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India is soon going to follow the one-nation, one-tax principle after the implementation of the <keyword id="6359833" type="ORGANIZATION" weightage="100" keywordseo="Goods-and-Services-Tax">goods and services tax</keyword> (<keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword>) from July 1. However, the same principle might be adopted in a much more broader sense and this time specifically by the <keyword id="65338" type="ORGANIZATION" weightage="100" keywordseo="Income-Tax-Department">Income Tax Department</keyword>. The department might take a path-breaking initiative of jurisdiction-free assessment of incomes, which would mean that a Delhi-based taxpayer could be assessed by an <keyword id="140564" type="POSITION" weightage="100" keywordseo="Income-tax-officer">income tax officer</keyword> based in Lucknow. If taken, this would be a significant leap toward eradicating corruption because of lesser need for face-to-face contact between citizens and tax officials to the absolute minimum. It would also speed up the processing because of least requirement of interactions. The step would involve amending the <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">income tax</keyword> law and would also end the relevance of various geographic locations presently divided in wards and circles. The move was suggested by a high-level internal report of the <keyword id="121964" type="ORGANIZATION" weightage="100" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword>), and is being considered enthusiastically for being implemented in the next financial year. "We are looking at it," a CBDT official told <a href="http://economictimes.indiatimes.com/news/economy/policy/one-nation-one-tax-department-i-t-takes-cue-from-gst/articleshow/59026099.cms">ET</a>.

Income Tax department might follow the GST path

While more details are awaited, the <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword> has raided the premises of city-based tea seller-turned-financier <keyword id="3971191" type="UNKNOWN" weightage="20" keywordseo="kishore-bhaijyawala">Kishore Bhaijyawala</keyword>. They were surprised to find properties assets worth ₹400 crores, including cash, bullion, jewelery and property papers from his possession. Having seized all these, the IT department is still trying to find if this is a root to some bigger scam. 
 
<a href="https://in.pinterest.com/thehopeglory/the-life-of-a-chai-wallah-hope-glory/">(Image: pinterest)</a> 
representational purpose only

IT Dept seized Rs 400 crores from this tea seller in Gujarat

The Government is issuing newly designed PAN (Permanent Account Number) cards that have added security features to make them tamper¬proof and with contents written in both Hindi and English, a senior Income¬Tax Department official said today. The distribution of new¬look PAN cards, being printed by NSDL and UTIITSL (UTI Infrastructure Technology and Services Ltd), started since January 1. The cards are being issued to new applicants but existing ones can only apply for them. "The distribution of new PAN cards kicked off on January 1. 
 
However, these are only for the fresh lot of PAN card applicants," the official told PTI here. "We have automated the data and made the PAN cards error¬free," he said, adding, "In case existing cardholders apply for a fresh PAN card, they will be issued the newly designed cards." Keeping in view the Rajbhasha policy of the Government, we have made fixed contents of the new PAN cards bilingual in which the headers are in English and Hindi, he said. The Government has added a new feature to the card, known as Quick Response Code, which will help in verification process. The code will help in providing all details of the cardholder in one go as when the document is produced before any authority. Hence, no room will be left for the cardholder to either tamper or give any kind of wrong information relating to the card, the official said. PAN cards are mandatory for any transaction above Rs 2 lakh and for a lot of other activities like opening of a bank account and as identity proof. There are currently more than 25 crore PAN cardholders in the country. As per Government estimate, every year 2.5 crore people across the country apply for PAN cards. 
 
