Latest news with #1962
Time of India
a day ago
- Business
- Time of India
Govt depts asked to submit action taken reports on RERA Act implementation
1 2 Bhubaneswar: To strengthen the functionality of Odisha Real Estate Regulatory Authority (ORERA), the housing and urban development department, after assigning specific tasks to various agencies and govt departments with timelines, has asked them to submit action taken reports on the same. In a letter to the departments and agencies concerned, Satish Chandra Singh, joint secretary (housing and urban development department), stated that a high-level meeting under the chairmanship of the chief secretary was held on June 17 to discuss the implementation of the RERA Act, 2016. "In this connection, the chief secretary will conduct a review meeting very shortly. It is requested to kindly take necessary action as per the discussions and decisions in the first meeting and furnish action taken reports to the department at the earliest," Singh said. The action taken reports were sought from the revenue and disaster management department, the general administration department, the town planning division of the housing and urban development department and ORERA itself. According to the assignments, the town planning division was asked to make sure that the status of all project approvals is intimated to ORERA on time. For this, the division was asked to prepare a digital tool for real-time data sharing. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Are Watching Tariffs - Few Are Watching What Nvidia Just Launched Seeking Alpha Read More Undo The division was given 60 days to complete the task. Similarly, the revenue and disaster management department was asked to constitute a technical group to plan and implement the integration of ORERA 2.0 with the Bhulekh portal. The team will also work to give access to the SUJOG portal to get the list of approved real estate projects. The housing and urban development department itself was tasked with issuing instructions to the respective urban local bodies to deploy their enforcement squad with the ORERA for the execution of orders under the Orissa Demands Recovery Act,1962. On June 5, ORERA had requested the chief secretary, Manoj Ahuja, to consider an eight-point recommendation it made to strengthen the implementation of RERA Act in Odisha. Following the recommendation, the chief secretary held a review meeting on June 17 and issued specific tasks to specific teams. "Proper implementation of the RERA Act is necessary to safeguard homebuyers and regulate the real estate sector. Earlier, there was a monopoly of the developers and agents, but now things are changing and it should improve further," homebuyer Vikrant Swain said.
Time of India
a day ago
- Business
- Time of India
Relief for these Property buyers and other taxpayers who got tax demand notice due to short deduction of TDS from in-operative PAN holders; Know more
What did the income tax department say? Where the amount is paid or credited from April 1, 2024 to July 31, 2025 and the PAN is made operative (as a result of linkage with Aadhaar) on or before September 30, 2025. Where the amount is paid or credited on or after August 1, 2025 and the PAN is made operative (as a result of linkage with Aadhaar) within two months from the end of the month in which the amount is paid or credited. What does this mean? How can property buyers get relief due to this circular? 'Inoperative PANs cannot be used for filing income tax returns (ITR) or conducting key financial transactions. This poses a challenge in cases such as property sales, where the seller's PAN is inactive due to non-linkage with Aadhaar. In such situations, the law mandates that the buyer must deduct TDS at 20% instead of the regular 1%. However, many buyers, unaware of the PAN status, end up deducting TDS at 1%, assuming compliance. This typically leads to a tax demand notice to the property buyer from the Income Tax Department for the shortfall of 19%.' Karundia explains how this relief works for those who short deducted TDS from April 1, 2024 to July 31, 2025: 'This benefit also applies to property buyers who failed to deduct TDS at the higher 20% rate from sellers with inactive PANs. For instance, if someone purchased a property on April 2, 2024, from a seller whose PAN was inoperative, the buyer was required to deduct TDS at 20% rather than the standard 1%. If they didn't and received a demand notice, the notice will be cancelled provided the seller activates their PAN by September 30, 2025.' Gupta explains how the relief works for those who short