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<ul><li><keyword id="6357456" type="General" weightage="100" keywordseo="huawei" source="Orion">Huawei</keyword> has come under the scanner of Indian agencies over tax evasion.</li><li>The Income Tax department has accused Huawei of repatriating large amounts of money to its parent company in China.</li><li>The department has claimed that Huawei sent the money in the form of dividends to reduce its taxable income.</li></ul>Chinese smartphone maker Huawei is the latest company to come under the scanner of Indian agencies. The Income Tax (IT) department has accused Huawei India of repatriating large amounts of money to its parent company in China. According to an Economic Times <a href="https://economictimes.indiatimes.com/news/india/huawei-india-sent-huge-sums-to-parent-even-as-revenue-fell-says-tax-dept/articleshow/92735497.cms">report</a>, Huawei has been accused of repatriating large amounts of money in the form of dividends to reduce its taxable income in India. <cmsannotation type="cmsannotation" annotationid="Huawei sent ₹750 crore as dividends despite dwindling revenues" comment="subhead" text="Huawei sent ₹750 crore as dividends despite dwindling revenues">Huawei sent ₹750 crore as dividends despite dwindling revenues</cmsannotation> The <keyword id="59032" type="General" weightage="20" keywordseo="it-department" source="Orion">IT department</keyword> has claimed discrepancies in the income declared by Huawei in India for at least two financial years. The department has alleged that the company had remitted ₹750 crore as dividends “even when its revenue was reducing drastically”. Huawei has been under the IT department’s scanner for quite some time now. In February, the department had frozen the bank accounts of the company after it found evidence of tax evasion during a search operation. The Delhi High Court had <a href="https://economictimes.indiatimes.com/industry/telecom/huawei-india-ceo-3-executives-summoned-in-i-t-case/articleshow/92137955.cms">summoned</a> the chief executive officer and three executives of Huawei after a complaint was filed by the IT department claiming the company was withholding information. “The non-compliance by the accused company and its officers had resulted in obstruction and stifling of search action of authorized officers,” the court had said in its order. Huawei in its petition to the court had claimed that the freeze on its accounts without any notice had affected its business. In its response to Huawei’s claims, the IT department claimed that it had "incriminating material" against Huawei and added that the company’s petition is "a ploy raised on frivolous grounds just to obstruct departmental proceedings and to avoid consequential payment of taxes". <cmsannotation type="cmsannotation" annotationid="Not the first Chinese company to come under the scanner" comment="subhead" text="Not the first Chinese company to come under the scanner">Not the first <keyword id="149012" type="General" weightage="20" keywordseo="chinese-company" source="Orion">Chinese company</keyword> to come under the scanner</cmsannotation> Huawei is not the first Chinese smartphone maker to come under the scanner of Indian agencies. Earlier this year, the Enforcement Directorate (ED) had <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">claimed</a> that Xiaomi had illegally remitted ₹5,551.27 crore. After Xiaomi, <keyword id="215177" type="General" weightage="20" keywordseo="vivo" source="Orion">Vivo</keyword> came under the scanner of ED, and earlier this month, the financial watchdog revealed that the company has transferred nearly <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">$8 billion</a> to its parent company in China over a five year period, which amounted to around 50% of the company’s turnover during the period. The ED is investigating violations of the Prevention of Money Laundering Act (PMLA) act by the Chinese smartphone maker. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">Vivo reportedly transferred nearly $8 billion to its parent company in China</a> <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a> <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner</a>

Chinese smartphone maker Huawei comes under the IT department’s scanner over tax evasion

Under law and order

	The Income Tax Department of India has cautioned taxpayers against sharing their PIN or password of mails, saying that the authority never asks for any such details.

	In a statement released, the department said that taxpayers should be aware that the department never asks for confidential or financial information of the taxpayer over emails.

	"The Income Tax Department never asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail," it said.

	"The Income Tax Department appeals to taxpayers not to respond to such emails and NOT to share information relating to their credit card, bank and other financial accounts," it added.

	The Income Tax Department, in the recent past, has made good use of technology in implementing its e-governance initiatives, with most of its routine communication to taxpayers being done through email and SMS.

	"Therefore, the department is very sensitive and alert to attempts made by fraudsters to spoof the Department's identity to send phishing emails," it said.

