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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

The clock has started ticking. Today being the deadline to file <keyword id="3081010" type="UNKNOWN" weightage="100" keywordseo="business-tax-returns">business tax returns</keyword>, companies and freelancers are going through last minute hurdles to file the same. “During the last two days, our traffic increases four times the usual,” said Archit Gupta, founder, ClearTax, a leading <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">Income Tax</keyword> Returns e-filing website that connects the consumer with a network of CAs and provides round the year tax planning. 

	With no extension in September 30 filing deadline, here is a list of all the things one should keep in mind for a hassle-free foolproof process.
 

	1. The September 30 tax filing due date applies to a company. And also to a taxpayer or partner in a firm, where the taxpayer’s or the firm’s books of accounts must be audited. In all these cases, an audit report under section 44AB must be prepared by September 30 along with the return.
 

	2. Your return may be ready for submission. At this eleventh hour, do make sure you haven’t missed claiming any business expense in your return. Depreciation of the car you use for business or the insurance cost of the laptop, domain registration expenses, can all be claimed in your tax return. You can claim each expense directly related to your business.
 

	3. Freelancers are not sure if they are eligible to claim deductions.
 

	“They can claim certain expenses under section 80 like any other salary-earning person. Like, if they are putting away money in insurance policies or health insurance, they can claim those expenses,” said Preeti Khurana, Chief Editor, ClearTax.
 

	4. Are you maintaining your books? If you are a business or a small company, it may not be a part of your activity to keep good accounting records. 
 “Even though they are not required at the time of filing the tax returns but you should keep the record in case you need it at a later stage for some clarifications. The <keyword id="3081009" type="UNKNOWN" weightage="100" keywordseo="Assistant-Officer-at-the-tax-department">Assistant Officer at the tax department</keyword> may require for verification,” said Preeti. 

	5. It is important that even if you have not made any profits, you file a return; even if your company has made a loss. 
 

	“You are allowed to carry forward your losses if you claim it on time. Hence, prepare your balance sheets accordingly,” she said.
 

	There are some mistakes and misconceptions too.
 

	“Sometimes while you are at work and download videos and music from a playstore, you claim that expense, which you should not. Also, your expenses should not be in cash beyond a certain level,” she said.

	 
	 
	(Image credits: Indiatimes)

September
30! 5 must things one should know before filing a business tax return

New Delhi, Nov 19 () The Central Board of Direct Taxes (CBDT), the top policy-making body of the income tax department, is seeking to widen the net for the appointment of members to its board by inviting applications from relatively younger officers.
 The board, which is responsible for taking decisions on matters pertaining to income and corporate tax, sought applications from Principal Commissioner and above-ranked tax officers to fill some posts of Member, CBDT, that are falling vacant, according to a department notice.
 Till a couple of years ago, only officers of the rank of Principal Chief Commissioner of Income Tax (PCCIT) were eligible for being considered for appointment as Member, CBDT.
 CBDT, on November 11, sought to widen the catchment of officers by making eligible all officers of the rank of Principal Commissioner of Income Tax and above.
 The CBDT is headed by a Chairman and also comprises of six members, all of whom are ex-officio Special Secretary to Government of India.
 There are 26 Principal Chief Commissioners of Income Tax in each state who enjoy the same apex scale as the chairman and six members. All of them are categorised in Level-17 of the pay matrix.
 Below them is Chief Commissioner of Income Tax at Level-16 of the pay matrix, followed by Principal Commissioner of Income Tax at Level-15.
 Traditionally, only Principal Chief Commissioner of Income Tax was considered for appointment as Member, CBDT, but now Level-15 officer too will be considered.
 This will lead to some 300 relatively younger officers becoming eligible, sources in the know of the development said.
 The CBDT office circular of November 11 sought the name of an eligible officer "having one-year regular service in Level-15 in the pay matrix Rs 1,82,200-2,24,400, for consideration for the post of Member, CBDT."
 The officer should have "15 years of experience in administering and running the direct tax administration in the Central Government with 10 years of experience in the field formations of CBDT," it said adding the officer should have "high professional merit and excellence" as well as "impeccable reputation of integrity."
 The last appointments of Member to CBDT were all in the rank of Principal Chief Commissioner of Income Tax. In November last year, three Indian Revenue Service (IRS) officers - P K Dash, Akhilesh Ranjan and Neena Kumar, were appointed Members. While Dash was Principal Chief Commissioner of I-T (PCCIT) in Bhopal, Ranjan and Kumar were posted as PCCsIT in Delhi.
 Prior to that in August 2018, Aditya Vikram and Pramod Chandra Mody - both PCCIT rank officer, were appointed CBDT member. Mody went on to take over as the Chairman of CBDT.
 Mody currently holds the additional charge of Member (Investigation) while Neena Kumar has retired. Akhilesh Ranjan quit CBDT after Mody got a one-year extension in August. ANZ ANZ ANS
ANS