<a href="https://www.bigdecisions.com">Image Credit</a>

Government issuing new¬look and tamper¬proof PAN cards: Income¬Tax Department

The <keyword id="65338" type="COMPANY" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword> will launch a new income tax filing <keyword id="6401917" type="UNKNOWN" weightage="20" keywordseo="Portal">portal</keyword> on June 7. Therefore, the existing portal will remain suspended for 6 days from June 1 to June 6," said a circular by the Income tax <keyword id="6360339" type="COMPANY" weightage="20" keywordseo="department">Department</keyword>. As per the circular, officers including AOs, CIT(A) etc access the information for <keyword id="59866" type="COMPANY" weightage="20" keywordseo="taxpayers">taxpayers</keyword> from the portal. Likewise, taxpayers also use extensive use of the portal for filing their <keyword id="6374875" type="COMPANY" weightage="20" keywordseo="itr">ITR</keyword>, checking refund and raising grievance among others. Due to unavailability of the system for six days, officers have also been advised to not fix anything for compliance during these 6 days. The Department has directed that any hearing or compliance is to be fixed only from June 10 such that taxpayers are given ample time to respond via the new system. As per the official circular, the officers in the field including AOS, CIT (A), PCIT interact with taxpayers through E-proceedings over the E-filing portal directly or through the NeAC/NFAC for issuance of notices, sCNs and getting a response to various e-proceedings, conducting of video conference or adjournments, issuing questionnaires, summons, letters. In preparation for the transition to the new system, the existing E-filing portal will not be available to both taxpayers as well as Departmental Officers for a period of 6 days from 1" June to 6th June 2021. "Hence, it is requested that all officers may be immediately informed about this so that they may not fix any compliance dates during this period. All Officers may be directed to fix any hearing or compliances only from June 10 onwards to give taxpayers time to respond on the new system. If they have already scheduled any hearing or compliance which requires submissions online during this period, they may prepone or adjourn the hearing and reschedule the work items after this period, etc", the circular said. "They may also view/download any submissions in E-proceedings prior to June 1" and the PDF of any ITRS and non-ITR forms that may be needed by them in advance so that they can continue to work in the ITBA system including completion of assessment proceedings where no further interaction with the taxpayer is necessary. It is clarified that the ITBA system and the <keyword id="71602" type="COMPANY" weightage="20" keywordseo="CPC">CPC</keyword> systems will continue to function for assessment-related functions. All Orders, notices issued during this period, however, will be made visible to the taxpayer only after the new portal goes live on June 7th, 2021," the circular said. It would also encourage all Officers to complete all their urgent tasks involving interactions with taxpayers prior to June 1 to avoid the blackout period or typical initial teething issues in the transition. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-crash-brings-down-binance-wazirx-and-other-exchanges-users-fume-as-orders-fail/articleshow/82793305.cms">Cryptocurrency crash brings down Binance, WazirX and other exchanges – users fume as orders fail</a> <a href="https://www.businessinsider.in/retail/news/a-cup-of-regular-tea-has-never-been-this-expensive-in-india-thanks-to-kooky-weather/articleshow/82792489.cms">A cup of regular tea has never been this expensive in India, thanks to kooky weather</a> <a href="https://www.businessinsider.in/science/space/news/the-first-seat-on-jeff-bezos-rocket-to-space-is-selling-for-a-record-high-of-2-8-million/articleshow/82791575.cms">The first seat on Jeff Bezos’ rocket to space is selling for a record high of $2.8 million</a>

New income tax filing portal will be launched on June 7 — the existing one will be suspended from June 1

<keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, April 1 (IANS) Shares of two-wheeler maker <keyword id="6357252" type="General" weightage="100" keywordseo="hero-motocorp" source="Orion">Hero Motocorp</keyword> declined sharply on Friday after <keyword id="65338" type="General" weightage="80" keywordseo="income-tax-department" source="Orion">Income Tax department</keyword> detected some irregularities post a raid on the company. The shares fell over 6 per cent to around Rs 2,150. However, it pared some of its losses later. At 2.16 p.m., it traded 2.8 per cent lower at Rs 2,231. In late March, the Income Tax Department had conducted a search operation on the premises of Hero Motocorp in <keyword id="11900977" type="General" weightage="20" keywordseo="gurugram" source="Orion">Gurugram</keyword> and <keyword id="66" type="General" weightage="50" keywordseo="delhi" source="Orion">Delhi</keyword> in connection with alleged tax evasion. The Income Tax Department has found alleged illegal business expenses of over Rs 800 crore and Rs 60 crore unaccounted cash used to purchase land in Delhi and role of shell companies after it raided the two-wheeler crop and two other groups, according to reports. Since the start of 2022, the shares of the company fell 10 per cent, whereas 25 per cent in the past one year, data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/list-of-bank-holidays-in-april-2022-month/articleshow/90586419.cms">Here is a list of bank holidays in April 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/check-out-new-rules-that-have-been-introduced-from-1st-april-2022/articleshow/90588962.cms">These are the new changes in taxation that have kicked in from April 1</a>