	The statement further added that all taxpayer reports of phishing emails are forwarded to <a href="mailto:incident@cert-in.org.in">incident@cert-in.org.in</a>, which is an agency of the government of India and is mandated to fight against such threats.

Don’t share PINs and passwords, IT Dept cautions taxpayers

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd"><html><body><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>Data. The very word conjures up thoughts of responsibility in the typical data center. For most IT departments, it's all about processing the data, providing the data, storing the data, and protecting the data - all in a quest to achieve business goals.Yet IT departments are drowning in another type of data, one invaluable to operations. But many of them wrongly assume it offers little in return for the business process.That data comes in the form of logs, alerts, transactions, and packets, and it is all automatically generated by the system-wide infrastructure and associated devices. Simply put, every layer of the stack creates some type of data that has value - data that is used by assorted management consoles and tools to keep IT workers informed of infrastructure and application health. It sounds simple enough, at least in theory, but the truth is that IT is drowning in data, which is often parsed off to different management silos.<h2>How to fix the problem</h2>If IT departments could get a better handle on that data and unify it into a single management platform, the rewards could be significant, according to John Gentry, VP of marketing and alliances at the IT performance management company Virtual Instruments.In Gentry's 20 years of working in IT, he has observed numerous occasions in which data that could fuel solutions and improve operations is ignored, simply because no one is looking at it on a large scale. "Taking control of the data and creating context around it is the key to improving the efficiency of data center," he says.The payback can be substantial because IT departments can mine meaningful insights out of the data. "There are a host of possibilities that analytics can deliver," Gentry says, "ranging from improved infrastructure performance to speeding-up to troubleshooting, to ultimately driving better business performance at a lower overall cost."He adds that there are obstacles standing in the way of tying context to data and then effectively analyzing the data for actionable insights. Overcoming those obstacles takes a careful process to maximize the value, velocity, and veracity of the data.<h3>1. Tear down the silos of isolation.</h3>Many monitoring tools use their own proprietary systems to capture data. The trick is to unify the data gathering and process it in real time into a platform that can digest the multiple feeds and provide context.<h3>2. Bring context into the picture.</h3>Data without associated context offers very little value when it comes to simulation, planning, and automation. It is critical to combine machine and wire data so traffic, performance, location, usage, and applications are bound together to bring context to the actual data being monitored. In other words, it proves wise to know not only that packets are traversing the network, but also how they're related to the workloads being managed and delivered.<h3>3. Correlate the data.</h3>With context as part of the picture, it's much easier to accurately understand correlations between demand and availability, and how, why, and where performance degradations are occurring. The correlation of the movement of data is crucial to determining scale, efficiency, and availability - and then using that information to create models that offer predictions based upon needs.<h3>4. Establish baselines.</h3>With wire and machine data gathered and correlated, it becomes easier to create baselines of network traffic flow, which can then be used to determine what normal traffic is and what it isn't. Baselines can be the key to detecting anomalies that can be created by security issues, equipment failures, unauthorized changes, rogue IT implementation, or most any "unexpected" change to the system. What's more, baselines can also be used to measure the value of changes or improvements.<h3>5. Strive for automation.</h3>With the proper management tools in place, the data can be used by scripted policies to drive automated events, such as automatic scale out, or rerouting of traffic. Policies can also drive other events or warnings to keep IT management well aware of what is happening with systems operations. But all of this becomes possible only if machine and line data is gathered correctly and has context and analysis added to it.<h2>A solution for authoritative data analysis</h2>It's clear that wire and machine data can offer significant value to IT operations. But that value extends well beyond just increasing efficiencies. Virtual Instruments offers VirtualWisdom4, a product that can analyze heterogeneous data captured in real time across the IT Stack.<a href="http://www.virtualinstruments.com/virtual-wisdom/" target="_blank">VirtualWisdom4</a> is used by many large organizations to monitor and analyze mission-critical workload data to make sure service level agreements (SLAs) are met. It also fuels the movement toward infrastructure performance management (IPM), an ideology that ties end-to-end computing performance with the metrics generated by the heterogeneous environments in use today across multiple data centers, regardless of vendor technology installed.With some basic effort, enterprises today can increase the value of machine and wire data by simply applying the same analytics to it that businesses have used since the dawn of business intelligence.This post is sponsored by <a href="http://www.virtualinstruments.com" target="_blank">Virtual Instruments</a>.Find out <a href="http://www.businessinsider.com/sponsor-posts">more about Sponsored Content</a>.</body></html>Follow BI Studios on <a href="https://twitter.com/bi_studios_" target="_blank">Twitter</a>, <a href="https://www.facebook.com/BusinessInsiderStudios" target="_blank">Facebook</a>, and <a href="https://www.linkedin.com/company/bi-studios" target="_blank">LinkedIn</a>.

