Finance Minister Smt. Nirmala Sitharaman has introduced ‘Notice of Amendments’ to the Finance Bill, 2021 in the Lok Sabha. More than 100 changes have been proposed to the original Finance Bill, 2021 which was introduced in the Union Budget, 2021.
Seizure of large unaccounted cash will reduce the possibility of its utilisation for electoral purposes and will aid the objective of free and fair poll in the State of Tamil Nadu. Income Tax department has stepped up its monitoring and is closely watching the cash movement during the ensuing assembly elections.
The search action emanated due to non-compliance to faceless scrutiny assessment notices selected and issued through a computerised system. Notices under the Faceless Assessment Scheme sent to certain assessees were consistently not complied with even though received by them. Data analytics revealed that the recipients were persons of no/low means. Subsequent internal and discreet enquiries revealed that the said persons were the front for the above said group and were also the benamidars of some of the group members.
The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 1,000 crore. Unaccounted cash of Rs. 1.2 crore has been seized so far.
The Income Tax Department is carrying out search and survey operations which started on 03.03.2021 on two leading film production companies, a leading actress and two Talent Management companies in Mumbai. Search operation is being carried out at Mumbai, Pune, Delhi and Hyderabad. The group is mainly engaged in the business of Production of Motion Pictures, Web Series, acting, direction and talent Management of celebrities and other artists. A total of 28 premises are being covered in different locations which includes residences and offices.
The Central Board of Direct taxes (CBDT) has received various representations requesting for relaxation in determination of residential status for previous year 2020-21 from individuals who had come on a visit to India during the previous year 2019-20 and intended to leave India but could not do so due to suspension of international flights. The matter has since been examined by CBDT.
While speaking at ICAI’s residential meet of Chartered Accountant members in public service, he praises Chartered Accountants for their role in nation building and also offer them to join public service.
Important Income Tax (Direct Tax) Amendments (since 2019)
Government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019.