The Central Board of Direct Taxes (CBDT) has announced the formation of an internal committee tasked with a thorough review of the Income Tax Act. This initiative aims to modernise tax regulations and enhance the user experience of the e-filing portal.

Brief history of the Central Board of Direct Taxes<o:p></o:p>

The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue in the Ministry of Finance. On one hand, CBDT provides essential inputs for policy and planning of direct taxes in India, at the same time it is also responsible for administration of direct tax laws through the Income Tax Department. 

Hence, the newly established committee will focus on identifying areas within the Income Tax Act that require updates or modifications. It seeks to ensure that the legislation remains relevant in today’s dynamic economic landscape. The CBDT is actively inviting suggestions from stakeholders, including taxpayers and tax professionals, to contribute their insights on improving the e-filing process.

The overall goal of the internal committee is to ensure easier tax filing, lesser litigation, and a seamless experience for citizens. With the increasing reliance on digital platforms, the CBDT aims to streamline the e-filing portal, making it more user-friendly. The committee's recommendations will be pivotal in addressing existing challenges faced by taxpayers, ensuring a smoother and more efficient filing process.

Public participation encouraged<o:p></o:p>

In a bid to foster transparency and inclusivity, the CBDT is encouraging public participation in this review process. Stakeholders are invited to submit their suggestions, which will be considered in shaping the future of income tax regulations in India.

According to a Press Information Bureau (PIB) release issued on October 7, 2024 the committee invites public inputs and suggestions in four categories i.e., litigation reduction, compliance, and redundant or obsolete provisions. 

To submit suggestions tax payers are required to visit to the official website of income tax and enter their details under the tab titled: “Suggestions for comprehensive review of Income Tax Act”, upon doing the same they can submit their suggestions through the portal. <o:p></o:p>

This initiative reflects the government’s commitment to adapting tax policies that align with contemporary needs while simplifying compliance for taxpayers. As discussions unfold, it remains crucial for all interested parties to engage and share their perspectives on this significant reform.

The Central Board of Direct Taxes (CBDT) has announced the formation of an internal committee tasked with a thorough review of the Income Tax Act. This initiative aims to modernise tax regulations and enhance the user experience of the e-filing portal.

The Central Board of Direct Taxes (CBDT) has announced the formation of an internal committee tasked with a thorough review of the Income Tax Act. This initiative aims to modernise tax regulations and enhance the user experience of the e-filing portal. Brief history of the Central Board of Direct Taxes The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue in the Ministry of Finance. On one hand, CBDT provides essential inputs for policy and planning of direct taxes in India, at the same time it is also responsible for administration of direct tax laws through the Income Tax Department. Hence, the newly established committee will focus on identifying areas within the Income Tax Act that require updates or modifications. It seeks to ensure that the legislation remains relevant in today’s dynamic economic landscape. The CBDT is actively inviting suggestions from stakeholders, including taxpayers and tax professionals, to contribute their insights on improving the e-filing process. The overall goal of the internal committee is to ensure easier tax filing, lesser litigation, and a seamless experience for citizens. With the increasing reliance on digital platforms, the CBDT aims to streamline the e-filing portal, making it more user-friendly. The committee's recommendations will be pivotal in addressing existing challenges faced by taxpayers, ensuring a smoother and more efficient filing process. Public participation encouraged In a bid to foster transparency and inclusivity, the CBDT is encouraging public participation in this review process. Stakeholders are invited to submit their suggestions, which will be considered in shaping the future of income tax regulations in India. According to a Press Information Bureau (PIB) release issued on October 7, 2024 the committee invites public inputs and suggestions in four categories i.e., litigation reduction, compliance, and redundant or obsolete provisions. To submit suggestions tax payers are required to visit to the official website of income tax and enter their details under the tab titled: “Suggestions for comprehensive review of Income Tax Act”, upon doing the same they can submit their suggestions through the portal. This initiative reflects the government’s commitment to adapting tax policies that align with contemporary needs while simplifying compliance for taxpayers. As discussions unfold, it remains crucial for all interested parties to engage and share their perspectives on this significant reform.

CBDT establishes committee to overhaul income tax act and enhance e-filing experience

Dolo-maker Micro Labs Ltd. has been charged by the Central Board of Direct Taxes (CBDT) with engaging in "unethical practises" and providing doctors and other medical professionals with free gifts worth roughly USD 125 million (INR 1,000&nbsp;crore) in exchange for endorsing the company's products. PTI reports that the claims follow&nbsp;a raid on 36 Micro Labs Ltd. located across nine states by the Income Tax authorities on July 6 and that although the group was not named in the CBDT statement, sources revealed it was Micro Labs.&nbsp;CBDT said in a statement that following the action against the Bengaluru-based pharma company, the agency seized "unaccounted" cash totalling $150,000&nbsp;(INR 1.20 crore) and gold and diamond jewellery worth $175,000 (INR 1.40 crore).&nbsp;

Watch |&nbsp;Gravitas: Rupee's historic plunge, breaches 80 against dollar

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"The initial gleaning of the evidence has revealed that the group has been debiting in its books of account unallowable expenses on account of the distribution of freebies to the medical professionals under the head 'sales and promotion'," said the Indian I-T department's administrative body.

"During the course of the search operations, substantial incriminating evidence, in the form of documents and digital data, has been found and seized."

Also read |&nbsp;<a href="https://www.wionews.com/trending/how-made-in-india-pill-dolo-650-became-indias-favourite-snack-in-covid-waves-445350">How made-in-India pill Dolo 650 became India’s ‘favourite snack’ in Covid waves</a>

The CBDT also accused the firm of other irregularities.&nbsp;

"Various other means of tax evasion, including inadequate allocation of research and development expenses to eligible units and inflated claim of weighted deduction under section 35 (2AB), have also been detected," the CBDT said.

Reportedly, the department also discovered instances of "violation" of the tax deduction at source (TDS) rules under section 194C of the I-T Act.

Dolo-650 is an oral tablet that is both an analgesic (used to treat pain) and an antipyretic (used to treat fever) that doctors and medical store owners frequently give to coronavirus patients to treat their typical symptoms of pain and fever.