This is how IT departments can survive data overload

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://evernote.com/moleskine/">Evernote</a></div>If you are like most people, you're using a whole bunch of apps for work that you downloaded and installed yourself: sharing files via Dropbox, swapping notes during a Skype meeting, storing notes in Evernote.
That makes you a big problem for your IT department. They need to make sure that private corporate data can't get hacked and that the company isn't breaking any regulations or laws by sharing information about its customers or storing it insecurely.
If employees are stashing work files in the cloud, the IT department is in the hot seat if that information gets hacked or leaked.
How likely is that? Pretty likely.
On Friday, <a href="http://www.businessinsider.com/evernote-passwords-hacked-2013-3">Evernote was hacked,</a> forcing the company to reset the passwords for more than 50 million accounts. Apple, Facebook, Twitter, and Microsoft were also recently targeted by hackers.
And before that Zynga sued rival games maker, Kixeye, and an ex-employee, Alan Patmore, over charges that he <a href="http://www.businessinsider.com/kixeye-alan-patmore-zynga-files-2012-11">copied proprietary work information to his Dropbox</a> before leaving Zynga for Kixeye.
Those are just a couple of examples of how these tools are complicating business.
Even in high-tech companies, where the average employee understands the risks, these so-called "shadow IT" or "rogue apps are a problem.
Netflix found employees using 496 smartphone apps to share data, communicate, and collaborate. Cisco Systems found several hundred apps, including shopping and personal scheduling apps, touching its network via rogue employee apps, reports Quentin Hardy at <a href="http://www.nytimes.com/2013/03/04/technology/it-managers-struggle-to-contain-corporate-data-in-the-mobile-age.html?ref=technology">New York Times</a>.
So, your IT department might soon fight back by—for lack of a better term—spying on you.
Startup <keyword id="1761502" type="UNKNOWN" weightage="60" keywordseo="Skyhigh">Skyhigh</keyword> came out of stealth last week to help them do that, backed by $6.75 million from Greylock Partners, the venture-capital firm that backed Facebook and LinkedIn, among others.
Skyhigh scans more than 2,000 cloud services—basically, any software or app that runs over a website or otherwise connects to the Internet—and finds out if employees are using them.
It's an interesting approach to a problem that's sure to get worse. In a 2012 survey, PricewaterhouseCoopers, found that <a href="http://www.networkworld.com/news/2012/080812-shadow-it-261502.html">up to one-third of corporate IT spending</a> was now for "shadow IT" apps bought directly by employees. 
As employees bring their own smartphones, tablets, laptops, and apps to works, that number will climb. So will your IT department's efforts to control it.

