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 I-T survey on BBC: CBDT says, income, profits not commensurate with operations in India

According to the statement, several discrepancies and inconsistencies with regard to transfer pricing documentation were found during the survey.

The income and profits shown by various BBC group entities are not commensurate with the scale of their operations in India, according to an official statement on Friday, a day after the Income Tax authorities ended a three-day-long survey against the British media organisation.
The Central Board of Direct Taxes (CBDT) issued a statement without naming the media organisation and said that I-T teams unearthed crucial evidences by way of statement of employees, digital proof and documents.
Officials said the statement pertains to the British Broadcasting Corporation (BBC).
According to the statement, several discrepancies and inconsistencies with regard to transfer pricing documentation were found during the survey.
The survey was launched on February 14 at BBC offices in Delhi and Mumbai and it ended after about 60 hours on Thursday night.&nbsp;

The government on Monday said that the Pandora Papers' leaks on wealth stashed abroad will be investigated.
A multi-agency group headed by the chief of Central Board of Direct Taxes (CBDT), and representatives from the Enforcement Directorate, Reserve Bank of India and the Financial Intelligence Unit will monitor the reports and follow up relevant leads.
The reports included several prominent names including King Abdullah of Jordan, Czech Prime Minister Andrej Babis and associates of Russian President Vladimir Putin and several personalities in India.
2.94 terabytes of data was released five years after the leak known as the "Panama Papers" exposed how money was hidden by the wealthy in ways that law enforcement agencies could not detect.
The International Consortium of Investigative Journalists (ICIJ), a Washington, D.C.-based network of reporters and media organizations, said the files are linked to about 35 current and former national leaders, and more than 330 politicians and public officials in 91 countries and territories
&nbsp;

'Pandora Papers' leaks on wealth stashed abroad will be investigated: Government

The government said that the Pandora Papers' leaks on wealth stashed abroad will be investigated.

Centre: Pandora Papers' leaks on wealth stashed abroad will be investigated&nbsp;
CBDT chief, representatives from ED, RBI&nbsp;to monitor reports, follow leads
2.94 terabytes of data released 5 years after 'Panama Papers' leak
More than 600 journalists in 117 countries have been involved in the report
35 current &amp; former leaders, more than 300 public officials featured
&nbsp;
&nbsp;

A multi-agency group headed by the chief of CBDT, and representatives from the ED, RBI and the Financial Intelligence Unit will monitor the reports and follow up relevant leads

The government on Monday said that the Pandora Papers' leaks on wealth stashed abroad will be investigated.
A multi-agency group headed by the chief of Central Board of Direct Taxes (CBDT), and representatives from the Enforcement Directorate, Reserve Bank of India and the Financial Intelligence Unit will monitor the reports and follow up relevant leads.
The reports included several prominent names including King Abdullah of Jordan, Czech Prime Minister Andrej Babis and associates of Russian President Vladimir Putin and several personalities in India.
Also watch:<a href="https://www.editorji.com/entertainment-news/hollywood/claudia-schiffer-shakira-named-in-pandora-papers-leak-revealing-offshore-fortunes-1633328465884" target="_blank">&nbsp;Claudia Schiffer, Shakira named in Pandora Papers leak revealing offshore fortunes</a>
2.94 terabytes of data was released five years after the leak known as the "Panama Papers" exposed how money was hidden by the wealthy in ways that law enforcement agencies could not detect.
The International Consortium of Investigative Journalists (ICIJ), a Washington, D.C.-based network of reporters and media organizations, said the files are linked to about 35 current and former national leaders, and more than 330 politicians and public officials in 91 countries and territories
&nbsp;

PF Rule: According to the CBDT, All existing employees provident fund (EPF) accounts will be divided into taxable and non-taxable contribution accounts. 

Provident Fund (PF) account to be split into two; taxable and non-taxable 

Big Change in you PF account , your Provident Fund account to be split into two; taxable and non-taxable

Big Change in you PF account 

Finance Ministry notifies rules for calculating taxable interest in PF account.&nbsp;

You would soon have two provident fund accounts as per the regulations notified by the central government on Thursday. The PF account would be&nbsp;split into two separate accounts in order to levy the new&nbsp;tax on PF income&nbsp;arising out of employee contributions exceeding Rs 2.5 lakh a year. All existing employees provident fund (EPF) accounts will be divided into taxable and non-taxable contribution accounts.&nbsp; This move does not affect small and medium taxpayers as the Rs 2.5 lakh limit covers around 93 per cent of the people who are <a href="https://www.editorji.com/story/epfo-allows-to-withdraw-non-refundable-advance-in-case-of-job-loss-1624193637656" target="_blank">EPFO </a>subscribers and they will continue to get assured tax-free interest.
Also Read:&nbsp;<a href="https://www.editorji.com/story/your-pf-could-get-blocked-if-you-do-not-follow-this-rule-as-the-deadline-approaches-1628572701992" target="_blank">Your PF could get blocked if you do not follow this rule before September 1, here is what you need to do</a>

The deadline for filing Income Tax Returns (ITR) has been extended beyond September 30 as the glitches on the Infosys run e-filing portal continues.