(With inputs from agencies)

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Dolo-maker Micro Labs Ltd. has been charged by the Central Board of Direct Taxes (CBDT) with engaging in "unethical practises" and providing doctors and other medical professionals with free gifts worth roughly USD 125 million (INR 1,000 crore) in exchange for endorsing the company's products.

Dolo-maker Micro Labs Ltd. has been charged by the Central Board of Direct Taxes (CBDT) with engaging in "unethical practises" and providing doctors and other medical professionals with free gifts worth roughly USD 125 million (INR 1,000 crore) in exchange for endorsing the company's products. PTI reports that the claims follow a raid on 36 Micro Labs Ltd. located across nine states by the Income Tax authorities on July 6 and that although the group was not named in the CBDT statement, sources revealed it was Micro Labs. CBDT said in a statement that following the action against the Bengaluru-based pharma company, the agency seized "unaccounted" cash totalling $150,000 (INR 1.20 crore) and gold and diamond jewellery worth $175,000 (INR 1.40 crore). Watch | Gravitas: Rupee's historic plunge, breaches 80 against dollar "The initial gleaning of the evidence has revealed that the group has been debiting in its books of account unallowable expenses on account of the distribution of freebies to the medical professionals under the head 'sales and promotion'," said the Indian I-T department's administrative body. "During the course of the search operations, substantial incriminating evidence, in the form of documents and digital data, has been found and seized." Also read | How made-in-India pill Dolo 650 became India’s ‘favourite snack’ in Covid waves The CBDT also accused the firm of other irregularities. "Various other means of tax evasion, including inadequate allocation of research and development expenses to eligible units and inflated claim of weighted deduction under section 35 (2AB), have also been detected," the CBDT said. Reportedly, the department also discovered instances of "violation" of the tax deduction at source (TDS) rules under section 194C of the I-T Act. Dolo-650 is an oral tablet that is both an analgesic (used to treat pain) and an antipyretic (used to treat fever) that doctors and medical store owners frequently give to coronavirus patients to treat their typical symptoms of pain and fever. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Revealed: How Dolo-650 became India's favourite painkiller - 'gifts' worth millions

Social media influencers and doctors in India will now be subjected to Tax Deducted at Source (TDS) from July 1, for benefits received from businesses for sales promotions. The Central Board of Direct Taxes (CBDT) has issued recommendations on the new provision’s applicability. The Union Budget made provision for TDS on incomes in order to prevent tax revenue leakage by incorporating a new section, 194R into the income Tax Act, 1961. Any individual who gives a resident a benefit of more than 20,000 in a year must pay TDS of 10 per cent, NDTV reported.

The Joint Secretary in the Finance Ministry, Kamlesh C Varshney explained advantages which includes free medicine samples for doctors, overseas flight tickets and free tickets of Indian Premier League (IPL) of business and many more things. He stressed that these items should be revealed while submitting an income tax return and shall not be hidden as they are not being sold.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/upi-records-nearly-6-billion-transactions-worth-rs-10-trillion-in-may-489280">UPI records nearly 6 billion transactions worth Rs 10 trillion in May&nbsp;</a>

The section 194R applies to sellers that offer incentives in cash or any kind such as car, computer, gold coins, mobile phones in addition to discounts.&nbsp;

This gave a break for the customers by exempting sales discounts or cash discounts from the section, claiming if it gets included will put the seller in difficulty. &nbsp;However, if perks such as mobile was returned to the manufacturer after being used for the purpose of service like for a social media influencer, then this new rule doesn’t apply in such cases.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/5g-india-to-hold-spectrum-auction-in-july-mobile-connectivity-set-to-get-10-times-faster-488302">5G: India to hold spectrum auction in July, mobile connectivity set to get 10 times faster</a>

The CBDT specifies that if doctors receive free samples of drugs while working in a hospital, section 194R applies free distribution of samples to the hospital. In case for doctors who work as consultants for a hospital and receive free samples, TDS should be applied first to the hospital which will deduct necessary tax under the section for doctors.&nbsp;

According to CBDT the section doesn’t apply the benefits to if supplied to a government institution that is not engaged in business or profession such as a government hospital.&nbsp;

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(With inputs from agencies)

Social media influencers and doctors in India will now be subjected to Tax Deducted at Source (TDS) from July 1, for benefits received from businesses for sales promotions.

Social media influencers and doctors in India will now be subjected to Tax Deducted at Source (TDS) from July 1, for benefits received from businesses for sales promotions. The Central Board of Direct Taxes (CBDT) has issued recommendations on the new provision’s applicability. The Union Budget made provision for TDS on incomes in order to prevent tax revenue leakage by incorporating a new section, 194R into the income Tax Act, 1961. Any individual who gives a resident a benefit of more than 20,000 in a year must pay TDS of 10 per cent, NDTV reported. The Joint Secretary in the Finance Ministry, Kamlesh C Varshney explained advantages which includes free medicine samples for doctors, overseas flight tickets and free tickets of Indian Premier League (IPL) of business and many more things. He stressed that these items should be revealed while submitting an income tax return and shall not be hidden as they are not being sold. Also read | UPI records nearly 6 billion transactions worth Rs 10 trillion in May The section 194R applies to sellers that offer incentives in cash or any kind such as car, computer, gold coins, mobile phones in addition to discounts. This gave a break for the customers by exempting sales discounts or cash discounts from the section, claiming if it gets included will put the seller in difficulty. However, if perks such as mobile was returned to the manufacturer after being used for the purpose of service like for a social media influencer, then this new rule doesn’t apply in such cases. Also read | 5G: India to hold spectrum auction in July, mobile connectivity set to get 10 times faster The CBDT specifies that if doctors receive free samples of drugs while working in a hospital, section 194R applies free distribution of samples to the hospital. In case for doctors who work as consultants for a hospital and receive free samples, TDS should be applied first to the hospital which will deduct necessary tax under the section for doctors. According to CBDT the section doesn’t apply the benefits to if supplied to a government institution that is not engaged in business or profession such as a government hospital. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. (With inputs from agencies)

India to introduce new tax rules for social media influencers, doctors

In a development that will bound to raise eyebrows, Chinese nationals have been found to be&nbsp;involved in money laundering and hawala transactions in India.&nbsp;

India's tax department conducted searches in 21 locations in Delhi, Ghaziabad and&nbsp;Gurugram after getting "credible information" of the Chinese involvement in money laundering.