Hero Motocorp shares decline as income tax raids dented company's image

Markets regulator <keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> has said that any non-profit organisation (<keyword id="172784" type="General" weightage="80" keywordseo="npo" source="Orion">NPO</keyword>), which wants to get listed, should be registered as a non-profit entity and the registration certificate should be valid for 12 months. Also, There should not be any ongoing scrutiny or notice by the <keyword id="65338" type="General" weightage="20" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword>. The SEBI on Monday proposed a new framework for the Social Stock Exchange (<keyword id="474263" type="General" weightage="80" keywordseo="sse" source="Orion">SSE</keyword>). This new framework would allow the listing of non-profit organisations (NPO). The firm should be registered in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> as a "charitable trust registered under the public trust statute of the relevant state" or under the Societies Registration Act, 1860, or the Indian Trusts Act, 1882, or incorporated as a company under Section 8 of the Companies Act, 2013. The minimum age of the NPO should be three years, Angel One said in a note. The NPO should declare whether it is government or privately owned. Any NPO entity that wishes to get listed should have 80G registration under the Income Tax Act. Each entity should have a minimum spending of Rs 50 lakh in the last fiscal year and minimum funding of Rs 10 lakh in the past financial year. The primary goal of the NPOs that want to get listed should be social intent and impact. These intents should be focused on various social objectives for unattended and underprivileged populations or regions. The NPO should be engaged in 16 broad social activities listed by the board. The eligible activities include eradicating hunger, poverty, malnutrition and inequality, promoting healthcare, supporting education, employability and livelihoods, gender equality empowerment of women and LGBTQIA communities, and supporting incubators of social enterprise. The NGO sector in India is quite large. There are over 31 lakh NPOs which amount to one NPO per 400 Indians. This new framework suggested by SEBI will definitely help these NPOs take an advanced route for the betterment of the people, Angel One said. To list, SEBI said, "The SSE under the guidance of SSE Governing Council (SGC) shall mandate the structure of the draft fundraising document/final fundraising document. The SSE shall host such requirements on its website." SSE is formed with the intent to give social enterprises an additional avenue to raise money. This novel concept was built with the sole purpose of serving the private and non-profit sectors by routing greater capital to them. The information that is mandated for SSE to collect is the NPO's vision, strategy, details of key management personnel, financial statements for the last three years, and the risks that the NPO sees to its work. "The SSEs will aim at unlocking large pools of social capital, and encourage blended finance structures so that conventional capital can partner with social capital to address the urgent challenges of Covid-19," SEBI stated. In 2019, a working group was created under the chairmanship of Ishaat Hussain (Ex-Director, Tata Sons). This working group consisted of representatives from social welfare, social impact investing, representatives from the Ministry of Finance, the stock exchanges and NGOs. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-to-have-92-93-carbon-neutral-airports-by-2024-scindia/articleshow/94340980.cms">India to have 92-93 carbon-neutral airports by 2024: Scindia</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/enterprise/news/saving-costs-managing-manpower-enhancing-guest-experience-the-various-ways-technology-is-helping-the-hospitality-industry/articleshow/94340133.cms">Saving costs, managing manpower, enhancing guest experience: The various ways technology is helping the hospitality industry</a>

Non-profits wanting to get listed should have no ongoing IT scrutiny: SEBI

The <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword> carried out record 586 searches across India since <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> and recovered Rs 2900 crore from different locations. It has just been a month since note ban was announced, wiping out 86% of cash from circulation. 
 
The I-T officials yielded more than Rs 300 crore in cash seizures, Rs 79 crore in new currency notes of Rs 2,000, and unaccounted income of Rs 2,600 crore. 
 
The highest raid carried out was in Tamil Nadu where the officials recovered more than Rs 100 crore in cash in one single search in Chennai. The total cash seizure from Tamil Nadu has been in excess of Rs 140 crore besides gold seizure worth Rs 52 crore. 
 
In Delhi, officials seized Rs 14 crore in cash from a lawyer’s house. 
 
A Bank of Maharashtra branch in Pune revealed that 15 lockers were acquired by one person in August at the bank's Parvati branch. The 15 lockers yielded Rs 9.85 crore in cash - Rs 8 crore in new Rs 2,000 notes and the rest in Rs 100 notes. 
 
A Bank of Maharashtra official on Wednesday said that it allowed the company only two transactions of Rs 50,000 each since November 8. It is not clear if the company has more accounts in other banks and what the source of this massive stash was.

I-T Department has yielded whopping Rs 2,900 crore in record 586 searches in just one month

The Indian Government passed the <a href="http://www.businessinsider.in/searchresult.cms?query=income+tax+department&amp;sortorder=effectivedate">I-T amendment bill</a>, making the laws stricter but it is yet to see how strongly the laws will be enforced. 
 