CBDT seeks to widen net for appointment of members; makes younger officers eligible for post

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Jason Merritt/Getty Images</div></div></div><ul><li>Sharp US income inequalities are only partially offset by means-tested social programs and taxation-based transfers, according to a new report from the Congressional Budget Office.</li><li>For the top 20% richest US households, average income was more than ten times that of households in the lowest quintile.</li><li>Income inequality has worsened considerably in the last three decades, the report finds; it also identifies deep disparities within the wealthiest 20%. </li></ul>US inequality has become so vast that taxes and transfers don't even come close to narrowing the gap.A <a href="https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/53597-distribution-household-income-2014.pdf">new report from the independent Congressional Budget Office</a> based on the most recent available data, from 2014, offers some enlightening statistics on the issue - and that was before the new tax reform law made the system <a href="http://www.businessinsider.com/trump-tax-plan-supercharges-a-major-driver-of-income-inequality-2017-10">substantially less progressive.</a>For the top 20% richest US households, average income was more than 10 times that of households in the lowest quintile. For that group, average income was $19,000. For the top 20%, average income was about $281,000.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Congressional Budget Office</div></div></div>The report notes that taxes and transfers blunt some of the most extreme effects of inequality, but serve more as a palliative than a long-term solution.Means-tested transfers are cash payments and in-kind benefits from federal, state, and local governments that are designed "to provide assistance to individuals and families with low income and few assets," the CBO says. They include benefits from government assistance programs such as Medicaid and the Children's Health Insurance Program (CHIP), the Supplemental Nutrition Assistance Program (SNAP, formerly known as the Food Stamp program), and Supplemental Security Income (SSI). Federal taxes consist of individual income taxes, payroll taxes, corporate income taxes, and excise taxes. The combination of those programs increased income among households in the lowest quintile by $12,000 (or more than 60%), on average, to $31,000. The US poverty level for a family of four was $24,600 last year.Taxes and transfers decreased income among households in the highest quintile by $74,000 on average to $207,000.The post-program distribution is less skewed but a substantial divide remains. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Congressional Budget Office</div></div></div>Income distribution is highly skewed <a href="http://www.businessinsider.com/income-gap-between-upper-middle-class-and-very-rich-2017-7">even among the very rich</a>, the CBO finds. "Average income among households in the bottom half of the highest quintile (the 81st to 90th percentiles) was about $151,000; average income among the 1.2 million households in the top 1% of the distribution was about $1.8 million."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Congressional Budget Office</div></div></div>Income growth among households in the bottom 80% of the income distribution was less than half the overall growth rate. Meanwhile, among households in the highest quintile, average income in 2014 was 95% higher than it was in 1979. "Because of those differences in cumulative growth rates, income inequality was greater in 2014 than it was in 1979."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Congressional Budget Office</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/transgender-activist-former-white-house-intern-sarah-mcbride-isnt-discouraged-by-trump-2018-3">This transgender activist and former Obama White House intern isn't backing down against Trump</a></h3> <div> </div> </div>