The Central Board of direct taxes or CBDT in a statement said, these individuals "were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees."

According to the CBDT, the Chinese nationals created more than 40 bank accounts and credited more than Rs. 1000 crores.

The statement explained "A subsidiary of Chinese company and its related concerns have taken over Rs. 100 crores bogus advances from shell entities for opening businesses of retail showrooms in India."

Incriminating documents related to hawala transactions and money laundering with "active involvement of bank employees and Chartered accountants" have also surfaced.

While investigations are under progress, foreign hawala transactions have also emerged.&nbsp;

One name of Chinese national allegedly involved in the hawala transaction has emerged. While his actual name is Luo Sang, he took a fake identity Charlie Peng with Indian passport he was able to get from Manipur.&nbsp;

He was using 8-10 bank accounts and represented fake Chinese companies in Hawala operations worth Rs 300 crore.

The development comes even as India has tightened scrutiny over Chinese investments in the country, and banned 59 Chinese apps after the Galwan incident on June 15. India lost 20 Indian soldiers in the incident while China also suffered casualties but declined to come up with a number.

In a development that will bound to raise eyebrows, Chinese nationals have been found to be involved in money laundering and hawala transactions in India. India's tax department conducted searches in 21 locations in Delhi, Ghaziabad and Gurugram after getting "credible information" of the Chinese involvement in money laundering.

In a development that will bound to raise eyebrows, Chinese nationals have been found to be involved in money laundering and hawala transactions in India. India's tax department conducted searches in 21 locations in Delhi, Ghaziabad and Gurugram after getting "credible information" of the Chinese involvement in money laundering. The Central Board of direct taxes or CBDT in a statement said, these individuals "were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees." According to the CBDT, the Chinese nationals created more than 40 bank accounts and credited more than Rs. 1000 crores. The statement explained "A subsidiary of Chinese company and its related concerns have taken over Rs. 100 crores bogus advances from shell entities for opening businesses of retail showrooms in India." Incriminating documents related to hawala transactions and money laundering with "active involvement of bank employees and Chartered accountants" have also surfaced. While investigations are under progress, foreign hawala transactions have also emerged. One name of Chinese national allegedly involved in the hawala transaction has emerged. While his actual name is Luo Sang, he took a fake identity Charlie Peng with Indian passport he was able to get from Manipur. He was using 8-10 bank accounts and represented fake Chinese companies in Hawala operations worth Rs 300 crore. The development comes even as India has tightened scrutiny over Chinese investments in the country, and banned 59 Chinese apps after the Galwan incident on June 15. India lost 20 Indian soldiers in the incident while China also suffered casualties but declined to come up with a number.

Chinese national with fake Indian passport involved in money laundering

A day after India's tax department raided Chinese entities uncovering money laundering and hawala transactions in shell companies, the Chinese embassy in Delhi today said that "foreign governments and relevant departments" should enforce the "law impartially" to ensure the "safety and legal rights of Chinese citizens."

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"The Chinese government has always required overseas Chinese citizens to abide by local laws and regulations," the embassy said, adding,"we also require foreign governments and relevant departments to enforce the law impartially to ensure the safety and legal rights of Chinese citizens.

<a href="https://www.wionews.com/india-news/chinese-national-with-fake-indian-passport-involved-in-money-laundering-319822">Also Read:&nbsp;Chinese national with fake Indian passport involved in money laundering</a>

The Central Board of Direct Taxes(CBDT) said during the search it found that Chinese individuals had created 40 bank accounts in dummy entities which entered into credits of more than Rs 1,000 crores.

A Chinese national allegedly involved in the hawala transaction goes with the name Luo Sang. He reportedly took a fake identity, Charlie Peng, with Indian passport which he was allegedly able to get from Manipur.&nbsp;

The tax officials have reportedly shared information of alleged possession of fake Indian passport with police authorities.&nbsp;

"Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 crore over the period," the CBDT said in a statement.

"Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action," it said.

A day after India's tax department raided Chinese entities uncovering money laundering and hawala transactions in shell companies, the Chinese embassy in Delhi today said that "foreign governments and relevant departments" should enforce the "law impartially" to ensure the "safety and legal rights of Chinese citizens.

A day after India's tax department raided Chinese entities uncovering money laundering and hawala transactions in shell companies, the Chinese embassy in Delhi today said that "foreign governments and relevant departments" should enforce the "law impartially" to ensure the "safety and legal rights of Chinese citizens." Watch: "The Chinese government has always required overseas Chinese citizens to abide by local laws and regulations," the embassy said, adding,"we also require foreign governments and relevant departments to enforce the law impartially to ensure the safety and legal rights of Chinese citizens. Also Read: Chinese national with fake Indian passport involved in money laundering The Central Board of Direct Taxes(CBDT) said during the search it found that Chinese individuals had created 40 bank accounts in dummy entities which entered into credits of more than Rs 1,000 crores. A Chinese national allegedly involved in the hawala transaction goes with the name Luo Sang. He reportedly took a fake identity, Charlie Peng, with Indian passport which he was allegedly able to get from Manipur. The tax officials have reportedly shared information of alleged possession of fake Indian passport with police authorities. "Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 crore over the period," the CBDT said in a statement. "Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action," it said.

Always require overseas Chinese citizens to abide by local laws, says China over India's CBDT raids on Chinese entities linked to money laundering

India's tax department today raided Chinese entities&nbsp;and said that Chinese individuals and their Indian associates were "involved in money laundering and hawala transactions through series of shell entities."

The Central Board of Direct taxes(CBDT) said that search action was mounted at various premises of the Chinese entities, their close confederates and bank employees.

CBDT said that after the search action it found that at the behest of Chinese individuals over 40 bank accounts were created in various dummy entities which entered into credits of more than Rs 1,000 crores.

The tax department asserted that the searches were launched based on credible inputs.

"Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action," it said.

The department added that evidence of foreign hawala transactions involving Hong Kong and US dollars were also unearthed.