According to <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">new laws</a>, many unexplained expenditure, credits and deposits such as wealth inheritance from grandparents, wedding expenditure, etc will have to be explained. In case the person fails to give a ‘satisfactory’ reply to the taxmen on the source of funds received or give, he/she will have to cough up as much as 83% tax. 
 
"We have discussed the matter among ourselves. It's a strong provision in the (Income Tax) Act and the department would find it handy in mobilising tax from black money. But there are chances that it may be misused," a senior tax official in Mumbai which accounts for the highest direct tax collection told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/people-with-unaccounted-cashheres-how-the-i-t-department-is-watching-you/articleshow/56717177.cms">People with unaccounted cash: Here's how the I-T department is watching you </a> 
 
The relevant parts of the I-T Act are: Section 68 (dealing with unexplained cash credit, which is applicable to loans, gifts and share capital); section 69A (unexplained money, jewellery or valuable items); 69B (unexplained investment); and section 69C (unexplained expenditure.) Once section 115BBE is invoked, then the income (which is under question) cannot be set off against any other loss for the year or carried forward. 
 
The laws have gotten more teeth but can be misused too as the person only has to tell a right source of funds. Very few people maintain account books. 
 
“If one is able to establish unexplained deposits, loans, or investments, can the Assessing officer still not be satisfied? While every effort will be made by AO to determine identified credits as unexplained, assesses will try to prove otherwise by adequate evidences, by establishing the identity, capacity and genuineness,” Mitil Chokshi Senior Partners Chokshi and Chokshi told ET.

Tax laws have more teeth now but they can be misused too. Here’s how

The <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">income tax department</keyword> has come to acquire an image of an agency that has usually harassed taxpayers, including the honest ones. But recently several individuals were surprised to receive a 'Certificate of Appreciation' in their mailbox, with some even mistaking it for a spam mail. 
 The certificate is signed by <keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword> chairman <keyword id="3737431" type="UNKNOWN" weightage="20" keywordseo="rani-singh-naira">Rani Singh Naira</keyword> and mentions the taxpayer's name and permanent account number (PAN) and acknowledges his/her contribution "towards the building of this great Nation". 
 
Even though it comes with a barcode at the bottom, it does not entitle you to any benefit but it does make a distinction between how much an individual has paid in taxes during the last financial year. A majority of those who receive the certificate are in the bronze category, "contributing" between Rs 1 lakh and 10 lakh and those who have paid Rs 10-50 lakh have been put in the silver category. A contribution of Rs 50 lakh to Rs 1 crore will be in the <keyword id="18712" type="ENTERTAINMENT" weightage="20" keywordseo="Gold">gold</keyword> club and the top segment, which has only a few persons, is platinum with <keyword id="45031" type="PERSON" weightage="20" keywordseo="Tax">tax</keyword> payments of Rs 1 crore or more. 
 
The certificates are sent to taxpayers who have cleared their entire liability and have no outstanding tax liabilities and had filed their returns electronically in the prescribed time by July 31. This year the deadline had been extended by five days. 
 <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had handed over some of them at the end of last month while most of them are being sent through mails. The move is a result of tax department trying to change its image and appear to be more "customer-friendly" through a series of measures, including less intrusive assessment, and a more polite behavior.

The Income Tax department is sending out thank you notes- did you get one?

The <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword> is keeping a hawk’s eye on transactions in banks. The de-monetisation of Rs 500 and Rs 1000 notes, in a bid to curb <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword>, will lead to disclosure of people having illicit money stashed with them. 
 
If you are going to deposit money in your bank account in coming days, here’s a checklist and if yours is black money, get ready for the following notices by Income Tax department. 
 
1. Notice under section 142(1): 
 
If you have never filed your income tax and show up at your bank to deposit money, the banks will ask for your PAN card. Through your PAN card, the I-T Department will get alerted of some wrongdoing. They can issue you a notice under Section 142 (1), asking you to furnish your ITR within 15 days. The Assessing Officer (AO) can also enquire about your personal belongings and can ask you to submit your personal books of accounts, apart from professional. This notice will come with a notice under Sections 144, 148 or 153A. 
 
If you fail to do so, the A.O will assess your income and impose tax and penalty as per his/her own judgement. The A.O can also slap a show cause notice under Section 144. Not complying with the notice directives can lead you to a minimum fine of Rs 4 per day which may extend up to Rs 10 per day for each day the failure continues. You might end up in prison for up to 1 year. 
 
2. Notice under Section 148 
 
The AO can ask you to furnish details of last six financial years, explain source of your income, etc. If there is a mismatch in your tax filing and incomes, the AO can ask you to give payable tax under Section 156. 
 