Drastic income inequality is putting a strain on America's social safety net

A three-month <keyword id="45210" type="ORGANIZATION" weightage="20" keywordseo="extension">extension</keyword> in deadlines for tax payment and filing of returns notwithstanding, the Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending collections. <keyword id="331683" type="PERSON" weightage="20" keywordseo="Rakesh-Gupta">Rakesh Gupta</keyword>, Commissioner of <keyword id="47201" type="COMPANY" weightage="20" keywordseo="income">Income</keyword> Tax (Coordination &amp; Systems), Central Board of Direct Tax (CBDT), last week asked field formations to submit a daily report on follow-ups on pending tax collections from large taxpayers. While most tax officers working from home in view of the lockdown announced to check the spread of Covid-19, it is possible to continue working in today's connected world, the message to officials said. "While the ITBA (Income Tax Business Application) platform is not available to the officers for discharging statutory functions, it is still possible to follow up the pending collection matters by contacting large taxpayers telephonically/electronically," Gupta wrote. The message came within days of Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> announcing three months extension in the deadline for filing of income tax returns as well as payment of delayed advanced tax, self-assessment tax, regular tax, tax deducted at source, tax collected source, and securities transaction tax. The directive from CIT (C&amp;S) has not gone down well with officers with their association writing to CBDT Chairman against it. The joint body of Income Tax Employees <keyword id="22143" type="COMPANY" weightage="20" keywordseo="federation">Federation</keyword> &amp; Income Tax Gazetted Officers' Association in the letter expressed surprise at the direction "to pressurize the assesses/defaulters to pay taxes when the Finance Minister has recently announced various extensions of the statutory compliances including the extension of the last date for the (dispute resolution scheme) Vivad se Vishvash scheme and also reduced the penal interest rates." "The people's backlash in the wake of such pressures to pay taxes in the present scenario is very much evident," the convenor Ravi Shankar wrote. The association said it was not possible for assessing officers (AOs) to furnish a daily report for daily collection of current/arrear demand or applications received under the Vivad se Vishvash Scheme as the contact information of assessees/defaulters was not available at homes of the officers.Also, the officers did not have access to the ITBA platform. It asked the chairman to direct the authorities below him "to remain positive, sensitive towards the present situation, adopt a humane approach and avoid pressing the panic button within the department". The Finance Minister had on March 24 announced an extension in last for filing income tax returns for 2018-19 fiscal to June 30 as well as linking of income tax PAN with biometric ID Aadhaar by a similar three months. Also, a three-month extension in the deadline was announced for those opting for the tax dispute resolution scheme 'Vivad se Vishwas' scheme by paying the principal amount. Previously the deadline for payment of such amount was March 31 and any payment after that was to be charged with an additional 10 per cent. Now, no additional 10 per cent amount requires to be paid if payment made by June 30, 2020. Similarly, "due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for rollover benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law where the time limit is expiring between March 20, 2020, to June 29, 2020, shall be extended to June 30, 2020," an official statement issued on March 24 had said. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between March 20, 2020 and June 30, 2020, the reduced interest rate at 9 per cent instead of 12/18 per cent per annum will be charged for this period, it had said adding no late fee/penalty would be charged for the delay. ANZ MKJ