India's tax department today raided Chinese entities and said that Chinese individuals and their Indian associates were "involved in money laundering and hawala transactions through series of shell entities.

India's tax department today raided Chinese entities and said that Chinese individuals and their Indian associates were "involved in money laundering and hawala transactions through series of shell entities." The Central Board of Direct taxes(CBDT) said that search action was mounted at various premises of the Chinese entities, their close confederates and bank employees. CBDT said that after the search action it found that at the behest of Chinese individuals over 40 bank accounts were created in various dummy entities which entered into credits of more than Rs 1,000 crores. The tax department asserted that the searches were launched based on credible inputs. "Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action," it said. The department added that evidence of foreign hawala transactions involving Hong Kong and US dollars were also unearthed.

India's tax department raids Chinese entities, uncovers money laundering and 'hawala' transactions

The Central Board of Direct Taxes (CBDT) on Tuesday compulsorily retired another 21 Group B officers of the rank of Income Tax officers, due to corruption and other charges, Finance Ministry sources said.

The action has been taken under Fundamental Rule 56 (J) in public interest.&nbsp;

The rule covers group 'A and B' officers who entered service before 35 years of age and have attained 50 years of age, who are facing serious allegations of corruption.&nbsp;

In case, the allegations are found to be true by the review committee, it recommends compulsory retirement. Later, the order is signed by the President.

The sacked officers were posted in Hyderabad, Rajkot, Mumbai, Thane, Sawai Madhopur, Nagpur, Hazaribagh, Jodhpur, Bikaner, Ujjain and Bhopal.

In Septemeber, the CBDT gave marching orders to 15 senior officers following an investigation into charges of corruption against them.

In June, 27 high-ranking Indian Revenue Service officers including 12 officers from the Central Board of Direct Taxes were compulsorily retired.

The Central Board of Direct Taxes (CBDT) on Tuesday compulsorily retired another 21 Group B officers of the rank of Income Tax officers, due to corruption and other charges, Finance Ministry sources said.

The Central Board of Direct Taxes (CBDT) on Tuesday compulsorily retired another 21 Group B officers of the rank of Income Tax officers, due to corruption and other charges, Finance Ministry sources said. The action has been taken under Fundamental Rule 56 (J) in public interest. The rule covers group 'A and B' officers who entered service before 35 years of age and have attained 50 years of age, who are facing serious allegations of corruption. In case, the allegations are found to be true by the review committee, it recommends compulsory retirement. Later, the order is signed by the President. The sacked officers were posted in Hyderabad, Rajkot, Mumbai, Thane, Sawai Madhopur, Nagpur, Hazaribagh, Jodhpur, Bikaner, Ujjain and Bhopal. In Septemeber, the CBDT gave marching orders to 15 senior officers following an investigation into charges of corruption against them. In June, 27 high-ranking Indian Revenue Service officers including 12 officers from the Central Board of Direct Taxes were compulsorily retired.

CBDT compulsorily retires 21 Income Tax officers for corruption, other charges: Sources

The Election Commission has called the revenue secretary and chairman, Central Board of Direct Taxes on Tuesday to discuss ongoing income tax raids.

Revenue Secretary A B Pandey and CBDT Chairman P C Mody have been called to explain the raids amid allegations by the Congress that the ruling BJP was using enforcement agencies to target it during the poll season.

The EC had on Sunday "strongly advised" the Finance Ministry that any action by its enforcement agencies during election time should be "neutral" and "non-discriminatory" and officials of the poll panel should be kept in loop about such actions.

The EC's advice had come against the backdrop of Income Tax Department's raids in Madhya Pradesh Sunday and in Karnataka, Tamil Nadu and Andhra Pradesh in the recent past on politicians and people connected to them.&nbsp;

Since the Model Code Conduct came into force on March 10, the I-T Department has carried out several raids on political leaders and their associates which the opposition has dubbed a misuse of central agencies during poll season.

The Income-Tax Department Monday said it has detected a "widespread and well-organised" racket of a collection of unaccounted cash of about Rs 281 crore during raids against close aides of Madhya Pradesh Chief Minister Kamal Nath and others.

It said sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.?

The Central Board of Direct Taxes (CBDT) said the department has also detected a trail of Rs 20 crore suspect cash allegedly being moved to the "headquarters of a major political party in Delhi" from the house of an important person who lives on Tughlaq Road, home to many VIPs.

The Election Commission has called the revenue secretary and chairman, Central Board of Direct Taxes on Tuesday to discuss ongoing income tax raids. Revenue Secretary A B Pandey and CBDT Chairman P C Mody have been called to explain the raids amid allegations by the Congress that the ruling BJP was using enforcement agencies to target it during the poll season.

The Election Commission has called the revenue secretary and chairman, Central Board of Direct Taxes on Tuesday to discuss ongoing income tax raids. Revenue Secretary A B Pandey and CBDT Chairman P C Mody have been called to explain the raids amid allegations by the Congress that the ruling BJP was using enforcement agencies to target it during the poll season. The EC had on Sunday "strongly advised" the Finance Ministry that any action by its enforcement agencies during election time should be "neutral" and "non-discriminatory" and officials of the poll panel should be kept in loop about such actions. The EC's advice had come against the backdrop of Income Tax Department's raids in Madhya Pradesh Sunday and in Karnataka, Tamil Nadu and Andhra Pradesh in the recent past on politicians and people connected to them. Since the Model Code Conduct came into force on March 10, the I-T Department has carried out several raids on political leaders and their associates which the opposition has dubbed a misuse of central agencies during poll season. The Income-Tax Department Monday said it has detected a "widespread and well-organised" racket of a collection of unaccounted cash of about Rs 281 crore during raids against close aides of Madhya Pradesh Chief Minister Kamal Nath and others. It said sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.? The Central Board of Direct Taxes (CBDT) said the department has also detected a trail of Rs 20 crore suspect cash allegedly being moved to the "headquarters of a major political party in Delhi" from the house of an important person who lives on Tughlaq Road, home to many VIPs.