Here's Why Your IT Department Hates Dropbox And Evernote

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>There's a new trend called "devops" that is sweeping the <keyword id="6356323" type="UNKNOWN" weightage="100" keywordseo="Enterprise">enterprise</keyword> IT world and its become a life-or-death career situation for many IT departments.The word smooshes up the IT terms "development" (meaning writing software) and "operations" (meaning maintaining software and all the tech needed to run it)."Devops is all about how do things faster," Red Hat CEO Jim Whitehurst tells Business Insider. It's the IT department's version of Facebook's famous mantra "go fast and break stuff."Whitehurst is the CEO of a 7,500-employee open source software company <a href="http://www.businessinsider.com/management-tips-from-red-hats-crazy-culture-every-company-should-steal-2012-2">so famous for its culture</a>, Whitehurst is writing a book about it for Harvard Business Review.Lately, as he travels the world talking to CIOs about their software and infrastructure needs, he's hearing lots of questions about how to do devops. That's because IT departments say they had better figure out how to be faster, cheaper, and better. If they don't, the company's employees will no longer depend on them. They bring their own PCs, tablets and phones to work and they buy whatever cloud services they want to do their jobs. And the CIO will find his budget increasingly shifted to other manager's pockets."Like the manufacturers were in the 1970s and 1980s were fighting for their lives, today's IT departments are going to fight for their survival," Whitehurst says. "I was on phone with the CIO of a large insurance company a half hour ago. His point was that business people can can all go outside of IT to get the tech they need and he needed to develop devops capabilities to compete."Traditional IT departments are slow and methodical. Rule no. 1 was to never bring the systems down. They would take months, even years, to roll out new new software, testing everything carefully, often spending millions in the process.Devops eliminates that. Instead, IT departments tear their projects apart into teeny components that can be implemented in tiny changes every day."You start with small, iterative improvements," Whitehurst says. "You release [changes] early and you release them often. That's what devops is about. It's a cultural shift. You recognize that big change is hard but little changes are easy. But a whole lot of little changes add up to bigger changes."On the downside, that means that IT departments are going to break things. That's pretty scary for them because in the past, bringing a system down meant losing your job. With devops, breaking things will happen, but fixing it should be easier, since it will only be a matter of undoing some small change.And here's the dirty little secret about devops: Although IT departments will be buying new software tools to help them work in this fast new way, there is no multi-million or multi-billion dollar "devops market.""It's not a market. It's a culture and process, in the same way Kaizen or lean manufacturing is process. The problem is that vendors are making it into a market by saying 'Here's my devops product.' But there are no devops products," Whitehurst says.There's a clean little secret about devops, too. It holds lessons that any manager can use, Whitehurst says."If you make a lot of changes, you'll have to accept a few failures along the way. Throw out planning. Try little things and if they work, do more of them and if not, do less of them."Whitehurst's new book, "<a href="http://www.amazon.com/The-Open-Organization-Igniting-Performance/dp/1625275277">The Open Organization</a>" will be available June 2. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/car-3d-printing-local-motors-strati-2015-2">This drivable car was 3D printed in 44 hours</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="J3c2phczq6DF9d2Xxzp7jeBZM5nD--xt" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Red Hat CEO: Today's IT department is in a fight for its life

Indians have, since long, submitted fake property rent receipts, often from parents and relatives, as proof to get rebates from income taxes. More often than not, employers as well as taxman knew about this fraud, but let it go considering it a minor misbehaviour. 
 
That, perhaps, is set to change. 
 
The <a href="http://www.businessinsider.in/Income-Tax-Department-slaps-fresh-tax-notice-on-Nokia-India/articleshow/49288915.cms">income tax department</a> has decided to insist on proof that people submitting rent receipts are indeed genuine tenants and stay in the property mentioned. 
 
Also read: <a href="http://www.businessinsider.in/Dont-share-PINs-and-passwords-IT-Dept-cautions-taxpayers/articleshow/50868137.cms">Don’t share PINs and passwords, IT Dept cautions taxpayers</a> 
 
As per a recent tribunal ruling, the assessing officer can now demand proofs, including leave and licence agreement, letter to the housing co-operative society informing about the tenancy, electricity bill, water bill, and then allow a lower taxable income. 
 
"The <a href="http://www.businessinsider.in/startups-vs-it-dept-soon-heres-why/articleshow/56328257.cms">ITAT </a>(<keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">Income Tax</keyword> Appellate Tribunal) ruling has now laid down the criteria for the assessing officer to consider the claim of a salaried employee and if necessary question its justification. This will put the onus on the salaried class to follow the rules in availing the tax rebate," Dilip Lakhani, senior tax advisor, Deloitte Haskins &amp; Sells LLP, told <a href="http://economictimes.indiatimes.com/wealth/tax/fake-rent-receipt-wont-help-you-lower-tax-burden-anymore/articleshow/58018177.cms">ET</a>. 
 
Also read: <a href="http://www.businessinsider.in/itat-rejects-shah-rukh-khans-contention-to-not-pay-tax-on-dubai-property/articleshow/57793951.cms">ITAT rejects Shah Rukh Khan’s contention to not pay tax on Dubai property</a> 
 
(Image source News 1130)