Tax department asks officers to chase 'large dues' as they work from home

New Delhi, Feb 5 () With over Rs 9 lakh crore worth direct taxes locked up in litigation, the government on Wednesday introduced a Bill in Parliament which seeks to provide an option to taxpayers to pay only the disputed tax by March 31 and get complete waiver of interest and penalty. Finance Minister Nirmala Sitharaman on Wednesday introduced 'The Direct Tax Vivad se Vishwas Bill, 2020' in the Lok Sabha.Taxpayers willing to settle disputes under the scheme shall be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute up to March 31, 2020, after which 10 per cent additional disputed tax shall have to be paid over and above the tax liability.Further where the tax arrears relate to disputed interest or penalty only, then 25 per cent of disputed penalty/interest shall have to be paid only if the payment is made by March 31, 2020, beyond which the same shall be enhanced to 30 per cent.The scheme would remain open till June 30, 2020.In a meeting with the senior officers of the Central Board of Direct Taxes (CBDT) and Revenue Secretary Ajay Bhushan Pandey, it was decided that the members of the apex income tax body will take weekly video conferencing to monitor performance at the ground level.Besides, each income tax officer would be required to approach, convince and facilitate the litigant taxpayers under his jurisdiction to avail the scheme and the performance of the officers would be rated on the basis of their success in executing the scheme, an official said.About 5 lakh cases are pending at various levels with disputed tax arrears amounting to Rs 9.32 lakh crore as on November 30, 2019. "Over the years, the pendency of appeals filed by taxpayers as well as government has increased due to the fact that the number of appeals that are filed is much higher than the number of appeals that are disposed. As a result, a huge amount of disputed tax arrears is locked up in these appeals," said the statement of objects and reasons of the Bill. Taxpayers whose appeals are pending with Commissioner (Appeals), Income Tax Appellate Tribunal, High Court or Supreme Court as on the January 31, 2020 can seek resolution under the scheme.Appeals against disputed tax, interest or penalty in relation to assessment or reassessment order or against disputed interest or fee where there is no disputed tax, and disputes related to defaults in respect of Tax deducted at source or tax collection at source are covered under the scheme.The scheme shall not apply where tax in arrears related to assessments in the nature of search and requisition. Declaration cannot be made in respect of disputed tax of an assessment year in respect of which prosecution has been instituted on or before the date of filing declaration. Further, tax in arrears relating to undisclosed foreign income/asset, assessment or reassessment made on the basis of information received under DTAA can also not be declared. A person in respect of whom prosecution for any offence under the Indian Penal Code/ Prevention of Money Laundering Act/ Prohibition of Benami Property Transactions Act has been instituted or a person who has been convicted under the Acts can also not avail the scheme. Giving the rationale behind the scheme, Sitharaman said it will reduce the litigation expenditure for the government and at the same may help in generating some revenue.Nangia Andersen Consulting Chairman Rakesh Nangia said: "This can be a very beneficial scheme for settlement for cases such as additions of unexplained cash deposited during demonetisation period, additions for penny stocks, etc. where factually the Taxpayers have high exposures." Shardul Amarchand Mangaldas &amp; Co Partner Abhay Sharma said "the exclusion from its ambit of cases involving either undisclosed foreign income or based on exchange of information with foreign tax authorities deserves a re-look, given the challenges typically faced in enforcement of tax demands in such cases". JD JTRMKJ

'Direct Tax Vivad se Vishwas Bill" introduced in Lok Sabha

<keyword id="6358777" type="General" weightage="50" keywordseo="new-delhi" source="Orion">New Delhi</keyword> [India], February 17 (ANI): The <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> gathered several pieces of evidence pertaining to the BBC India's operation which indicated that taxes were not paid on "certain remittances" which have not been disclosed as income in India by the foreign entities of the group, a <keyword id="121964" type="General" weightage="50" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> (CBDT) spokesperson said in a statement on Friday. After three days, the income tax (I-T) department finished its survey at the offices of the BBC in Delhi and Mumbai on Thursday. "A survey action under section 133A of the Income-Tax Act, 1961 (the Act) was carried out at the business premises of group entities of a prominent international Media Company at Delhi and Mumbai," the spokesperson said. Section 133A of the Act enables an income-tax authority to enter any place of business or profession or charitable activity within its jurisdiction to verify the books of account or other documents. The group, the spokesperson without taking name of the entity said, it is engaged in the business of development of content in English, Hindi and various other Indian languages; advertisement sales and market support services. The statement added the survey revealed that despite substantial consumption of content in various Indian languages (apart from English), the income or profits shown by various group entities is "not commensurate with the scale of operations in India". "The survey operations also revealed that services of seconded employees have been utilised for which reimbursement has been made by the Indian entity to the foreign entity concerned. Such remittance was also liable to be subject to withholding tax which has not been done," it added. Further, the survey, the spokesperson said, has also thrown up several discrepancies and inconsistencies with regard to "Transfer Pricing" documentation. "The survey operation has resulted in unearthing of crucial evidences by way of statement of employees, digital evidences and documents which will be further examined in due course." The officials of the I-T depratment recorded statements of only those employees whose role was crucial including those connected to, primarily, finance, content development and other production-related functions. "Even though the department exercised due care to record statements of only key personnel, it was observed that dilatory tactics were employed including in the context of producing documents/agreements sought. Despite such stance of the group, the survey operation was conducted in a manner so as to facilitate continued regular media/channel activity," the spokesperson said. Earlier, BBC had said it was cooperating with the income tax department, which was conducting a survey at its offices in New Delhi and Mumbai. "The Income Tax Authorities are currently at the BBC offices in New Delhi and Mumbai and we are fully cooperating," the <keyword id="16527651" type="General" weightage="50" keywordseo="bbc-news-press-team" source="Orion">BBC News Press Team</keyword> said in a statement. The Income Tax 'survey' on the British Broadcasting Corporation (BBC) offices located in Delhi and Mumbai concluded nearly after 60 hours on Thursday evening. Issuing a statement the BBC News PR had said, "The Income Tax Authorities have left our offices in Delhi and Mumbai. We will continue to cooperate with the authorities and hope matters are resolved as soon as possible." "We are supporting staff - some of whom have faced lengthy questioning or been required to stay overnight - and their welfare is our priority. Our output is back to normal and we remain committed to serving our audiences in India and beyond," the statement added. (ANI)