IT raids: Election Commission calls CBDT chairman, Revenue Secretary

The government announced Sunday that the deadline for people to link their Aadhaar numbers to their PAN (Permanent Account Number) numbers had been extended to September 31.&nbsp;

The earlier deadline had been Sunday, March 31. The new extension is of six months.&nbsp;

<a href="https://www.wionews.com/india-news/linking-aadhaar-pan-mandatory-to-be-completed-by-march-31-central-board-of-direct-taxes-197587">This is the sixth time the government has extended the deadline</a> for individuals to link their Permanent Account Number (PAN) to their Aadhaar numbers.

In June last year, the government had said that PAN had to be linked to Aadhaar by March 31.

"....Now the cut-off date for intimating the Aadhaar number and linking PAN with Aadhaar is September 30, 2019, unless specifically exempted," the Central Board of Direct Taxes (CBDT) said in a statement.

However, the CBDT added, the quoting of Aadhaar while filing income tax returns (ITRs) will be mandatory from April 1, 2019.

The CBDT said there were reports that those PANs which are not linked with Aadhaar number by March 31 may be invalidated, following which the matter was considered by the government and the date extended till September 30.

(With inputs from PTI)

The government announced Sunday that the deadline for people to link their Aadhaar numbers to their PAN (Permanent Account Number) numbers had been extended to September 31.

The government announced Sunday that the deadline for people to link their Aadhaar numbers to their PAN (Permanent Account Number) numbers had been extended to September 31. The earlier deadline had been Sunday, March 31. The new extension is of six months. This is the sixth time the government has extended the deadline for individuals to link their Permanent Account Number (PAN) to their Aadhaar numbers. In June last year, the government had said that PAN had to be linked to Aadhaar by March 31. "....Now the cut-off date for intimating the Aadhaar number and linking PAN with Aadhaar is September 30, 2019, unless specifically exempted," the Central Board of Direct Taxes (CBDT) said in a statement. However, the CBDT added, the quoting of Aadhaar while filing income tax returns (ITRs) will be mandatory from April 1, 2019. The CBDT said there were reports that those PANs which are not linked with Aadhaar number by March 31 may be invalidated, following which the matter was considered by the government and the date extended till September 30. (With inputs from PTI)

Aadhaar-PAN linking deadline extended to September 30, 2019: Central Board of Direct Taxes

CBDT Chairman Sushil Chandra was on Thursday appointed as an Election Commissioner ahead of the Lok Sabha polls due this summer.

Chandra, an IIT graduate, is a 1980 batch officer of the Indian Revenue Service (Income Tax cadre).&nbsp;

With his appointment, the EC now has Sunil Arora as the Chief Election Commissioner and Ashok Lavasa and Chandra as fellow commissioners.

The Law Ministry issued a notification announcing his appointment.

Chandra, 61, will have to resign from CBDT, where he is serving, before joining the poll panel.

He will assume his new charge on Friday.

Since Chandra has expertise in taxation and investigation, he could help the poll panel in election expenditure by political parties and candidates, a senior EC official felt.

Before Chandra, T S Krishnamurthy was the other IRS officer to be appointed as election commissioner. He went on to become the chief election commissioner in 2004.

Chandra was appointed as CBDT chief in November, 2016 and has since been given two extensions. He was due to retire in May.

When Om Prakah Rawat retired as chief election commissioner in November, 2018, Arora, then an election commissioner, took over as the chief of the poll panel. After Rawat's retirement, there was a vacancy in the election watchdog which has now been filled.

While Arora and Lavasa are 1980 batch IAS officers, Chandra is also from the 1980 batch, but from IRS.

Chandra will retire in May, 2022 on turning 65. Lavasa would retire a few months later in October, 2022. CEC Arora has a tenure till April, 2012.

The CEC or an EC can have a tenure of six years or hold office till the age of 65 years, whichever is earlier. The convention is to appoint the senior-most election commissioner as chief election commissioner.

Chandra completed his B Tech from Roorkee University and LLB from Dehradun and joined Indian Revenue Service in 1980.

He has served in Uttar Pradesh, Rajasthan, Delhi, Gujarat and Mumbai and has worked in the areas of international taxation and investigation at various places.&nbsp;

He was commissioner of Income Tax (Appeals) International Taxation at Delhi.&nbsp;

Before being appointed chairman of CBDT, he was member (Investigation) in the Board.&nbsp; 
&nbsp;

CBDT Chairman Sushil Chandra was on Thursday appointed as an Election Commissioner ahead of the Lok Sabha polls due this summer. Chandra, an IIT graduate, is a 1980 batch officer of the Indian Revenue Service (Income Tax cadre).

CBDT Chairman Sushil Chandra was on Thursday appointed as an Election Commissioner ahead of the Lok Sabha polls due this summer. Chandra, an IIT graduate, is a 1980 batch officer of the Indian Revenue Service (Income Tax cadre). With his appointment, the EC now has Sunil Arora as the Chief Election Commissioner and Ashok Lavasa and Chandra as fellow commissioners. The Law Ministry issued a notification announcing his appointment. Chandra, 61, will have to resign from CBDT, where he is serving, before joining the poll panel. He will assume his new charge on Friday. Since Chandra has expertise in taxation and investigation, he could help the poll panel in election expenditure by political parties and candidates, a senior EC official felt. Before Chandra, T S Krishnamurthy was the other IRS officer to be appointed as election commissioner. He went on to become the chief election commissioner in 2004. Chandra was appointed as CBDT chief in November, 2016 and has since been given two extensions. He was due to retire in May. When Om Prakah Rawat retired as chief election commissioner in November, 2018, Arora, then an election commissioner, took over as the chief of the poll panel. After Rawat's retirement, there was a vacancy in the election watchdog which has now been filled. While Arora and Lavasa are 1980 batch IAS officers, Chandra is also from the 1980 batch, but from IRS. Chandra will retire in May, 2022 on turning 65. Lavasa would retire a few months later in October, 2022. CEC Arora has a tenure till April, 2012. The CEC or an EC can have a tenure of six years or hold office till the age of 65 years, whichever is earlier. The convention is to appoint the senior-most election commissioner as chief election commissioner. Chandra completed his B Tech from Roorkee University and LLB from Dehradun and joined Indian Revenue Service in 1980. He has served in Uttar Pradesh, Rajasthan, Delhi, Gujarat and Mumbai and has worked in the areas of international taxation and investigation at various places. He was commissioner of Income Tax (Appeals) International Taxation at Delhi. Before being appointed chairman of CBDT, he was member (Investigation) in the Board.

