or income tax on ESOPs is deferred or where TDS has been deducted under section 194N of the Income-tax Act, 1961.
- Meanwhile, people who get pension from accounts held in foreign countries and filing ITR1 in India will be needed to fill in additional details. These include details of the retirement benefit account maintained in a notified country under section 89A and retirement account maintained with non-notified countries.
CBDT notifies online tax dispute resolution scheme
- Apr 07, 2022
The Central Board of Direct Taxes (CBDT) on Wednesday notified the e-Dispute Resolution Scheme, 2022, to settle tax disputes involving small taxpayers. Taxpayers having total returned income up to ?50 lakh having income tax disputes not exceeding ?10 lakh will be able to avail the scheme. Taxpayers will not be required to appear before tax officials either personally or through an authorised representative in connection with any proceedings under this scheme and the entire communication will be in electronic mode.
The CBDT also notified constitution of a dispute resolution committee, which shall consist of three members, including two retired officers from the Indian Revenue Service who have held the post of commissioner of income tax or higher post for five years and one serving officer not below the rank of principal commissioner of income-tax. Members will have a tenure of three years.
Aadhaar linking: Income tax department clarifies on making PAN in- operational
- Apr 07, 2022The deadline for linking your Permanent Account Number (PAN) with Aadhaar has already passed. However, this does not mean that your PAN may become inoperative. As per a circular issued by CBDT, PAN, not linked to Aadhaar, would become "inoperative" after March 31, 2023. Those taxpayers who link their PAN with biometric Aadhaar by June 30, 2022, would be required to pay late fees of ?500. Beyond that, the penalty would rise to ?1,000. In order to mitigate the inconvenience to taxpayers, as per notification dated March 29, 2022, a window of opportunity has been provided to taxpayers up to March 31, 2023, to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions, the CBDT said, adding such intimation would have to be accompanied by late fees.
PAN Aadhaar linking: 5 consequences if PAN becomes inoperative
- Apr 08, 2022
The deadline to link your PAN with Aadhaar has been extended from March 31, 2022 to March 31, 2023. However, starting April 1, 2022, linking your PAN and Aadhaar will cost you money. The Central Board of Direct Taxes (CBDT) notified this via a notification dated March 29, 2022, as well as a press release on March 30, 2022. The Finance Act of 2021 added a new section 234H to the Act to complete the PAN-Aadhaar connecting procedure for detecting fake PANs. This section states that if a person who is required to intimate his Aadhaar under subsection (2) of section 139 AA fails to do so on or before a notified date, he will be liable to pay a fee of not more than Rs 1,000, as may be prescribed, at the time of making intimation under subsection (2) of section 139AA after the notified date.
Centre plans sharper income tax scrutiny on rich farmers
- Apr 08, 2022
- Dodging tax by passing off earnings as agricultural income is set to get tougher as robust checks are being introduced, the government has told Parliament’s Public Accounts Committee, which pointed to several lapses in granting blanket exemptions.Super-rich farmers will face stricter scrutiny by tax authorities, who will comb through details of agricultural income — tax-free under the law — in jurisdictions where farm income exceeds a threshold of ?10 lakh a year, the finance ministry said in a response to questions to the parliamentary committee. In about 22.5% of cases, authorities approved tax-free claims without proper assessment and verification of documents, allowing scope for evasion of taxes, the committee said.The panel released its 49th report, “Assessment related to Agricultural Income” on Tuesday. It is based on a report by the Auditor and Comptroller General of India. One such case involved tax exemption of farm income of ?1.09 crore as proceeds from the sale of farmland in Chhattisgarh.
India's black money law to face a Swiss test
- Apr 11, 2022
India’s Black Money law, the statute that arms the tax office to go after citizens with secret foreign bank accounts and assets, will be tested before the Swiss courts this year. About half a dozen appeals are coming up for hearing to stop Swiss authorities from sharing information with India on the grounds that not only can the harsh law be applied `retroactively’, it can also be used to impose stricter `criminal’ sanctions than those that would have been possible at the time the offences were committed ---- features which are incompatible with the Swiss legal system and values, lawyers familiar with the subject told ET.
As evidence, the appellants are pointing out the reference to Black Money Act in the ‘information request’ from the Indian Income Tax (I-T) department to Switzerland along with notices and summons received by them from the Enforcement Directorate (ED) which can prosecute persons involved in money laundering. Data received by the I-T department is routinely shared with ED.
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