BBC India survey indicated tax evasion on remittances, discrepancies in transfer pricing: Govt

<ul class="summary-list"><li>President <keyword id="99719" type="UNKNOWN" weightage="60" keywordseo="joe-biden" source="Orion">Joe Biden</keyword> and First Lady <keyword id="11937546" type="UNKNOWN" weightage="60" keywordseo="jill-biden" source="Orion">Jill Biden</keyword> had a joint <keyword id="11899771" type="UNKNOWN" weightage="60" keywordseo="income" source="Orion">income</keyword> of more than $600,000 last year.</li><li>Vice President <keyword id="11939049" type="UNKNOWN" weightage="60" keywordseo="kamala-harris" source="Orion">Kamala Harris</keyword> and her husband earned almost triple, with more than $1.65 million income.</li></ul>President Joe Biden and his wife Jill Biden earned a combined income of $610,702 last year, according to their joint <a href="https://www.whitehouse.gov/wp-content/uploads/2022/04/2022-04-15-POTUS-Redacted-2021-Federal-and-State-Returns.pdf">income tax returns</a> released on Friday.Joe Biden's presidential salary was $378,333, slightly below the typical $400,000 annual pay because he entered office on January 20. First Lady Jill Biden, who teaches English and writing at Northern Virginia Community College, earned $67,116.The couple paid an effective federal income tax rate of 24.6%, which came to $150,439 and another $30,765 in their home state of Delaware.The Bidens made charitable donations totaling $17,394, which included $5,000 to the Beau Biden Foundation, set up in the name of the president's deceased son.The previous year the couple reported making a similar figure of $607,336 in income. Vice President Kamala Harris and her husband Douglas Emhoff reported earning $1.65 million last year, according to their joint <a href="https://www.whitehouse.gov/wp-content/uploads/2022/04/2022-04-15-VPOTUS-Redacted-2021-Federal-and-State-Returns.pdf">income tax returns.</a><div type="image" title="Kamala Harris, Doug Emhoff" height="2000" width="3000" msid="90881242" hostid="261"></div>Unlike the Bidens, most of their income did not come from their salaries.Harris reported earning $452,664 from her work as a writer, and the couple earned more than $319,000 from the sale of a condominium in San Francisco.Harris' vice presidential salary came to $215,548, slightly lower than the typical $230,700 salary due to her taking office on January 20.Her husband, <keyword id="13132288" type="UNKNOWN" weightage="60" keywordseo="doug-emhoff" source="Orion">Doug Emhoff</keyword>, earned $164,740 from his job teaching at Georgetown Law.He also reported earning $582,543 for his work as a lawyer at the law firms DLA Piper and Venable, which he left in 2021 when Harris took office.They paid $523,371 in federal income tax at an effective federal income tax rate of 31.6%.The couple donated $22,100 to charity, according to the documents."With this release, the President has shared a total of 24 years of tax returns with the American public, once again demonstrating his commitment to being transparent with the American people about the finances of the commander in chief," the White House said in a statement.Biden's move contrasts with his predecessor Donald Trump, who broke with decades of tradition by refusing to release his tax records.In 2020, The New York Times obtained decades of Trump's tax reports. In 11 of the 18 years that were examined by the paper, Trump <a href="https://www.businessinsider.com/trump-tax-returns-new-york-times-summary-shocking-revelations-2020-9">paid $0 in federal income taxes.</a>