deducted TDS on or after August 1, 2025: The recent CBDT Circular No. 9/2025, issued on July 21, 2025, offers relief in such cases. It provides that no demand for short deduction will be raised if the deductee—i.e., the property seller—makes their PAN operative by linking it with Aadhaar within two months from the end of the month in which the payment was made. For example, if a property is purchased on August 2, 2025, from a seller with an inoperative PAN and the buyer deducts TDS at 1%, the buyer will not be penalized, provided the seller regularizes their PAN by October 31, 2025. Why did the income tax department give this relief? The Central Board of Direct Taxes vide Circular No. 03 of 2023 dated 28th March, 2023 had specified that the consequences of PAN becoming inoperative as per Rule 114AAA of the Income-tax Rules, 1962 shall take effect from 1st July, 2023 and continue till the PAN becomes operative. Further, Circular No. 06 of 2024 dated 23.04.2024 issued by the Board, provided relief to deductors/collectors from the applicability of higher TDS/TCS rates under section 206AA/206CC of the Income-tax Act, 1961 (hereinafter 'the Act') for transactions entered into upto 31.03.2024, where the PAN becomes operative (as a result of linkage with Aadhaar) on or before 31.05.2024. Several grievances have been received from the taxpayers that they are in receipt of notices intimating that they have committed default of 'shortdeduction/collection' of TDS/TCS while carrying out the transactions where the PANs of the deductees/collectees were inoperative. In such cases, as the deduction/collection has not been made at a higher rate, demands have been raised by the Department against the deductors/collectors while processing of TDS/TCS statements under section 200A or under section 206CB of the Act, as the case may be. The Income Tax Department has given relief to those income tax payers who got an income tax demand notice due to short deduction of TDS and short collection of TCS from those deductors and collectors, who have an in-operative PAN. An PAN will be termed in-operative, if it is not linked with income tax department said that all such tax demand notices issued due to short deduction/collection of the TDS/TCS, will be deleted, if the PAN is made operative again within a specified a circular dated July 21, 2025 the Income Tax Department said: "...There shall be no liability on the deductor/collector to deduct/collect the tax under section 206AA/206CC of the Act, as the case maybe, in the following cases:This circular says that those taxpayers who deducted TDS or collected TCS at a lower rate than otherwise prescribed for in-operative PAN cases will get relief from tax demand subject to the condition that the PAN is made operative within a specified circular mentions two different deadlines for giving this releif from short tax deduction and collection Accountant Ashish Karundia explains that numerous tax deductors and collectors have received TDS/TCS demand notices from TRACES for applying a lower tax rate on transactions involving taxpayers whose PAN was inactive at the time, often due to it not being linked with Aadhaar. "This circular issued on July 21, 2025, now provides relief in such situations. If the affected taxpayer activates their PAN by linking it with Aadhaar by September 30, 2025, any related short deduction or collection demands issued to the deductor or collector will be withdrawn."Karundia adds: 'Further, for transactions occurring on or after August 1, 2025, if the taxpayer's PAN becomes active within two months following the end of the month in which the transaction took place, the TDS/TCS demand will also be dropped. This second relief is not limited by the September 30 per Section 194-IA on property sales above Rs 50 lakh, buyers have to deduct TDS at 1% rate before making the payment to the sellers. However if the seller's PAN is in-operative then TDS at 20% rate is required to be deducted. The problem is in cases where the buyer deducted 1% TDS instead of 20% as it should be when the seller's PAN is in-operative. In such cases the property buyer will get income tax demand notice for 19% short deduction in TDS. This circular can give relief to such Accountant Mohit Gupta, partner, PNAM & Co. LLP, a chartered accountancy firm, says:ET Wealth Online has asked many chartered accountants about how this circular can give releif to property buyers, here's what they said:The Income Tax Department said this in the circular:The tax department said that to redress this grievance of taxpayers they partially modified the Circular No. 3 of 2023.
