The Income Tax Department will keep an eye on the expenses of big events of Dhannasheth. In the Union Budget 2022-23, the government has made important changes in the Income Tax Act. Now, for spending more than 50 lakh rupees on an event, the organizer will have to maintain the record for ten years.
The department can make inquiries at any time during this period. In such a situation, the scope of the investigation has increased on those who consume black money. The Income Tax Department has also been keeping an eye on the marriages that took place in this connection. In the last year's budget, provisions of 148A were made instead of section 148 of the Income Tax Act.
It is said that a person whose return does not show income or assets or is under-represented. The department can assess the tax after the investigation by sending a notice to him within three years. The period for issue of notice against a person if his undisclosed income exceeds Rs 50 lakh was ten years.
Earlier, only the purchase of land and jewellery was checked. CA Arun Gupta, secretary of Kanpur GST CA Association, said that new provisions have been made in the budget which came on February 1. Now department officials can inquire about the source of income for spending more than Rs 50 lakh on a wedding or other event.
Senior Tax Adviser Santosh Kumar Gupta said that a new provision has been made under the Income Tax Act 149B. If the details of the property, transaction expenses, any festival, celebrations, and expenditure of 50 lakhs are found in the books of accounts, the same has not been disclosed to the department in the return, then the officers of the department can open the records of up to 10 years in such cases. However, the permission of higher officers will be taken for this and departmental action including penalty, interest, etc. will be taken if the matter is right.
Delhi NCR Flood: Yamuna ravages in capital, water reaches civil lines and Delhi secretariat
Due to the continuous release of water from Haryana's Hathni Kund Barrage, the Yamuna River in Delhi is assuming a monstrous form. For three days, the river has been flowing above the danger mark of
Hearing on Maharashtra crisis in SC adjourned till Monday: Sibal's appeal - do not send the matter to the Constitution Bench; EC's argument - it is necessary to decide on the party
The Supreme Court has adjourned the hearing till Monday on the crisis arising out of the rights of Shiv Sena. The court said- On Monday, the court will give its decision on whether this matter should
Kanpur Violence: New twist in Kanpur violence, Pakistan connection surfaced, shocking disclosure from mobile numbers taken on surveillance
The connection of the ruckus on the new road in Kanpur is connecting with the masters sitting in Pakistan. During the ruckus, calls were going on continuously in Pakistan from a phone number. That
Heal in India: Medical tourism draft ready, patients will come from 61 countries, single window concept will be implemented
In the next few months, India is going to become the biggest medical tourism hub on the world map. Under the guidance of Prime Minister Modi, the Union Health Ministry has prepared a complete draft of
'India’s Got Latent' Row: 'It happened in the flow, mental health is not good'; Samay Raina admits his mistake.
Famous comedian Samay Raina has been in the news for some time now. In India's Got Latent, podcaster Ranveer Allahabadia commented on the intimacy of parents, which created a ruckus. The Supreme Court
Today the collision between Lucknow and Delhi: If Rahul's bat plays, then Delhi's troubles will increase, the responsibility of playing till the end of the innings on Pant
High On Confidence Lucknow Super Giants will take on Delhi Capitals today at 7:30 PM at the DY Patil Stadium in Mumbai. After losing to Gujarat Titans in the opening match of IPL-15, Lucknow made a
IPL 2022 2nd Qualifier RR vs RCB: Big record of playoff matches! Will RCB be able to match CSK leaving Mumbai Indians behind today?
In the history of the Indian Premier League, the record of making 200+ scores in the playoffs for the most number of times is currently recorded in the name of Chennai Super Kings, but in the second
Neeraj Chopra: 'He is also our boy', Neeraj's mother's statement on Pakistani player winning gold, now here
Neeraj Chopra is being praised all around after winning the silver medal in the Paris Olympics. At the same time, Pakistan's javelin thrower Arshad Nadeem is in the news after winning the gold medal.
IIT: Many countries are contacting us for the establishment of IIT- Education Minister Pradhan gave information
The name of the Indian Institute of Technology ie IIT is included in the list of some of the most famous institutes in the world. Many developing and developed countries are approaching the Government
Salman Khan firing case: 5th accused caught from Rajasthan, had helped the shooters by giving money and doing recce; demand for custody
Big news has come out in the firing case of Bollywood actor Salman Khan's residence. Mumbai Crime Branch on Tuesday arrested the 5th accused in this case from Rajasthan. The name of the accused is
