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.
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