Govt’s net tax collection rises 86% to Rs 5.57 lakh crore in Quarter1

Govt’s net tax collection rises 86% to Rs 5.57 lakh crore in Quarter1

Parliament was informed on Monday that the government’s total tax collection increased by almost 86 percent in the April-June quarter to more than Rs 5.57 lakh crore. Net direct tax collection totaled Rs 2.46 lakh crore, while indirect tax collection totaled Rs 3.11 lakh crore.

Minister of State for Finance Pankaj Chaudhary said, “The net direct tax collection in the first quarter of FY 2021-2022 is Rs 2,46,519.82 crore as against Rs 1,17,783.87 crore during the same period of previous FY 2020-21, representing a growth of 109.3 percent.”

In the first quarter of FY 2021-2022, net indirect tax collection was Rs 3,11,398 crore, up from Rs 1,82,862 crore in the same time the previous year, a 70.3 percent increase.

In response to another query, Chaudhary stated that the Income Tax Department takes appropriate action against tax evaders in accordance with applicable legislation.

Searches, surveys, inquiries, income assessments, tax levy, interest, penalties, and the filing of prosecution cases in criminal courts, if applicable, are examples of actions taken under direct tax laws.

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Furthermore, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act of 2015, more than 107 criminal complaints have been submitted.
Assessment orders under the Act had been issued in 166 cases as of May 31, 2021, with a total demand of Rs 8,216 crore.

In the HSBC cases, concealed income of around Rs 8,465 crore was brought to tax, and a penalty of Rs 1,294 crore was imposed. In ICIJ (International Consortium of Investigative Journalists) cases, the undisclosed income of almost Rs 11,010 crore has been discovered.

Representation on 10 issues relating to GST

Undisclosed credits totaling Rs 20,078 crore and Rs 246 crore have been discovered in the Panama Papers and Paradise Papers disclosures, respectively.

 

Check why you should focus on gathering TDS on Rent?

TDS on Rent of Property to be deducted by Individuals and HUFs too

Prior to 2017, TDS was required to be deducted under segment 194-I just by a predefined class of business and experts who required to get impose review and when the lease paid/payable amid the budgetary year is more than ? 1,80,00.

In spending plan 2017 certain changes connected for TDS on lease and rates at which TDS on lease is to be deducted. According to Finance Act, 2017, “TDS on Rent” under area 194-IB is obligated to be deducted by Individuals or HUFs additionally in charge of paying to an occupant month to month lease surpassing ? 50,000.

Rules for individual Tenant and Owner of the property

So as to disentangle and diminish the weight on individual inhabitants and proprietors Section 194-IB of the Income Tax Act, 1961 Act Provided a few rules/Points:

A). Rules for the Tenant of the Property:

  • All people or HUFs (with the exception of those at risk to review under proviso an and b of segment 44AB) paying month to month lease to an inhabitant in abundance of Rs. 50,000 are at risk to deduct 5% TDS under segment 194-IB.
  • Inhabitant needs to gather the Permanent Account Number (PAN) of the Landlord and confirm the equivalent with the Original PAN card.
  • Download and outfit TDS declaration in Form 16C from TRACES and issue to the Landlord/Lessor/Payee inside 15 days from the due date of outfitting of the Callahan cum proclamation in Form 26QC.
  • In the event that the Landlord/Lessor/Payee is a non-inhabitant, obligation to deduct TDS emerges under segment 195 of the Income-charge Act, 1961.
  • TDS derivation is discretionary to be deducted each month and the aggregate TDS For the entire Financial Year is required to be deducted in the most recent month of the money related year.
  • TAN number not required, Use PAN number rather than TAN

B). Rules for Landlord of the Property:

  • Give your PAN to the Tenant for outfitting data in regards to TDS to the Income Tax Department.
  • Check store of duties deducted by the Tenant in your Form 26AS Annual Tax Statement.
  • Ask Form 16C from your inhabitant which has been downloaded from TRACES site as it were.

TDS rates on Rent

  • Plant, apparatus or hardware 2%.
  • Lease of land, building, and furniture for people and Hindu Undivided Family-5%.
  • Lease of land, building or furniture if there should be an occurrence of other people who required expense review 10%.

If there should arise an occurrence of extra help, you may counsel an EZTax.in master to get the correct direction required.

Approach Team EZTax.in @ https://eztax.in/contact or call @ +91 7288 900 or essentially talk online @ https://eztax.in/

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Last Date to deposit TDS

Last Date to deposit TDS on Rent for Individuals, not under TAX Audit

TDS on Rent

  • 30.04.2018 is the Last Date to pay TDS deducted u/s 194IB by individual/HUF who are not liable to Tax audit from monthly rent > 50000 between Jun 2017 to Mar 2018 in Form 26QC.

Section 194-IB of the Income Tax Act, 1961 states that for all the transactions with effect from June 1, 2017, tax @5% should be deducted by the Tenant/ Lessee/ Payer of the property at the time of making payment of rent (to Landlord / Lessor/ Payee) for paying to a resident monthly rent exceeding ? 50,000. The tax so deducted should be deposited to the Government Account through any of the authorized bank branches.

194-IB is liable to be deducted

  • By Individuals or HUFs (Hindu Undivided Family) (other than an individual or a HUF,
  • Whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such income by way of rent is credited or paid, thus out of tax audit gambit
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EPFO Changes

EPFO to accept PF claims above Rs. 10Lakh offline, earlier stand reversed.

EPFO Circular dated 13.04.2018.