3. Section 153A (Raid) 
 
If there are major irregularities, the income tax department can also conduct a raid at your place to find out other assets like gold, property papers, benami transactions etc. You won’t get an advanced notice for it. 
 
4. Notice under Section 143(2) 
 
If you haven't been declaring your full income while filing taxes, you will get a notice under Section 143(2). This means the department has picked you up for assessment and scrutiny. You will have to produce documents of your income declared in your ITR. For the financial year 2015-16, a notice under this section can be issued till 30.9.2017. In the notice the A.O can ask for books and accounts for any number of previous years.

The Income Tax department will slap you with these 4 notices if you try to deposit black money

The income tax department of India has done a massive awareness campaign for the one­time black money compliance window, the tax authority will now write to over 2.59 lakh taxpayers to avail benefits of a similar scheme. 
 
Finance Minister Arun Jaitley while announcing this scheme during his budget speech this year had said the amount in dispute in these cases was Rs 5.5 lakh crore. Apart from writing individual letters to such taxpayers, a directive issued by Central Board of Direct Taxes (CBDT) said the department will also hold sessions with Chartered Accountants and Bar associations in various regions across the country to make the scheme "a resounding success." 
 
The 'Direct Tax Dispute Resolution Scheme, 2016' got operational from June 1 and seeks to address the issue of pending litigation before the first appellate mechanism in the Income Tax department ­­ the Commissioner of I­T (Appeal). 
 
As per the data updated in this regard, there are 73,402 appeals with tax effect above Rs 10 lakh and 1,85,858 appeals with tax effect below Rs 10 lakh pending before CIT (Appeals) across the country. "A total of 2,59,260 appellants are eligible for availing this scheme. The taxman will write to each of these assesses to resolve their pending litigation within a time bound period of 120 days," a senior official said. 
 
As per the scheme, a taxpayer who has an appeal pending before the CIT (Appeals) can settle his case by paying the disputed tax and interest up to the date of assessment. No penalty in respect of cases with disputed tax up to Rs 10 lakh will be levied. Cases with disputed tax exceeding Rs 10 lakh, penalty of 75 per cent would stand waived on payment of tax and interest and 25 per cent of penalty levied/leviable and any pending appeal against a penalty order can also be settled by paying 25 per cent of the minimum of the imposable penalty. Also, the assessee who opts for the said scheme will enjoy immunity from prosecution on the disputed tax. CBDT has asked all supervisory heads of the I­T department to ensure assistance to willing taxpayers in this regard. 
 
While presenting the budget, Jaitley had said "litigation is a scourge for tax­friendly regime and creates an environment of distrust. "Litigation also leads to increasing the compliance cost of tax payers and administrative cost for the government," he had said. To reduce the huge number of cases, the Dispute Resolution Scheme (DRS) was launched. This scheme offers an opportunity to the taxpayers to resolve pending litigation and bring clarity and certainty in their tax matters. 
 
The department (I­T) stands to benefit with reduced administrative cost involved in handling appeals as well as timely collection of tax, interest and penalty due," CBDT said. The government is running another such programme called the Income Declaration Scheme (IDS) to flush out domestic black money. IDS also got operational on June 1 and will end on September 30.

Clarity on tax litigation, Income Tax department to write to over 2.59 lakh taxpayers

