Morning Tidings

Tag: CBDT

  • Deadline to add PAN-Aadhaar extended to June 2021: IT Department

    Deadline to add PAN-Aadhaar extended to June 2021: IT Department

    This is the ninth time the deadline has been extended for individuals to link their PAN to Aadhaar.

    The Income Tax Department has on Wednesday extended the last date for linking the Permanent Account Number (PAN) with Aadhaar to June 30, 2021.

    The earlier deadline was March 31, 2021.

    “The central government extends the last date for linking the Aadhaar number with PAN from March 31, 2021 to June 30, 2021,” the department said on its official Twitter handle.

    Read also: PAN-Aadhaar linking deadline extended to March 2020: CBDT

    “The date of issue of notices under Section 148 of the Income Tax Act, 1961, the passage of guidelines issued by the Dispute Resolution Panel (DRP) and the processing of equivalent levy statements were also extended till April 30, 2021,” he said .

    This is the ninth time that the time limit has been extended for individuals to link their PAN to Aadhaar.

    The Supreme Court in September last year declared the Centre’s flagship Aadhaar scheme as constitutionally valid and said that biometric ID would remain mandatory for filing IT returns and for allotment of PAN.

    Section 139AA (2) of the Income Tax Act states that every person holding PAN on 1 July 2017 and eligible to receive Aadhaar, must intimate his Aadhaar number to the tax authorities.

    Aadhaar is issued by the Resident of India and Unique Identification Authority of India (UIDAI) and PAN is a 10-digit alphanumeric number allotted to an individual, firm or institution by the IT department.

    ()With inputs from PTI)

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  • IT department traces undeclared income of more than 200 crores after raid on Mumbai mobile accessories dealers

    IT department traces undeclared income of more than 200 crores after raid on Mumbai mobile accessories dealers

    It added that it was found that transactions with their Chinese counterparts took place through the V-Chat app.

    The CBDT said on Saturday that the Income Tax Department has unearthed undisclosed income of more than Rs 200 crore after raiding some dealers involved in the mobile accessories business by allegedly importing “under-invoices” from China.

    “This operation has shown that the entire area of ​​trading in mobile accessories is largely unaccounted for. The main components are imported from China through the Mumbai and Chennai ports. “” The search has revealed that dealers are primarily evaluating sales and purchases, “it said.

    It added that it was found that transactions with their Chinese counterparts took place through the V-Chat app. “The department has recovered V-Chat messages using forensics. The pieces of information are being verified and matched to extract information about the quantity and cost of Chinese imports. “In this action, an unaccounted amount of ac 5.89 crore has been seized so far. The discoveries so far have revealed undisclosed income of about “270 crores. The statement said that it was an exercise in valuing unaccounted stocks.

    The statement said that these groups import goods from China and sell these goods to various parties across India. Imports have been under-invoiced and payment is made through hawala channels.

    The CBDT said the search dogs have found 13 secret warehouses with no-account stock and are being invented and are under evaluation. It has been claimed that the evidence of unaccounted investment in assets worth ₹ 40.5 crore has been traced by the said dealers.

    The department also recently conducted a search against a major builder based in the capital city of Maharashtra.

    The real estate group is developing a commercial mall, which has 950 units exclusively for the mobile accessories business. “About 905 of these units have been sold since 2017. The evidence placed at Pen Drive in the discovered premises has revealed that the builder group has taken an amount of Rs.150 crore over and above the value of the agreement, which is not accounted for in the books of accounts on sale. Of such units, ”it alleged.

    It has been claimed that an amount of ₹ 70 crore has been found in the pen drive related to the residential-cum-commercial project.

    Cash of ₹ 5.50 crore was found and seized from various campuses of this group. It states that money receipts for sale of shops / flats have been confiscated by the builder in various projects recorded in digital form.

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  • IT department seized more than ₹ 1.21 crore in cash after raids in Kolkata

    IT department seized more than ₹ 1.21 crore in cash after raids in Kolkata

    The CBDT raided two people and said they were “handling the cash of others on commission basis.”

    The Central Board of Direct Taxes (CBDT) said on Thursday that the Income Tax Department has seized more than 1.21 crore cash after raiding two people based in Kolkata.

    Two persons based in the capital of West Bengal are “engaged in dealing with the cash of others on commission basis”, it said.

    The search was conducted on the basis of intelligence gathered by the department. CBDT said in a statement, a total amount of unaccounted cash amounting to ₹ 121.50 lakh has been seized.

    Voting will be held for the 294-member West Bengal Legislative Assembly in eight phases starting from March 27.

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  • NRIs, foreign nationals stranded in India to furnish details of double taxation till 31 March

    NRIs, foreign nationals stranded in India to furnish details of double taxation till 31 March

    The Central Board of Direct Taxes (CBDT) has received various representations for exemption in determination of residential status for the financial year 2020-21.

    The Ministry of Finance said on Wednesday that NRIs and foreign nationals stranded in India due to COVID-19 epidemic and double taxation can submit details to the Income Tax Department by 31 March.

    The Central Board of Direct Taxes (CBDT) has received various representations requesting exemption in determination of residential status for the financial year ending 31 March for 2020-21, which visited India during 2019-20 Were and intend to leave India but could not do so due to suspension of international flights.

    In a circular, the CBDT stated that if a person is facing double taxation even after taking into account the relief provided by the related Double Taxation Avoidance Agreement (DTAA), he would be electronically specified by 31 March, 2021. May present information. Principal Commissioner of Income Tax (International Taxation).

    The details are to be submitted in a specified form.

    On March 25, 2020, commercial international flights were suspended when a nationwide lockout came into force. Later, such flights were permitted in a restricted manner under bilateral air bubble agreements and services have not been fully resumed. As a result, many NRIs and foreign nationals had to prolong their stay in India.

    There were apprehensions that this extended stay could cause these individuals to become Indian residents for taxation purposes as per Section 6 of the Income Tax Act.

    For the 2019-20 financial year, which ended on March 31, 2020, in May, the Ministry clarified that the period of stay of NRIs and foreign nationals in India during the lockdown period is aimed at determining their residency status. Will not be counted. For the purpose of taxation.

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