Hindustan Times
4 days ago
- Hindustan Times
DRI seizes 4 kg cocaine worth ₹40 crore at Bengaluru airport; 1 arrested
Acting on specific intelligence, officers of the Directorate of Revenue Intelligence (DRI) Bengaluru Zonal Unit intercepted an Indian male passenger with over 4 kg of cocaine worth ₹40 crore. The recovered cocaine weighed 4,006 grams (over 4 kg) having an international market value of around ₹ 40 crore.(Representational Image) The accused, who arrived from Doha, was intercepted at Bengaluru International Airport in the early hours of Friday, according to a release from Ministry of Finance. Upon careful examination of his baggage, it was observed that the passenger was carrying two superhero comics/magazines, which were unusually heavy. The officers carefully recovered white powder concealed in the covers of the magazines, the release stated. The powder tested positive for cocaine. The recovered cocaine weighing 4,006 grams (over 4 kg) and having an international market value of around ₹40 crore was seized under the provisions of the NDPS Act. The passenger was subsequently arrested under the provisions of the NDPS Act, 1985 and was remanded to judicial custody on Friday. In a similar incident in March, DRI intercepted a passenger carrying foreign-origin gold bars valued at ₹12.56 crore at the Bengaluru airport. Acting on specific intelligence, DRI officers intercepted an Indian female passenger aged around 33 years who had arrived from Dubai to Bengaluru via Emirates flight on March 3, 2025. Upon examination, gold bars weighing 14.2 kg were found ingeniously concealed on the person. The contraband, valued at Rs. 12.56 Crore, was seized under the provisions of the Customs Act, 1962. Following the interception, DRI officers conducted a search at her residential premises located at Lavelle Road, Bengaluru where she resides with her husband. The search resulted in the seizure of gold jewelry worth ₹2.06 Crore and Indian currency amounting to ₹2.67 Crore.
The Citizen
09-07-2025
- Business
- The Citizen
SARS extends key deadline after system struggles to cope with filing surge
It's tax return season, and SARS is on everyone's lips. A flood of submissions caused unexpected technical delays in the revenue service's online systems. The overwhelming demand forced SARS to take swift action, announcing an extension to the key filing deadline for employers to file their monthly tax data to July 14. SARS admitted in a media statement that they experienced higher-than-expected volumes, which caused their systems to respond longer than expected. Read more: SARS eFiling tips: How to be fully compliant 'We recognise that some employers experienced delays in submitting their monthly EMP201s, and as a result, we will consider not imposing penalties and interest on employers who would otherwise have been compliant. 'This process of payment is governed by paragraphs 2(1) and 14(2) of the Fourth Schedule to the Income Tax Act 58 of 1962, which provides for the payment of Pay-As-You-Earn, (PAYE) Unemployment Insurance Fund (UIF) and Skills Development Levy (SDL) and the submission of the EMP201 form within seven days after the end of the month during which the amounts that were withheld from remuneration paid to employees.' Also read: SARS filing season: Understanding payment options and Administrative Penalties SARS said in terms of section 3 of the Income Tax Act, the Commissioner for SARS has the discretionary power to extend the respective due dates. 'Taxpayers are encouraged to submit their EMP201 returns before 14 July to avoid late penalties.' For information, please contact [email protected]. Follow us on our Whatsapp channel, Facebook, X, Instagram and TikTok for the latest updates and inspiration! Have a story idea? We'd love to hear from you – join our WhatsApp group and share your thoughts! At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The South African
09-07-2025
- Business
- The South African
SARS extends due date for filing EMP201 for July 2025
South African Revenue Service (SARS) Commissioner, Edward Kieswetter, has extended the due date for EMP201 filing and payment to 14 July 2025. EMP201 is a tax return that is submitted by an employer to SARS on a monthly basis. The extension was granted following the higher than expected volumes that were experienced on Monday which caused SARS systems to take longer to respond than expected. 'We recognise that some employers experienced delays in submitting their monthly EMP201's and as a result we will consider not imposing penalties and interest in relation to employers who would otherwise have been compliant. 'This process of payment is governed by paragraphs 2(1) and 14(2) of the Fourth Schedule to the Income Tax Act 58 of 1962, which provides for the payment of Pay As You Earn (PAYE), Unemployment Insurance Fund (UIF) and Skills Development Levy (SDL), and the submission of the EMP201 form within a period of seven days after the end of the month during which the amounts that were withheld from remuneration paid to employees,' SARS said. In terms of section 3 of the Income Tax Act, the Commissioner for SARS has the discretionary power to extend the respective due dates. 'In the exercise of that discretionary authority, SARS Commissioner has extended the due date for filing and payment be extended to Monday, 14 July 2025. 'The practical implication of this decision is that SARS will not impose penalties and interest in relation to employers who would otherwise have been compliant. Taxpayers are encouraged to submit their EMP201 returns before 14 July to avoid late penalties,' the revenue service said. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