Joe Biden and his wife earned $600k income while Kamala Harris and her husband earned $1.65 million, tax returns show

New Delhi, Jul 12 () The Income Tax department on Sunday said it has made available to banks and post offices a new utility to ascertain TDS rate applicable on cash withdrawal of over Rs 20 lakh in case of a non-filer of ITR and that of above Rs 1 crore in other cases. Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS. On entering PAN, a message will be instantly displayed on the departmental utility -- "TDS is deductible at the rate of 2 per cent if cash withdrawal exceeds Rs 1 crore" (if the person withdrawing cash is a filer of ITR) and "TDS is deductible at the rate 2 per cent if cash withdrawal exceeds Rs 20 lakh and at the rate of 5 per cent if it exceeds Rs 1 Crore" (in case of non-filers). "The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs 20 lakh in case of a non-filer of the income-tax return and that of above Rs 1 Crore in case of a filer of the income-tax return. "So far, more than 53,000 verification requests have been executed successfully on this facility," an official statement said. The functionality available as "Verification of applicability u/s 194N" on www.incometaxindiaefiling.gov.in since July 1, 2020, is also made available to the banks through web-services so that the entire process can be automated and be linked to the Bank's internal core banking solution. The CBDT said that the data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 w e f July 1, 2020 further amended Income-tax Act to lower threshold of cash withdrawal to Rs 20 lakh for the applicability of this TDS for the non-filers and also mandated TDS at the higher rate of 5 per cent on cash withdrawal exceeding Rs 1 crore by the non-filers. In order to discourage cash transactions and move towards less cash economy, the Finance Act, 2019 had inserted section 194N in the Income Tax Act with effect from September 1, 2019, to provide for levy of TDS @ 2 per cent on cash withdrawal exceeding Rs 1 crore from a Bank/Post Office account/s subject to certain exceptions. JD BAL BAL

I-T dept makes new utility for banks, POs to check TDS rate on high value cash withdrawals