No more fake rent receipts to evade income tax

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd"><html><body><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.virtualinstruments.com/" target="_blank"></a>iStock</div></div></div>IT operations are vital to a company's success, but departments are under increasing pressure to simplify and streamline their resources. Because corporations are able to get IT-as-a-service through virtualization and the cloud, they can now outsource many processes and upgrades, which reduces equipment costs and maintenance fees.This can lead to fewer headaches. But to survive, IT managers need their departments to be just as agile and dynamic as the competition. Below are three points managers should bear in mind, according to John Gentry, VP of marketing and alliances at IT performance management company <a href="http://www.virtualinstruments.com/" target="_blank">Virtual Instruments</a>. Gentry, a 20-year veteran of the field, says IT still has a great deal to offer, but managers have to adapt to the seismic changes happening throughout the entire industry."At its most basic, it's change or die," Gentry says. "You're going to be rendered obsolete if you don't start competing."<h3>1. Think of your company as your customer.</h3>Chances are, your IT department is overly siloed. Maybe there's a project in the works, and the network and storage teams aren't collaborating on an ongoing basis. Or maybe the applications team hasn't been consulted on a project from the early planning stages.The older, siloed model (which describes many IT departments) might have once worked, but today teams excel when they're centralized and working toward one goal: delivering customer service at a level that far exceeds anything generally available through the internet. Your competition is virtualization and the cloud, but you can fight them with agility and service. Your teams are going to have to collaborate, which may require reorganization and rethinking of processes. Gentry says the whole department will need one, overarching goal: "to think of itself as having just one client" - that is, the corporation itself.<h3>2. Become like your competition.</h3>As Gentry puts it, "Faster, simpler, and cheaper always wins." Virtualization and the cloud are winning because they're easy and seamless. But for IT departments to stay in business, they'll need to think like virtualization and the cloud. They'll need to act quickly, and keep things simple and fast.The usual IT department is mired in projects. "Say I'm a business manager for a bank and I've been tasked with introducing a new app," says Gentry. "After I've figured out how to build it, I'd go to my internal IT. I'd ask them to provision the team with further resources and all the associated requirements, such as server network storage. And then, after several other steps, I'd put through a request that my project be provisioned for production... Or, maybe, I'd just do this: log on to Amazon and swipe my credit card. I'd get server network resources on-demand and start developing the same day. And if I needed more resources, I just pay more for it." To change, IT managers shouldn't ask their businesses to tell them what kind of server they need. "That isn't their problem," Gentry says. Managers should instead deliver a flexible solution for any problem. They should ask the client what their goals are. If the goal is to produce an app, your department should ask such things as how secure it needs to be, given the existing budget.To provide a customer-centric service, IT managers "will have to stop looking at the trees and start looking at the forest," Gentry says. It won't be easy. It's a big change from the usual way things have been done.<h3>3. Deliver the appropriate level of service.</h3>Gentry calls this point "the critical success factor," because it's the one where IT managers can "differentiate themselves from the generic cloud." But to deliver appropriate service, IT managers will need to get their teams outside of their silos."You're delivering infrastructure-as-a-service," Gentry says. "You have to be able to meet the service levels that your business requires. Unless you can deliver a better service, there will be no more IT."Departments will have to "stop thinking in terms of components, and start thinking about the overall capability needed to support any project," Gentry says. Rather than <a href="http://www.businessinsider.com/sc/your-company-is-spending-too-much-on-it-2015-5" target="_blank">spending too much on a system that gets barely used</a>, managers should consider the level of service needed.So instead of overprovisioning, Gentry says managers should ask themselves: "Do you need this system to be always-on and resilient? Do you need massive data protection and vast recovery? Or do you need this to be available but not performance-sensitive? Once the needs are set, IT should meet those needs in a coordinated manner. <h3>How it all adds up.</h3>To reach these three goals, you'll need a unified level of monitoring that will tell you exactly what your client is consuming. And you'll need to demonstrate to your client that you know exactly the level of service that your providing. That way, you can make good on your commitments.Virtual Instruments provides clients with the deep insight and answers required to deliver a higher level of service, and better performance, at the optimal cost. The Virtual Wisdom platform helps clients understand where their money is going and to visualize their entire system-wide performance in one interface. Virtual Instruments says its customers report a 40% reduction in system-wide infrastructure costs - and that alone can make your department more competitive.Virtual Instruments helps you to improve your service because, as Gentry says, "you're delivering infrastructure-as-a-service. You have to be able to meet the service levels that your business requires. And unless you can deliver a better service, there will be no more IT."This post is sponsored by <a href="http://www.virtualinstruments.com/" target="_blank">Virtual Instruments</a>.Find out <a href="http://www.businessinsider.com/sponsor-posts">more about Sponsored Content</a>.</body></html>Follow BI Studios on <a href="https://twitter.com/bi_studios_" target="_blank">Twitter</a> and <a href="https://www.facebook.com/BusinessInsiderStudios" target="_blank">Facebook</a>.