CBDT chief Sushil Chandra appointed Election Commissioner

The Central Board of Direct Taxes has stressed that Aadhaar-PAN linking is "mandatory" for those filing an Income Tax Return (ITR) and this procedure has to be "completed" by March 31 this year.

"Constitutional validity of Aadhaar has been upheld by the Supreme Court of India in September, 2018. Consequently, in terms of Section 139AA of Income Tax Act, 1961 and order dated June 30, 2018 of the Central Board of Direct Taxes, Aadhaar-PAN linking is mandatory now which has to be completed till March 31, 2019 by PAN holders requiring filing of ITR," the CBDT said in an advisory Thursday.

The Supreme Court on February 6 had confirmed that linkage of PAN with Aadhaar is mandatory for filing of ITRs.&nbsp;

This reiteration of the September order of the apex court came on an appeal filed by the Centre against a Delhi High Court order allowing two persons, to file their ITRs for 2018-19 without linking their Aadhaar and PAN numbers.

A bench comprising Justices A K Sikri and S Abdul Nazeer said the top court has already decided the matter and upheld the section 139AA of the Income Tax Act.

The apex court on September 26 last year had declared the Centre's flagship Aadhaar scheme as constitutionally valid but struck down some of its provisions including its linking with bank accounts, mobile phones and school admissions.

Former CBDT Chairman Sushil Chandra, early this month at an event, had said that just 23 crore PAN card holders-- over half of the total PAN card holders -- have so far linked their cards with biometric ID Aadhaar.

He had said the I-T Department has so far issued 42 crore permanent account numbers (PAN), of which 23 crore have been linked with Aadhaar.

Chandra said that once Aadhaar is linked with PAN and PAN is linked with bank account, the I-T department can find out spending pattern and other details of the assessee.

Also since many agencies are linked with Aadhaar, it would be easier to gauge whether the benefits of welfare schemes are availed by eligible persons, he said.

Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to tax authorities.&nbsp;

While Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India, PAN is a 10-digit alphanumeric number allotted by the IT Department to a person, firm or entity.&nbsp;

The CBDT formulates policy for the tax department.&nbsp;

The Central Board of Direct Taxes has stressed that Aadhaar-PAN linking is "mandatory" for those filing an Income Tax Return (ITR) and this procedure has to be "completed" by March 31 this year.

The Central Board of Direct Taxes has stressed that Aadhaar-PAN linking is "mandatory" for those filing an Income Tax Return (ITR) and this procedure has to be "completed" by March 31 this year. "Constitutional validity of Aadhaar has been upheld by the Supreme Court of India in September, 2018. Consequently, in terms of Section 139AA of Income Tax Act, 1961 and order dated June 30, 2018 of the Central Board of Direct Taxes, Aadhaar-PAN linking is mandatory now which has to be completed till March 31, 2019 by PAN holders requiring filing of ITR," the CBDT said in an advisory Thursday. The Supreme Court on February 6 had confirmed that linkage of PAN with Aadhaar is mandatory for filing of ITRs. This reiteration of the September order of the apex court came on an appeal filed by the Centre against a Delhi High Court order allowing two persons, to file their ITRs for 2018-19 without linking their Aadhaar and PAN numbers. A bench comprising Justices A K Sikri and S Abdul Nazeer said the top court has already decided the matter and upheld the section 139AA of the Income Tax Act. The apex court on September 26 last year had declared the Centre's flagship Aadhaar scheme as constitutionally valid but struck down some of its provisions including its linking with bank accounts, mobile phones and school admissions. Former CBDT Chairman Sushil Chandra, early this month at an event, had said that just 23 crore PAN card holders-- over half of the total PAN card holders -- have so far linked their cards with biometric ID Aadhaar. He had said the I-T Department has so far issued 42 crore permanent account numbers (PAN), of which 23 crore have been linked with Aadhaar. Chandra said that once Aadhaar is linked with PAN and PAN is linked with bank account, the I-T department can find out spending pattern and other details of the assessee. Also since many agencies are linked with Aadhaar, it would be easier to gauge whether the benefits of welfare schemes are availed by eligible persons, he said. Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to tax authorities. While Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India, PAN is a 10-digit alphanumeric number allotted by the IT Department to a person, firm or entity. The CBDT formulates policy for the tax department.

Linking Aadhaar-PAN to be completed by March 31: Central Board of Direct Taxes

The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday.

Releasing key statistics of income tax and direct taxes for a period of about four years, the policy-making body of the IT department said the number of individual taxpayers earning over Rs 1 crore annually had seen a growth of about 68 per cent.

"The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase.

"While 88,649 taxpayers had disclosed income above Rs 1 crore in assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent," the CBDT said.

Similarly, it said, the number of individual taxpayers disclosing income above Rs 1 crore had increased during the same period from 48,416 to 81,344, which translated into a growth of 68 per cent.

CBDT Chairman Sushil Chandra said these numbers were a result of putting in a number of legislative, informative and enforcement efforts by the tax department over the last four years.

The data also added that a growth of more than 80 per cent was registered in the number of returns filed in the last four financial years -- from 3.79 crore in 2013-14 to 6.85 crore in 2017-18.

The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday.

The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday. Releasing key statistics of income tax and direct taxes for a period of about four years, the policy-making body of the IT department said the number of individual taxpayers earning over Rs 1 crore annually had seen a growth of about 68 per cent. "The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase. "While 88,649 taxpayers had disclosed income above Rs 1 crore in assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent," the CBDT said. Similarly, it said, the number of individual taxpayers disclosing income above Rs 1 crore had increased during the same period from 48,416 to 81,344, which translated into a growth of 68 per cent. CBDT Chairman Sushil Chandra said these numbers were a result of putting in a number of legislative, informative and enforcement efforts by the tax department over the last four years. The data also added that a growth of more than 80 per cent was registered in the number of returns filed in the last four financial years -- from 3.79 crore in 2013-14 to 6.85 crore in 2017-18.

