wordpress blog stats
Connect with us

Hi, what are you looking for?

I-T cases not to be reopened if higher turnover is reported due to digital payments

Businesses which report a higher income or revenues due to increased usage of digital payments following the demonetization of Rs 500 and Rs 1000 notes will not trigger reopening of cases of past years, the income tax department informed in a circular. The Central Board of Direct Taxes sought to allay fears that tax men would resort to harassing businesses by reopening earlier cases where they had reported lower revenues. "By adopting the digital mode of payment, no financial transactions would remain undisclosed and consequently an enhanced turnover of business might get reflected in the books of accounts. Under the circumstances, an apprehension was raised by the business community that increased turnover in the current year may lead to reopening of earlier years' cases where the turnover was lower," the circular read. However, the circular categorically states that mere increase in turnover in a particular year due to use of digital payments cannot be the only reason that income has escaped assessment in earlier years. "Hence, I-T officers are advised not to reopen past assessments in cases, merely on the ground that the current year's turnover has increased." Mere suspicion is not an adequate ground for reopening of earlier years cases, it added. The latest circular applies to Section 147 of the I-T Act which permits an officer to reopen of past cases, generally up to the past four years, if they have reason to believe that they have escaped assessment. Tax scheme for undeclared income The Press Trust of…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