ITR deadline: Income tax return e-filing date extended

The deadline for filing Income Tax Returns (ITR) has been extended beyond September 30 as the glitches on the Infosys run e-filing portal continues

Big relief for taxpayers after Finance Ministry extends tax filing date
Deadline for filing ITR&nbsp;has been extended beyond September 30
Extension after taxpayers reported difficulties in filing tax online
Problems in tax e-filing portal; several glitches, technical issues noticed

The Finance Ministry has extended the deadlines for e-filing of various forms that come under the Income-Tax Act, 1961 after taxpayers reported difficulties in filing these online

The deadline for filing Income Tax Returns (ITR) has been extended beyond September 30 as the glitches on the Infosys run e-filing portal continues.
In a big relief to&nbsp;taxpayers, the Finance Ministry on Sunday extended the deadlines for e-filing of various forms that come under the Income-Tax Act, 1961 after taxpayers reported difficulties in filing these online.
The government had previously extended the deadlines for filing <a href="https://www.editorji.com/story/income-tax-return-filing-date-may-be-extended-further-1630217644534" target="_blank">income tax returns (ITR)</a> earlier this year so as to give taxpayers some form of relief amidst the ongoing pandemic.&nbsp;&nbsp;
Also Read:&nbsp;<a href="https://www.editorji.com/story/income-tax-returns-new-e-filing-portal-launched-1623042740617" target="_blank">Income tax returns: New e-filing portal launched</a>
The Income Tax Department had rolled out a new tax e-filing portal to streamline the online application process. The portal however came with several glitches and technical issues. Since August 21, the portal was said to be inaccessible by the IT Department.

The govt has made filing of income tax returns even easier with a new e-filing&nbsp;website Here is all you need to know about the newly launched portal&nbsp;www.incometax.gov.in.&nbsp;

A free for all tax return preparation software to be available to all tax payers to make tax filing procedure more interactive and convenient.
There is a single dashboard for multiple interactions and uploads. Follow up on pending requests can be easily done via the new portal.
&nbsp;hrough the website taxpayers will be able to update their profile to provide the details of income including salary, house property, business or profession that will be used in pre-filling their income tax returns.&nbsp;
Detailed enablement of pre-filling with salary income, interest, dividend and capital gains will be available after TDS and SFT statements are uploaded (due date is June 30th, 2021)
New call center for taxpayer assistance for prompt&nbsp;response to taxpayer queries. Detailed FAQs, User Manuals, Videos and chatbot/live agent also provided

The new tax payment system will be launched on June 18 after the advance tax instalment date, the ministry of finance said. &ldquo;The mobile app will also be released subsequent to the initial launch of the portal, to enable taxpayers to get familiar with the various features," it further added.

Income tax returns: New e-filing portal launched; here is everything you need to know

Income tax returns: New e-filing portal launched; here is everything you need to know. Please tag finance minster, income tax india

Income tax returns: New e-filing portal launched

The govt has made filing of income tax returns even easier with a new e-filing&nbsp;website Here is all you need to know about the newly launched portal&nbsp;www.incometax.gov.in.&nbsp;
<ol>
<li>A free for all tax return preparation software to be available to all tax payers to make tax filing procedure more interactive and convenient.</li>
<li>There is a single dashboard for multiple interactions and uploads. Follow up on pending requests can be easily done via the new portal.</li>
<li>Through the website taxpayers will be able to update their profile to provide the details of income including salary, house property, business or profession that will be used in pre-filling their income tax returns.&nbsp;</li>
<li>Detailed enablement of pre-filling with salary income, interest, dividend and capital gains will be available after TDS and SFT statements are uploaded (due date is June 30th, 2021)</li>
<li>New call center for taxpayer assistance for prompt&nbsp;response to taxpayer queries. Detailed FAQs, User Manuals, Videos and chatbot/live agent also provided</li>
</ol>
The new tax payment system will be launched on June 18 after the advance tax instalment date, the ministry of finance said. &ldquo;The mobile app will also be released subsequent to the initial launch of the portal, to enable taxpayers to get familiar with the various features," it further added.

In a notification on Friday&nbsp; the govt has allowed hospitals, dispensaries and COVID-19 care centres to accept cash payments in excess of Rs 2 lakh from patients or on behalf of them till May 31.
Central Board of Direct Taxes (CBDT) stated that the person making the payment will have to produce their PAN or Aadhar&nbsp;card and also establish the relationship between the patient and themselves.&nbsp;
Many covid&nbsp;centres were demanding cash which was not permissible above the limit of&nbsp; Rs 2 lakh&nbsp;as per&nbsp;income tax law.&nbsp;

Govt removes cap on cash payment for covid treatment

<ul>
<li>Govt removes cap on cash payment for covid&nbsp;treatment&nbsp;</li>
<li>Patient/next of kin can make cash payment &gt; Rs 2 lakh&nbsp;</li>
<li>Govt removes cash cap for hospitals, covid&nbsp;care centres&nbsp;</li>
<li>Patient/payee has to submite&nbsp;PAN or Aadhar while making cash payments</li>
</ul>

In a notification on Friday, the govt has allowed hospitals, dispensaries and COVID-19 care centres to accept cash payments in excess of&nbsp;₹2 lakh from patients or on behalf of them till May 31.
Central Board of Direct Taxes (CBDT) stated that the person making the payment will have to produce their PAN or Aadhar&nbsp;card and also establish the relationship between the patient and themselves.&nbsp;
Many Covid&nbsp;centres were demanding cash which was not permissible above the limit of&nbsp; ₹2 lakh&nbsp;as per&nbsp;income tax law.&nbsp;

cbdt

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