In last 4 years, number of Indian crorepatis has risen by 60%: Tax Board

The Central Board of Direct Taxes today extended the deadline for linking the permanent account number and Aadhaar to June 30. The policy-making body of the tax department issued an order extending the deadline from the current last date of March 31.

A statement from CBDT said after "consideration of the matter", it has decided to extend the deadline.Earlier in March, the Supreme Court indefinitely extended the deadline for linking Aadhaar with bank accounts and mobile phones.

March 31 was also the previous deadline for linking of Aadhaar with bank accounts and mobile phones to avail their services.&nbsp;

This is the fourth extension given by the government for individuals to link their Permanent Account Number with their biometric ID (Aadhaar).

The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN. Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities.

March 31 was also the previous deadline for linking of Aadhaar with bank accounts and mobile phones to avail their services.

The Central Board of Direct Taxes today extended the deadline for linking the permanent account number and Aadhaar to June 30. The policy-making body of the tax department issued an order extending the deadline from the current last date of March 31. A statement from CBDT said after "consideration of the matter", it has decided to extend the deadline.Earlier in March, the Supreme Court indefinitely extended the deadline for linking Aadhaar with bank accounts and mobile phones. March 31 was also the previous deadline for linking of Aadhaar with bank accounts and mobile phones to avail their services. This is the fourth extension given by the government for individuals to link their Permanent Account Number with their biometric ID (Aadhaar). The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN. Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities.

Aadhaar-PAN linking deadline extended to June 30: CBDT

The chief of Central Board of Direct Taxes (CBDT) Sushil Chandra said that those who have earned from Bitcoin will have to pay taxes and they will also have to declare their source of income.&nbsp;

He said that action will be taken against them if they do not pay their tax.&nbsp;

CBDT chief said &quot; Those who have earned from Bitcoin would have to give tax. Their source of income would also be asked and if they don&#39;t pay tax, action will be taken against them&quot;.&nbsp;

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Those who have earned from <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>, would have to give tax. Their source of income would also be asked and if they don&#39;t pay tax, action will be taken against them: CBDT Chief Sushil Chandra (File Pic) <a href="https://t.co/q5BVDSAIY6">pic.twitter.com/q5BVDSAIY6</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/960789777997017088?ref_src=twsrc%5Etfw">February 6, 2018</a></blockquote>
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CBDT chief said 'Those who have earned from Bitcoin would have to give tax. Their source of income would also be asked and if they don't pay tax, action will be taken against them'

The chief of Central Board of Direct Taxes (CBDT) Sushil Chandra said that those who have earned from Bitcoin will have to pay taxes and they will also have to declare their source of income. He said that action will be taken against them if they do not pay their tax. CBDT chief said " Those who have earned from Bitcoin would have to give tax. Their source of income would also be asked and if they don't pay tax, action will be taken against them". Those who have earned from #Bitcoin, would have to give tax. Their source of income would also be asked and if they don't pay tax, action will be taken against them: CBDT Chief Sushil Chandra (File Pic) pic.twitter.com/q5BVDSAIY6 — ANI (@ANI) February 6, 2018 ×

Earnings from Bitcoin will be taxed: CBDT chief

Direct tax collections for the financial year 2017-18 have gone up by 14.4%, the Central Board of Direct Taxes said Saturday.&nbsp;

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Direct Tax Collections for Financial Year 2017-18 shows growth of 14.4% up to November 2017: Central Board of Direct Taxes <a href="https://t.co/yG6rcPo0oG">pic.twitter.com/yG6rcPo0oG</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/939442592801894400?ref_src=twsrc%5Etfw">December 9, 2017</a></blockquote>
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The figures are up to November 2017.&nbsp;

The provisional figures of direct tax collections up to November 2017 show net collections are at Rs 4.8 lakh crore which is a 14.4% increase over the corresponding period the previous year.&nbsp;

Direct tax collections for the financial year 2017-18 have gone up by 14.4%, the Central Board of Direct Taxes said Saturday. Direct Tax Collections for Financial Year 2017-18 shows growth of 14.4% up to November 2017: Central Board of Direct Taxes pic.twitter.com/yG6rcPo0oG — ANI (@ANI) December 9, 2017 × The figures are up to November 2017. The provisional figures of direct tax collections up to November 2017 show net collections are at Rs 4.8 lakh crore which is a 14.4% increase over the corresponding period the previous year.

Direct tax collections for FY 2017-18 up 14.4%

Accounts of individuals and entities in India opened between July 1, 2014 to August 31, 2016 will have to be self certified by the account holders or face closure by April 30, the country&#39;s Central Board of Direct Taxes said in a statement Wednesday.

The tax department has asked financial institutions&nbsp;to obtain self-certification from account holders in order to comply with the Foreign Accounts Tax Compliance Act (FATCA) provision and avoid the blocking of accounts.

The FATCA allows automatic exchange of financial information between India and the US. &nbsp;

Under the FATCA provisions, financial institutions are required to obtain self-certification and documentation or else they were required to close the accounts and report the ones found to be &quot;reportable accounts&quot; as per the prescribed due diligence procedure for a pre-existing account.

&quot;The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts,&quot; the Central Board of Direct Taxes (CBDT) said in a statement.

The CBDT also advised all financial institutions that all efforts should be made by them to obtain self-certification.&nbsp;

India had entered into an agreement with the US for the implementation of the Foreign Accounts Tax Compliance Act with effect from August 31, 2015.

Under the Income Tax rules, the financial institutions had to obtain self-certification from account holders by August 31, 2016, for all individual and entity accounts opened from July 1, 2014 to August 31, 2015.

However, in view of difficulties faced by stakeholders, the tax department indefinitely extended the deadline for complying with self-certification norms on August 31 last year.

The CBDT said in today&#39;s statement that it had received queries from&nbsp;financial institutions regarding the revised time lines for completion of due diligence.

It said if the account is blocked due to lack of self-certification, then the transactions by the account holder in such blocked accounts will be permitted once the self-certification is obtained and due diligence is completed.

