There will be no evasion of income tax and GST, income tax officers can now ask for ITR from start ups also, know the details
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Income Tax And GST: Income Tax Department and GST are taking strict action against tax evasion across the country. Under this, notices and financial penalties have been given to many companies and private firms etc. It is now being told that Income Tax officials can now ask for details about the ITR filed by startup investors to find out whether the amount invested is in line with the income shown in their individual ITR or not. Income Tax Department gave this information. Responding to a post by BharatPe co-founder Ashneer Grover on social networking platform Grover had raised the issue that in the last one month, many startups have received tax notices, in which they have been asked to provide information about their shareholders.
The department gave information on social media
The Income Tax Department said that in this case, the department appears to have sought to investigate the genuineness of the transactions by the shareholder-investor and the source of investment, to verify that the amount invested is reflected in the ITR of the investors. Whether it is in line with the income received or not. The department said that alternatively, if the ‘PAN’ of the investors is shared by the company with the Assessing Officer (AO), he can verify the ITR of the investors.
Shortcomings found in some financial transactions of Tamil Nadu Mercantile Bank
The Income Tax Department has found deficiencies in certain financial transactions at the Tuticorin headquarters of Tamil Nadu Mercantile Bank. The private sector bank gave this information on Saturday. The Tamil Nadu-based bank said in a statement that its business operations are continuing as before and have not been affected by the development. The Intelligence and Criminal Investigation Branch of the Income Tax Department had conducted an investigation at the bank’s headquarters in Tuticorin last week. The Income Tax Department reportedly found that the bank has not filed details of financial transactions related to cash deposits of more than Rs 2,700 crore.
GST department imposed a fine of Rs 2.64 lakh on Pidilite
The Goods and Services Tax (GST) department has imposed a fine of Rs 2.64 lakh on Pidilite Industries. The company, which manufactures adhesives, waterproofing solutions and construction chemicals, said on Saturday that it expects a favorable decision at the appellate level. Pidilite Industries told the stock exchange that based on its assessment of the relevant laws and legal advice from external counsel, it “reasonably expects a favorable outcome” after challenging the penalty at the appellate level. According to the information given by the stock market, the company has received an order dated August 30, 2023, which the company had received from the office of the Assistant Commissioner of Central Tax, Block-3 near Pune on September 7, 2023. In this order, a fine of Rs 2,64,844 was imposed under the applicable provisions of the CGST Act, 2017. This order has been passed regarding disallowance of Input Tax Credit (ITC) in the state of Maharashtra for CIPY. CIPY was a company, which has merged with Pidilite Industries on April 1, 2022.
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