<ul class="summary-list"><li>Some businesses and executives are considering leaving <keyword id="6355838" type="LOCATION" weightage="60" keywordseo="new-york">New York</keyword> to avoid tax hikes, CNBC reported.</li><li>On Thursday, <keyword id="513036" type="PERSON" weightage="60" keywordseo="Cuomo">Cuomo</keyword> unveiled proposals to hike up income taxes in the state.</li><li><keyword id="15641" type="COMPANY" weightage="60" keywordseo="Miami">Miami</keyword>'s mayor said he'd already spoken to some of New York's biggest firms about moving to <keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword>.</li></ul>New York's mega-millionaires are set to start paying the nation's highest income-tax rates, and some are already considering moving to states with lower taxes, <a href="https://www.cnbc.com/2021/04/08/new-yorks-wealthiest-look-for-exits-as-state-readies-hefty-tax-increase-.html">CNBC</a> reported Thursday.This includes <a href="https://www.businessinsider.com/personal-finance/states-with-no-income-tax-map">Florida</a>, which doesn't have a personal-income tax.New York <a href="https://www.businessinsider.com/new-york-city-tax-rate-increase-andrew-cuomo-budget-proposal-2021-4">Gov. Andrew Cuomo revealed plans on Thursday to hike personal-income tax</a> for those earning more than $1 million, with the wealthiest New York City residents set to pay 14.8%, the highest rate in the country.Francis Suarez, the mayor of Miami, told CNBC that he'd already spoken to some of New York's biggest firms about possible reallocations to the city."I can't give names but if you're looking to know if we're talking to the biggest firms in New York, we are," he said."Clearly, the toxic climate in New York has led businesses to look to Miami as an attractive place for long-term expansion and relocation," Suarez added.Read more: <a href="https://www.businessinsider.com/new-york-legal-marijuana-cannabis-companies-strategy-grow-marijuana2021-4">Cannabis companies are gearing up to get in on New York's $7 billion cannabis gold rush. 4 shared how they're going to tackle it.</a>A media executive at a large New York public relations firm told CNBC that he had spoken to more than a dozen people who are considering fleeing the state as taxes rise."Moving to Florida is an active and serious conversation with my peers," he told the publication. "If my kids weren't here I would move tomorrow."Kathryn Wylde, CEO of the Partnership for New York City, which works with top business leaders, told CNBC that CEOs were being urged to open offices outside of the state so that staff can avoid the higher tax rates.Wylde added that an asset manager had told her a potential recruit had refused to live in New York City due to the tax increases, and that the asset manager was now planning to open offices in Florida.<h2>Businesses and CEOs are flocking to Florida</h2>It isn't just wealthy New Yorkers who are considering a move to Florida. In February, Insider's Daniel Geiger and Alex Nicoll reported that <a href="https://www.businessinsider.com/miami-florida-office-space-demand-leasing-microsoft-citadel-elliott-management-2021-1">Microsoft, Citadel, Elliott Management, and Baker McKenzie</a> were nearing deals for prime office spaces in South Florida.<a href="https://www.businessinsider.com/subway-moves-jobs-from-connecticut-headquarters-to-miami-2021-3">Subway is also shifting some business units to Miami</a>, where its CEO lives, and hedge fund billionaire <a href="https://www.businessinsider.com/david-tepper-buys-palm-beach-florida-mansion-report-2021-2">David Tepper</a> is reportedly planning to buy a $73 million mansion in Palm Beach."Low taxes, year-round warm and sunny weather, and an influx of wealthy corporate and financial industry executives have made it a rare bright spot of activity in an otherwise moribund office leasing market nationally," Geiger and Nicoll wrote.The rise of remote working has also made it easier for workers to relocate. Alongside Wall Street's exodus to Florida, there's a <a href="https://www.businessinsider.com/tech-elites-leaving-san-francisco-threaten-silicon-valley-supremacy-2020-11">Silicon Valley exodus to Texas</a>, headlined by <a href="https://www.businessinsider.com/tesla-ceo-elon-musk-confirms-move-to-texas-2020-12">Elon Musk's</a> and <a href="https://www.businessinsider.com/oracle-moving-to-austin-hq-silicon-valley-texas-2020-12">Oracle's moves</a> to the Lone Star State, <a href="https://www.businessinsider.com/pandemic-tech-finance-migration-california-texas-florida-new-york-2020-12">Insider's Hillary Hoffower reported</a>.<h2>New York's millionaire tax</h2>In Thursday's $212 billion budget proposal, <a href="https://www.businessinsider.com/new-york-city-tax-rate-increase-andrew-cuomo-budget-proposal-2021-4">Gov. Andrew Cuomo included personal-income tax hikes</a> to fund, among other things, improved infrastructure, affordable internet for low-income families, and small business relief.The tax hikes would affect about 123,000 New Yorkers earning more than $1 million a year, <a href="https://www.marketwatch.com/story/just-500-households-in-new-york-city-will-pay-the-highest-rate-in-cuomos-millionaire-tax-hike-11617906816">MarketWatch</a> reported.Under the proposals, individuals earning more than $1 million and couples bringing in more than $2 million would be taxed 9.65%, up from 8.82%. Those earning between $5 million and $25 million would be taxed 10.3% of their income, rising to 10.9% for those earning more than $25 million.The surcharge would bring in around $2.8 billion in new tax revenue, rising to $3.3 billion in the 2023 financial year, <a href="http://nygovernord8stg.prod.acquia-sites.com/sites/default/files/2021-04/budget_FY2022_presentation_compressed.pdf">Cuomo's office said</a> - alongside roughly an additional $1 billion from corporate tax hikes.New York City already has its own 3.88% income-tax rate in addition to state taxes, meaning that the 529 wealthiest residents are set to pay nearly 14.8% total <keyword id="6354751" type="UNKNOWN" weightage="60" keywordseo="income-tax">income tax</keyword> under the new proposal, according to calculations by <a href="https://www.marketwatch.com/story/just-500-households-in-new-york-city-will-pay-the-highest-rate-in-cuomos-millionaire-tax-hike-11617906816">MarketWatch</a>.This would be the highest income-tax rate in the US, beating California's current rate of 13.3%<a href="https://www.businessinsider.com/nyc-new-york-income-tax-deficit-cuomo-coronavirus-2021-1">Cuomo said in January he planned on raising taxes</a> if the White House didn't help the state recover from its $15 billion deficit, the highest deficit in its history. He added that COVID-19 had caused the state's revenues to fall by $5.1 billion.