(WION with inputs from PTI) 
&nbsp;

Financial institutions have to obtain self-certification for all individual and entity accounts opened between 2014 and 2015

Accounts of individuals and entities in India opened between July 1, 2014 to August 31, 2016 will have to be self certified by the account holders or face closure by April 30, the country's Central Board of Direct Taxes said in a statement Wednesday. The tax department has asked financial institutions to obtain self-certification from account holders in order to comply with the Foreign Accounts Tax Compliance Act (FATCA) provision and avoid the blocking of accounts. The FATCA allows automatic exchange of financial information between India and the US. Under the FATCA provisions, financial institutions are required to obtain self-certification and documentation or else they were required to close the accounts and report the ones found to be "reportable accounts" as per the prescribed due diligence procedure for a pre-existing account. "The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts," the Central Board of Direct Taxes (CBDT) said in a statement. The CBDT also advised all financial institutions that all efforts should be made by them to obtain self-certification. India had entered into an agreement with the US for the implementation of the Foreign Accounts Tax Compliance Act with effect from August 31, 2015. Under the Income Tax rules, the financial institutions had to obtain self-certification from account holders by August 31, 2016, for all individual and entity accounts opened from July 1, 2014 to August 31, 2015. However, in view of difficulties faced by stakeholders, the tax department indefinitely extended the deadline for complying with self-certification norms on August 31 last year. The CBDT said in today's statement that it had received queries from financial institutions regarding the revised time lines for completion of due diligence. It said if the account is blocked due to lack of self-certification, then the transactions by the account holder in such blocked accounts will be permitted once the self-certification is obtained and due diligence is completed. (WION with inputs from PTI)

India: Bank accounts not self-certified by April 30 to be blocked

Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said today.

The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up to 85 per cent tax and penalty on undisclosed wealth that is discovered by tax authorities during search and seizure.

Dispelling rumours that jewellery would be covered under the amended law, the Central Board of Direct Taxes (CBDT) said the government has not introduced any new provision regarding chargeability of tax on jewellery.

&quot;The jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions,&quot; the CBDT said.

During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 gm per unmarried women as also 100 gm per male member of the family, it said.

&quot;Further, legitimate holding of jewellery up to any extent is fully protected,&quot; it added.

The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.

Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent.

CBDT said: &quot;Tax rate under section 115BBE is proposed to be increased only for unexplained income as there were reports that the tax evaders are trying to include their undisclosed income in the return of income as business income or income from other sources.

&quot;The provisions of section 115BBE apply mainly in those cases where assets or cash etc. Are sought to be declared as &#39;unexplained cash or asset&#39; or where it is hidden as unsubstantiated business income, and the Assessing Officer detects it as such.&quot;

The Bill also proposes to raise penalty under I-T Act for search and seizure cases by 3-fold to 30 per cent, a move aimed at deterring black money holders, from 10 or 20 per cent currently.

Once the amendments are approved by Parliament, there would be a penalty of 30 per cent of unaccounted income, if admitted and taxes are paid. This would take the total incidence of tax and penalty to 60 per cent.

While proposing to amend Section 271AAB, the government has decided to retain the provision of levying penalty of 60 per cent of income in &quot;any other cases&quot;. That would raise the incidence of tax and penalty to 90 per cent.

During 2015-16, the I-T Department conducted 445 searches which discovered undisclosed income of Rs 11,066 crore. Total assets seized were Rs 712.68 crore.

Also 545 searches conducted in 2014-15 have led to admission of undisclosed income worth Rs 10,288 crore. Total assets seized amounted to Rs 761.70 crore.

Besides, 569 searches in 2013-14 saw admission of undisclosed income of Rs 10,791.63 crore and asset seizure of Rs 807.84 crore.

This took the total undisclosed income which was admitted during searches to Rs 32,146 crore.

Search and seizure operations are conducted by the tax department when the Assessing Officer believes that the assessee is unlikely to produce books of accounts or likely to suppress books of account and other documents which may be useful and relevant to an income tax proceedings.

(PTI)

Central Board of Direct Taxes (CBDT) said the government has not introduced any new provision regarding chargeability of tax on jewellery

Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said today. The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up to 85 per cent tax and penalty on undisclosed wealth that is discovered by tax authorities during search and seizure. Dispelling rumours that jewellery would be covered under the amended law, the Central Board of Direct Taxes (CBDT) said the government has not introduced any new provision regarding chargeability of tax on jewellery. "The jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions," the CBDT said. During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 gm per unmarried women as also 100 gm per male member of the family, it said. "Further, legitimate holding of jewellery up to any extent is fully protected," it added. The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders. Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent. CBDT said: "Tax rate under section 115BBE is proposed to be increased only for unexplained income as there were reports that the tax evaders are trying to include their undisclosed income in the return of income as business income or income from other sources. "The provisions of section 115BBE apply mainly in those cases where assets or cash etc. Are sought to be declared as 'unexplained cash or asset' or where it is hidden as unsubstantiated business income, and the Assessing Officer detects it as such." The Bill also proposes to raise penalty under I-T Act for search and seizure cases by 3-fold to 30 per cent, a move aimed at deterring black money holders, from 10 or 20 per cent currently. Once the amendments are approved by Parliament, there would be a penalty of 30 per cent of unaccounted income, if admitted and taxes are paid. This would take the total incidence of tax and penalty to 60 per cent. While proposing to amend Section 271AAB, the government has decided to retain the provision of levying penalty of 60 per cent of income in "any other cases". That would raise the incidence of tax and penalty to 90 per cent. During 2015-16, the I-T Department conducted 445 searches which discovered undisclosed income of Rs 11,066 crore. Total assets seized were Rs 712.68 crore. Also 545 searches conducted in 2014-15 have led to admission of undisclosed income worth Rs 10,288 crore. Total assets seized amounted to Rs 761.70 crore. Besides, 569 searches in 2013-14 saw admission of undisclosed income of Rs 10,791.63 crore and asset seizure of Rs 807.84 crore. This took the total undisclosed income which was admitted during searches to Rs 32,146 crore. Search and seizure operations are conducted by the tax department when the Assessing Officer believes that the assessee is unlikely to produce books of accounts or likely to suppress books of account and other documents which may be useful and relevant to an income tax proceedings. (PTI)

No tax on ancestral jewellery, purchase from disclosed income

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