3 ways your IT department needs to change - because it's 'change or die' 

Prime Minister Narendra Modi’s demonetization scheme was supposed to flush out the <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> in the country but post demonetization many instances of people hoarding money in the new denominations have surfaced. 
 
While the whole country is lining up in front of banks and ATMs, a little known lawyer whom many could not recognise by name in the Supreme Court or the Delhi high court where he claimed to have a "thriving practice" was caught by I-T authorities a third time with a hoard of unaccounted cash, stashed in bundles of banned Rs 500 and Rs 1,000 notes as well as in wads of Rs 2,000, totalling at least Rs 13.48 crore. 
 
During the I-T raids, the I-T team along with Delhi police's crime branch found cabinets and secret chests at Rohit Tandon's office in the upscale GK-1 area filled with notes. Several cartons containing cash were also found. 
 
Tandon was kept under surveillance for about two months, ever since the I-T department made a stunning haul of Rs 125 crore in its first raid on the lawyer on October 7. Sunday's raid was the third on him, the second being two weeks ago and yielding Rs 19 crore in unaccounted income. 
 
Now the I-T team is working on how Tandon managed to collect Rs 2.61crore in newly minted Rs 2,000 notes. Involvement of bank officials has not been ruled out and some top bank functionaries may be arrested. 
 
After the first two searches, Tandon declared Rs 144 crore in unaccounted income. Now after all the searches, the total unaccounted income recovered from the lawyer has touched Rs 157 crore. 
 
The police said Tandon had gone underground. Search is on for him. 
 
Tandon's connections and his financial transactions were still being trailed when I-T officials made another search of his bank lockers and discovered new accounts. The second search led to seizure of Rs 19 crore from banks. The third I-T raids and police searches began on Saturday night and continued through Sunday.

Tax officials recover Rs 157 crore in new and old notes from a Delhi lawyer for the third time

PM Modi has assigned a new task for country’s taxmen, that of doubling the taxpayer base to 10 crore from the present 5.43 crore now; however, he has also said that tax department should warn people that "the long arm of the law" will not leave tax defaulters. 
 
However, he made sure that the tax officers be "soft and sober" while approaching taxpayers, keeping in mind that not everyone is a tax evader. 
 
Modi was addressing the inaugural session of the two-day annual conference of tax administrators, when he said that administration should be founded on five pillars, viz. Revenue, Accountability, Probity, Information and Digitisation (RAPID). 
 
He added that Indians inherently are honest, because of which there should be a "bridge of trust" from the taxmen’s end, to achieve tax collection targets without using force. 
 The conference, titled '<keyword id="3392945" type="UNKNOWN" weightage="100" keywordseo="Rajasva-Gyan-Sangam">Rajasva Gyan Sangam</keyword>' (Knowledge Conference on Revenue), saw Modi asking taxmen to "move towards digitisation" so that tax administration can be made efficient and there should be no trust deficit in the process. 
 
Mentioning the name of the conference, he said that people should make sure that the 'Gyan Sangam' can be turned into "Karma Sangam," making people think about converting ideas into action. 
 
He also began to list the shortcomings in the system, saying that a Google search on 'How to pay taxes in India' comes up with 7 crore answers, while on 'How not to pay taxes in India', it gives out 12 crore results. 
 
"People within the country are not dishonest. People have no problem in paying taxes, but somewhere they have some problem. Understand that problem and try to remove it," Modi told the taxmen present at the conference. 
 
He also went on to stress on the need to remove the fear of harassment from the people’s minds, a common scenario in India which is a major reason behind the trust deficit in the country. 
 
<a href="http://www.flashindianews.com/wp-content/uploads/2015/08/PM-Modi-announces-huge-package-for-Bihar.jpg">Image source</a>

