Latest news with #IncomeTaxAct-1961
Time of India
15-07-2025
- Business
- Time of India
Lapses in registrations at tehsils lead to Rs 5,000 crore tax evasion a year in Haryana
Gurgaon: The income tax (I-T) department has estimated tax evasion amounting to over Rs 5,000 crore each year after it has discovered that permanent account numbers (PAN) of buyers and sellers are not being entered into the software during registrations at the tehsil offices of the state. In 93 tehsils across 22 districts, PAN is not being fed into the software during registrations. According to norms, details of all registries for properties that cost over Rs 30 lakh have to be shared with the I-T department. The tehsil office has to provide the names, PAN and Aadhaar card details of the buyers and sellers. "Even if 1% of people evade taxes, the amount would be at least Rs 5,000 crore in a year," an I-T official told TOI, adding, "Instructions have been given to the concerned officials regarding this issue. With the help of property transactions, I-T officials trace the tax evaders. The mismatch in IT returns and high-value property transactions could lead to a person evading tax. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon According to the official, although PAN cards are collected by departmental personnel, the PAN is not being fed into the system "due to software issues". Deputy commissioner Ajay Kumar said a meeting with revenue department officials has been held to ensure all tehsildars meet the standards. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like I Thought I'd Tried Everything for Back Pain – Until This NeuroMD® Learn More Undo "If there is a software flaw, it will be addressed at the headquarters level," Kumar said. A month ago, an I-T department team conducted a raid in Wazirabad, the state's largest tehsil. Upon examining the seized records, it was found that 27,000 registrations took place in a year, with the total value of these registrations surpassing Rs 30,000 crore. Following the raid, the work of feeding PAN into the software is underway. The records sent from the tehsil to the I-T department are being carefully examined. To prevent evasion of tax, the I-T department has asked the tehsil offices across the state to collect the specified financial transaction (SSFT) statement from parties involved in property transactions exceeding Rs 30 lakh during document registration. Submitting SSFT to the I-T department is obligatory under Section 285BA(1) of the Income Tax Act-1961.
Time of India
01-07-2025
- Business
- Time of India
Karnataka's draft rules for gig workers' board allow aggregators to self-declare contributions
Bengaluru: The state govt has released draft rules for the Gig Workers' Welfare Board, introducing a system that allows aggregators and gig-work platforms to self-declare their contributions to the welfare fund — marking a key step in operationalising the state's social security push for the gig economy. The draft, issued on June 30, lays out detailed mechanisms for calculating, declaring and depositing the welfare fee, while also allowing voluntary contributions under corporate social responsibility (CSR). It comes amid a nationwide debate over the rights and protections of gig workers, many of whom fall outside the traditional labour laws. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Gig workers — defined as individuals engaged in temporary, flexible or project-based work — are set to be covered under these rules through a dedicated welfare board, with the govt overseeing compliance. According to Section 17 of the draft rules, "the collection of welfare fee shall be undertaken by the state govt within 30 days from the end of each quarter". Further, it mandates that the aggregator shall, within 30 working days of the end of each quarter, automatically calculate the welfare fee and self-declare a fee equivalent to 1-5% of each payout made to the gig worker, to be notified by the govt from time to time. This gives aggregators flexibility in the contribution process, but also ties them to a clear timeline and percentage cap for compliance. In cases of miscalculation or overpayment, the draft provides a refund mechanism. "In case of any excess or incorrect contribution of the welfare fee, the aggregator shall claim refund from the board within 90 days," the rules state. In a notable incentive to encourage wider support for the fund, the draft allows aggregators to make additional payments over the statutory requirement, as part of their CSR obligations. "Voluntary contributions over and above the mandatory welfare fee towards the Karnataka gig workers' social security, as a CSR initiative under the Companies Act-2013, can qualify for income tax deductions under the provisions of the Income Tax Act-1961," the draft rules state. Penalty & recovery However, the rules also lay out penalties for non-compliance. If an aggregator fails to deposit the welfare fee within the stipulated time despite receiving a notice, it will be fined, with recovery mechanisms clearly outlined. To ensure transparency, the rules mandate robust data management. Aggregators are required to maintain detailed records of welfare payments and ensure their availability to the authorities. The draft also proposes the creation of an internal dispute resolution committee to address the grievances of gig workers related to welfare contributions. The draft is currently open for public consultation, and stakeholders can submit objections or suggestions before the rules are finalised. Get the latest lifestyle updates on Times of India, along with Doctor's Day 2025 , messages and quotes!