New York's wealthiest residents are considering fleeing to Florida ahead of income-tax hikes in the state, according to a report

PAN - expanded as <keyword id="134255" type="COMPANY" weightage="20" keywordseo="permanent-account-number">Permanent Account Number</keyword> is a code consisting of alphabets and numerals. In total there are 10 characters in a <keyword id="437599" type="PERSON" weightage="20" keywordseo="PAN-number">PAN number</keyword>. PAN is the identification that the <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword> provides the taxpayers. The objective of the PAN number is to systematize and monitor the monetary transactions in a way curbing the tax evasion. <keyword id="7998729" type="UNKNOWN" weightage="20" keywordseo="PAN-jurisdiction">PAN Jurisdiction</keyword> Every PAN number in linked to an AO code with 10 digits found in the PAN database. This can be understood as a unique code that contains information including the jurisdiction of the PAN holder, the commissioner’s charge, the region of the chief commissioner, the range of the joint commissioner, the designation and region of the Assessing Officer (AO). Every PAN holder will belong to a particular range based on their geographical location and income source. In every region, there will be multiple units and these units will be called as wards or circles. The ward of a PAN holder depends on the income declared by the candidate. Different income limits go under different sub-jurisdictions. The income up to a particular limit is automatically included in a particular circle. When you change the area of your residence, the AO code can also change. When you want to modify your AO code, you will have to apply for a new AO. Steps to know your PAN jurisdiction <ul><li>Knowing your PAN jurisdiction is a very simple and easy process. You can do this without even logging on to the Income tax website. Follow these steps to know your jurisdiction.</li><li>Visit the official Income Tax Department website. Click on the link ‘Know Your Jurisdiction’.</li><li>Input your PAN and mobile number and click on ‘submit’. </li><li>You will receive a ‘One Time Password’ on your registered mobile number. Input this OTP on the webpage. Remember that you will have to enter the right OTP and you will not be given more than 3 attempts to do this. </li><li>You will now come to the jurisdiction details for your PAN number. The list of details you will get include area code, AO type, AO number, jurisdiction, name of the income tax ward office, range code, email id of the income tax award office and the status of your PAN card. </li></ul>Changing your PAN jurisdiction It is necessary to change your PAN jurisdiction if you have to change your residential address. It is also possible to change your jurisdiction if you are not happy with the way your Assessing Officer functions. Steps to change your Assessing Office <ul><li>Visit the NSDL site and go to the page <a href="https://tin.tin.nsdl.com/pan2/servlet/NewPanCorrectDSC">https://tin.tin.nsdl.com/pan2/servlet/NewPanCorrectDSC</a>.</li><li>Input all the details asked for without any mistakes. Upload your photograph and the supporting documents asked.</li><li>Submit the form and make the payment asked.</li><li>Print the acknowledgement you will get after you have successfully submitted your PAN correction application.</li><li>Put your signature in the acknowledgment, affix your photographs, and sign on one of the photographs. </li><li>Send this acknowledgment attaching all the supporting documents by post to NSDL to reach them within 15 days of applying for the change.</li></ul>

You Searched For "Income Tax officers" and got 11 results

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New York's wealthiest residents are considering fleeing to Florida ahead of income-tax hikes in the state, according to a report

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How do you know your PAN jurisdiction?

BI India Bureau

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