Taxpayers should not fear harassment, Modi asks officials

Cybercriminals are trying to lure Indian users into revealing important personal information with a new report on Monday warning that suspicious messages asking users to submit an application for the disbursement of income tax refund have been doing the rounds, with a link that directs users to a webpage looking like the income tax e-filing web page. The targeted banks in the campaign include the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword>, ICICI, HDFC, <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> and <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword>, revealed an investigation by New Delhi-based think tank CyberPeace Foundation along with cybersecurity services firmAutobot Infosec. The suspicious links originate from the US and France, said the report, adding that the campaign is collecting personal as well as banking information from the user and getting into this type of trap could cause a massive financial loss for the users. The shared link with the SMS has no domain name and is not linked with the Indian government. All IP addresses associated with the campaign belong to some third party dedicated cloud hosting providers, said the report. The whole campaign uses plain http protocol instead of the secure https. This means anyone on the network or internet can intercept the traffic and get the confidential information in plain text to misuse against the victim. It asks users to download an application from a third party source instead of Google Playstore. The application asks to provide administrator rights and unnecessary access permissions of the device. On opening the link http://204.44.124[.]160/ITR, users are redirected to a landing page that is mostly similar to the government income tax e-filing website. On clicking the green 'Proceed to the verification steps' button, users are asked to submit personal information such as full name, PAN, Aadhar number, address, pincode, date of birth, mobile number, email address, gender, marital status and banking information like account number, IFSC code, card number, expiry date, CVV/CVC and card PIN. Additionally, the bank name is automatically detected from the IFSC code entered in the form. After submission of data, users are redirected to a page where they are asked to confirm the entered data. Clicking on the green 'confirm' button directs users to a fake banking login page almost similar to the official one. It asks for the username and password for online banking. After these details are entered, for the next step, users are asked to enter a Hint question, Answer, Profile password and CIF number. Once submitted, a mobile verification section with instructions provided to download an android application (.apk file) appears, to complete the ITR verification. Here, users are deliberately instructed to grant all device permissions to the particular application, the investigation revealed. The application, called Certificate.apk, starts downloading upon clicking the green 'Download' link. The overall layout and functionalities of the web page used in the campaign are similar to the official e-filing site to lure laymen, said the report. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/bank-employees-in-india-on-strike-today-and-tomorrow-but-mobile-and-net-banking-services-are-working/articleshow/81505273.cms">Bank employees on strike today and tomorrow — ATMs, net and mobile banking likely to be the only relief</a> <a href="https://www.businessinsider.in/tech/news/indias-personal-data-protection-law-versus-europes-gdpr/articleshow/81504058.cms">Being GDPR compliant doesn't necessarily make companies ready for India's upcoming data protection laws</a> <a href="https://www.businessinsider.in/business/startups/news/stripe-the-most-valued-startup-in-the-us-to-offer-payment-services-to-indias-merchants-after-its-latest-fundraise/articleshow/81504106.cms">Stripe, the most valued startup in the US, to offer payment services to India’s merchants after its latest fundraise</a>

SBI, ICICI, HDFC, Axis Bank, PNB and the Indian IT department targeted in phishing scam

New Delhi: The <keyword id="19903456" type="General" weightage="20" keywordseo="income-tax-department" source="keywords">income tax department</keyword> has notified the <keyword id="21803475" type="General" weightage="100" keywordseo="Cost-Inflation-Index" source="keywords">Cost Inflation Index</keyword> for the current fiscal beginning April 2024, for calculating <keyword id="20584761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long-term capital gains</keyword> arising from sale of immovable property, securities and jewellery. The Cost <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> Index (CII) is used by <keyword id="20081991" type="General" weightage="20" keywordseo="taxpayers" source="keywords">taxpayers</keyword> to compute gains arising out of sale of capital <keyword id="19975917" type="General" weightage="20" keywordseo="assets" source="keywords">assets</keyword> after adjusting inflation. The CII for <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> 2024-25, relevant to assessment year 2025-26, stood at 363, as per a notification of the Central Board of Direct Taxes (<keyword id="19980145" type="General" weightage="20" keywordseo="CBDT" source="keywords">CBDT</keyword>). The CII number for last fiscal was 348 and for 2022-23 financial year it was 331. Moore Singhi Executive Director Rajat Mohan said the CII reflects the inflation in the economy, which causes the prices of goods and services to increase over time. The index for the following financial year, 2024-25, has been updated to 363, marking an increase of 15 points, which corresponds to an annual inflation rate of approximately 4.3 per cent. "This is consistent with the retail inflation rate of 4.83 per cent recorded in April 2024. Taxpayers usually prefer a higher CII as it allows them to claim larger tax rebates," Mohan said. AKM Global Partner-Tax Sandeep Sehgal said the index is useful to adjust the capital gains for inflation, so that the taxpayers are taxed on real appreciation of the assets and not the gains due to inflation. "Taxpayers can use this to calculate gains for long-term capital assets sold during FY 24-25 and reduce the tax liability accordingly," Sehgal said. CII is notified under the Income-tax Act, 1961 every year. It is popularly used to calculate "indexed cost of acquisition", while calculating capital gains at the time of sale of any capital asset. Normally, an asset is required to be retained for more than 36 months (24 months for immovable property and unlisted shares, 12 months for listed securities) to qualify as 'long-term capital gains'. Since prices of goods increase over time resulting in a fall in the purchasing power, the CII is used to arrive at the inflation adjusted purchasing price of assets so as to compute taxable long-term capital gains (LTCG).