<ul><li>In some cases, the amount of tax deducted and the <keyword id="17506" type="General" weightage="20" keywordseo="tds" source="Orion">TDS</keyword> credit displayed in Form 26AS may not match.</li><li>If you find that TDS has not been deducted by your employer, or if there are other discrepancies, get it corrected.</li><li>If you face difficulty in resolving the issue, you can file an online complaint with the <keyword id="65338" type="General" weightage="20" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword>. </li></ul>If you are a salaried employee, the employer will deduct tax deducted at source (TDS) on your behalf, and provide the <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> department with specific information on the tax deducted. Form 26AS is a consolidated tax statement that provides details of various tax-related transactions, including TDS. <cmsannotation type="cmsannotation" annotationid="subhead" text="Discrepancy in tax deducted and TDS credit">Discrepancy in tax deducted and TDS credit</cmsannotation> In some cases, the amount of tax deducted, and the TDS credit displayed in Form 26AS may not match the actual amount. “This discrepancy can occur due to various reasons, such as the deductor failing to provide TDS details to the Income-tax Department, or deducting taxes using an incorrect Permanent Account Number. “Taxpayers are advised to verify the tax credit displayed in Form 26AS, and reconcile any differences, if present,” says Aashish Sharma, co- founder, and litigation head, Lex N Tax, a tax consultancy firm. Sometimes, the TDS may not have been deducted by the employer. “Generally, the employers provide the tax computation to the employees for their approval. The employees may raise any concerns regarding non-deduction of TDS to their employers in case no such TDS is deducted,” says Suresh Surana, Founder, RSM India, an audit, tax and consulting services provider. <cmsannotation type="cmsannotation" annotationid="subhead" text="Steps to view form 26AS">Steps to view form 26AS</cmsannotation> To check if your employer has deducted TDS, follow these steps. First, register on the Income Tax Department's portal by visiting their website, and completing the registration process. Once registered, log in to the e-Filing portal using your credentials. Look for the "View Form 26AS (Tax Credit)" option, which can be found under the e-file section. Confirm the disclaimer, and proceed by selecting the relevant tick box. Next, choose the assessment year for which you want to view Form 26AS. Remember that the assessment year usually corresponds to the financial year. Finally, you'll have two viewing options: downloading the Form 26AS statement as a PDF, or viewing it directly on the portal in HTML format. <cmsannotation type="cmsannotation" annotationid="subhead" text="What to do in case of a discrepancy">What to do in case of a discrepancy</cmsannotation> “If you find that TDS has not been deducted by your employer, or if there are discrepancies in the TDS details, you should take the following steps,” says Sharma. <cmsannotation type="cmsannotation" annotationid="subhead" text="Contact your employer:">Contact your employer: </cmsannotation>Reach out to your employer, and discuss the issue. Provide them with the necessary details, and supporting documents to rectify the situation. They should rectify the TDS deductions in their records, and provide you with updated Form 16. <cmsannotation type="cmsannotation" annotationid="subhead" text="File an online complaint:">File an online complaint:</cmsannotation> If your employer does not take appropriate action, or if you face difficulty in resolving the issue, you can file an online complaint with the Income Tax Department through their e-Filing portal. Look for the "File Grievance" or "File Complaint" option, and provide the required information. <cmsannotation type="cmsannotation" annotationid="subhead" text="Follow up with the IT Department:">Follow up with the IT Department: </cmsannotation>After filing the complaint, regularly check the status of your complaint on the e-Filing portal. The Income Tax Department will investigate the matter and take necessary action to rectify the TDS discrepancy. If you are unsure about the appropriate steps to take, or require further assistance, it is advisable to consult a tax professional, or seek guidance from a chartered accountant, or tax expert who can provide personalized advice based on your specific situation.

ITR filing: Your guide to Form 26AS and why you should check for TDS discrepancies

The CBDT on Monday claimed that the Income Tax Department has busted a hawala racket worth ₹ 3,300-crore and spread across multiple cities such as Delhi, Mumbai and Hyderabad with links to "leading corporate houses" in the infrastructure sector. The raids to unearth the large tax evasion nexus were conducted in the first week of this month on 42 premises in Delhi, Mumbai, Hyderabad, Erode, Pune, Agra and <keyword id="826" type="LOCATION" weightage="20" keywordseo="Goa">Goa</keyword> on a group of people indulging in issuing bogus bills and carrying on hawala transactions. "The search action was successful in unearthing incriminating evidences and establishing the nexus between big corporates, hawala operators and identification of entire chain of delivery, as well as siphoning of funds by way of bogus contracts to the tune of Rs 3,300 crore," the CBDT said in a statement. The raids resulted in busting of a "major racket of cash generation" by leading corporate houses in the infrastructure sector through bogus contracts and bills, it said. Hawala denotes illegal transaction of funds by skirting the legal banking channels. "Funds meant for public infrastructure projects were siphoned off through entry operators, lobbyists and hawala dealers," it said. The Board, the policy-making body for the I-T department, however, did not identify the entities raided. The companies involved in siphoning of funds are mostly located in the national capital region and Mumbai, it said. One such company was earlier searched by I-T sleuths in April this year, the statement said. "The projects involved in bogus billing are major infrastructure and EWS (economically weaker section) projects located in south India." "Evidence of cash payment of more than Rs 150 crore to a prominent person in <keyword id="37102" type="LOCATION" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> has also been unearthed during the search," the CBDT said. "Unexplained cash of Rs 4.19 crore and jewellery (worth) in excess of Rs 3.2 crore was also seized during the search operation," it said. NES NES TIR TIR

Income Tax department uncovers a hawala nexus involving top infra firms

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.

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