Income Tax notices sent to individual taxpayers over lower FY20 TDS. INTRAC
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Income Tax notices sent to individual taxpayers over lower FY20 TDS
Income tax authorities have sent out several notices to individual taxpayers on account of lower tax deductions at source for FY20. While some of the notices cite lower tax paid on credit card expenditures over Rs 1 lakh, some cite high interest income earned by assessees on which tax has not been paid.
People aware of the development said that the notices could be in large numbers, since the tax department’s new intelligence system has automatically flagged possible tax liabilities
Read more at:
https://economictimes.indiatimes.com/news/econo...
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I think that credit card amount should be 10 lac
1 lac spending, I think students having credit cards here might also achieve by trading
Spending 1 lakh on CC and not filing ITR.
many people forget to disclose Interest on Savings Account and RD/FD. The IT Dept software will pick these returns for notices.
Interest on saving account is exempt upto 10000pa.
Notice comes when the ai catches expenditure more than income, (people rotate money, pay others bills for small cashback income,etc)
The scope of Statement of Financial Transactions (SFT) has been expanded to widen the tax base. Once the CBDT releases the notification in this regard, the notified persons should report the following transactions in their SFT:
PROPOSED TRANSACTIONS :
Payment to hotels above Rs. 20,000
Payment of property tax above Rs.20,000
Payment of health insurance premium above Rs.20,000
Payment of rent above Rs.40,000
Payment of life insurance premium above Rs.50,000
Electricity consumption above Rs.1 lakh
Payment of educational fee/donations above Rs.1 lakh p.a
Purchase of jewellery, white goods, painting, marble etc. above Rs.1 lakh
Deposit/credits in the current account above Rs.50 lakh
Deposit/credits in the non-current account such as savings accounts above Rs.25 lakh
Domestic business class air travel or foreign travel
Bank lockers
Updated List can be seen here
https://www.incometaxindia.gov.in/pages/rules/i...
Thanks for the info
It will be likely from Next Financial Year.
As Due date of Filing, this information is 31st May and Department has not issued any amended forms for filing this information so far.
@drupal
I clicked the like button by mistake. How to unlike it?
A elected representative of the people deserves more respect, please edit that comment.
I just called a precious vegetable name which was insulted by Onion Aunty
Tell this to andhbhakts and see how they treat elected representatives
Don’t preach me here
Start wearing gloves so that you don’t touch here an there and things remain clean and sanitized
The reporting of interest above Rs. 5000 from all banks was taken by the Income Tax Department under a special project ‘Special Pilot Project (SPP)-Interest’…. The department has the powers to get whatever information it wants if it feels that there is scope for tax evasion… The reporting for these transactions are not listed under any existing IT law.
Similarly it can get details of credit card spending over an X limit to send notices to users who are not filing IT returns to understand their source of income.
Banks only deduct TDS on FD interest and not on savings interest but savings interest more than 10000 is taxable in the hands of taxpayers, so it is the duty of taxpayer to show savings interest in his ITR, and for credit card total credit card payments of 10 lakhs and cash payments of 1 lakhs will be reported in sft, hope this will help and if anyone has doubts about income tax IAM here to help as IAM pursuing CA Final
Etna paisa loot kar karenge kya ? Kam se kam saving ka interest to exempt kr do . Or govt. can impose 0.25% tax on savings direct deducted from banks to avoid all the mess to tax payers . Lv*e ka SARAL process hai.
Days are not far where Govt will impose 90% tax on income.
They will make living like hell, better to die than living here in this Slave (Gulami) World.
ok
Got the entry of 10,36,681 under SFT-006 in 26as for 20-21fy
Nothing to worry if its explainable
Can someone explain in saral bhasha ?