IT department declares 363 as cost inflation index for current fiscal

Today is <keyword id="22458495" type="General" weightage="20" keywordseo="July-31st" source="keywords">July 31st</keyword>, 2024, the last day to file your income tax returns, without having to pay any penalties. And before you ask, the <keyword id="19903456" type="General" weightage="20" keywordseo="income-tax-department" source="keywords">Income Tax Department</keyword> has not come out with any notification informing the taxpayers of a deadline extension. That is why you should not delay filing your <a href="https://www.businessinsider.in/personal-finance/article/heres-your-ready-reckoner-for-itr-filing/articleshow/111402608.cms" data-type="tilCustomLink">income tax returns</a> anymore! The <keyword id="20171597" type="General" weightage="20" keywordseo="IT-department" source="keywords">IT department</keyword> noted that as of July 26th, 2024, over 5 crore ITRs had already been filed, marking an 8.5% increase from the number of ITRs filed during this period, last year. The IT department, in an X post, highlighted that last year, it had reached the 5-crore <keyword id="22083160" type="General" weightage="100" keywordseo="ITR-filing-deadline" source="keywords">ITR filing deadline</keyword> on July 27th. However, this year, it had breached the milestone a day earlier, i.e., on July 26th, 2024. Earlier, the All Gujarat Federation of Tax Consultants and Income Tax Bar Association had requested a deadline extension for AY 2024–25 from July 31st, 2024, to August 31st, 2024, citing issues and glitches in the tax filing portal. However, there has been no response from the finance ministry on the same. <h2>What happens if I don't file my ITR until July 31st? </h2>For AY 2024–25, you can file a <keyword id="6380232" type="General" weightage="20" keywordseo="belated-ITR" source="Orion">belated ITR</keyword> until December 31st, 2024. But remember, it comes with many disadvantages as well. Here's a snapshot of all the benefits you will have to forego: <h2>What are the penalties for late filing of ITR? </h2>1. You will have to pay a penalty of Rs. 1,000 if your total annual taxable income is below Rs 5,00,000. But if your taxable income exceeds this threshold, you will have to pay a penalty of Rs 5,000. 2. Even if you have to file a <keyword id="17933087" type="General" weightage="20" keywordseo="NIL-ITR" source="Orion">nil ITR</keyword>, you must do so before July 31st. This is because if you do not end up filing it on time, you will have to pay a fine of Rs 1,000. 3. According to Section 234A of the <keyword id="19936187" type="General" weightage="20" keywordseo="income-tax-act" source="keywords">Income Tax Act</keyword>, you will also have to pay interest on your outstanding tax amount at the rate of 1% per month, starting from the due date, i.e., July 31st. <h2>No carry forward of losses, old tax regime</h2>1. You will not be able to carry forward any losses, including those from your mutual funds or stock investments, business income, and other sources. You will only be allowed to carry forward your losses from house properties. This could significantly raise your total tax liability and lead to you incurring hefty losses. 2. After July 31st, 2024, you will not be able to opt for the old tax regime for tax calculation purposes. Starting August 1, the new tax regime, which offers significantly fewer deductions and exemptions as compared to the old regime, will be considered default for you. Also read: <a href="https://www.businessinsider.in/personal-finance/article/decoding-form-16-how-do-you-file-your-taxes-if-you-dont-get-form-16/articleshow/111529754.cms" data-type="tilCustomLink">Decoding Form 16: How do you file your taxes if you don't get Form 16?</a> <a href="https://www.businessinsider.in/finance/tax/article/wondering-which-itr-form-is-right-for-you-know-all-about-it-here/articleshow/111406215.cms" data-type="tilCustomLink">Wondering which ITR form is right for you? Know all about it here</a>

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