Time of India
22-05-2025
- Business
- Time of India
Buying or selling property? Sub-registrars in Karnataka to inform income tax department
BENGALURU : To prevent evasion of tax, the stamps and registration department has issued a circular mandating all sub-registrars across the state to collect the specified financial transaction (SSFT) statement from parties involved in property transactions exceeding Rs 30 lakh during document registration. Submitting SSFT to the income tax department is obligatory under section 285BA(1) of the Income Tax Act-1961 . The trigger for the circular, sources say, is that the I-T department had raised concerns about "several" sub-registrars failing to provide these statements. The circular, issued by KA Dayananda , inspector general of registration and commissioner of stamps, stipulates that sub-registrars must gather specific information, including PAN card details and addresses of both buyers and sellers in a designated format. This format includes registration date, transaction value, property specifications, payment method, Aadhaar details, Form 60 receipt, birth date, contact information, and email. Both parties must verify and sign these details. The SSFT form must be scanned alongside other property transaction documents. The circular instructs sub-registrars to withhold registration documents until SSFT details are collected, with accountability measures for any procedural oversights. "We have already been submitting SSFT details to the I-T department regularly, but we've received the circular relating to it now. We will follow the direction," said a senior sub-registrar from Bengaluru. A senior official of the registration and stamps department said sub-registrars are anyway mandated to report transactions of Rs 30 lakh or above. "Due to heavy workloads, sub-registrars sometimes fail to provide these details. Some have faced disciplinary action," the official said. "Now, parties involved in property transactions will not be able to collect registered documents if they fail to provide SSFT." Sub-registrars have requested authorities to incorporate SSFT submission in the Kaveri-2.0 software, where parties upload registration documents. One sub-registrar said that manual SSFT collection increases workload, suggesting that enabling self-declared SSFT uploads through Kaveri-2.0 would streamline the process for both the department and I-T authorities.
Time of India
19-05-2025
- Business
- Time of India
Buying or selling property? Sub-registrars to inform income tax department
Bengaluru: To prevent evasion of tax, the stamps and registration department has issued a circular mandating all sub-registrars across the state to collect the specified financial transaction (SSFT) statement from parties involved in property transactions exceeding Rs 30 lakh during document registration. Submitting SSFT to the income tax department is obligatory under section 285BA(1) of the Income Tax Act-1961. The trigger for the circular, sources say, is that the I-T department had raised concerns about "several" sub-registrars failing to provide these statements. The circular, issued by KA Dayananda, inspector general of registration and commissioner of stamps, stipulates that sub-registrars must gather specific information, including PAN card details and addresses of both buyers and sellers in a designated format. This format includes registration date, transaction value, property specifications, payment method, Aadhaar details, Form 60 receipt, birth date, contact information, and email. Both parties must verify and sign these details. The SSFT form must be scanned alongside other property transaction documents. The circular instructs sub-registrars to withhold registration documents until SSFT details are collected, with accountability measures for any procedural oversights. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 출렁출렁 "똥뱃살,허리살" 녹이는 [이것] 발견.. 먹자마자 콸콸 빠진다 남재현 체지방 다이어트 더 알아보기 Undo "We have already been submitting SSFT details to the I-T department regularly, but we've received the circular relating to it now. We will follow the direction," said a senior sub-registrar from Bengaluru. A senior official of the registration and stamps department said sub-registrars are anyway mandated to report transactions of Rs 30 lakh or above. "Due to heavy workloads, sub-registrars sometimes fail to provide these details. Some have faced disciplinary action," the official said. "Now, parties involved in property transactions will not be able to collect registered documents if they fail to provide SSFT. " Sub-registrars have requested authorities to incorporate SSFT submission in the Kaveri-2.0 software, where parties upload registration documents. One sub-registrar said that manual SSFT collection increases workload, suggesting that enabling self-declared SSFT uploads through Kaveri-2.0 would streamline the process for both the department and I-T authorities.
