lado_business_solutions

28/07/2024

फर्जी रिफंड वालों इस बार खैर नही.

IT refund will take time this year . They are going to scrutinize the returns very strictly. For this, they are adapting the specially designed, self automated and modified artificial intelligence software program (AI) for scrutinizing the field of ITR. This program will first collect the data linked with your PAN card, then it will automatically follow the linked data with your Aadhar card.

After this the AI will tally the transactions linked with your aadhar and PAN to the bank accounts attached. Now it will collect all details of fixed deposits, quarterly interests credited, share dividends, share transactions, mutual fund and shares long term and short term gains of all bank accounts you declared & attached yourself with your income tax ITR returns filed by you. Now it will start tallying the undeclared bank accounts on your name and *also with the joint bank accounts where you are second and third holder*.

It will also search the postal accounts and bank accounts with all cooperative banks, local credit institutions (पतसंस्था), postal fix deposits, interests, postal RDs, MIS, senior citizen saving schemes etc either single or jointly with second name where your investments are made with the family members who are non registered ITR filers.

The PAN card will now be checked with the government registry office for any *Land and immovable properties transactions* in the current and previous three years.

After all this complicated workout the debit cards, credit cards transactions, passport, visa attached tour details, two & four wheeler purchase or sale etc.

The complete data collected will be tallied with data you declared & filed in your Income Tax Return. Also will be tallied with TDS in AS26 data.

The decleared and *undeclared* factual income tax will be calculated automatically and demand will be sent to you under 143(i).

The full proof automated AI-ITR program is successfully finalized & tested. And will be implemented for the first time from *this year* now.

So income tax processing is delayed somewhat. All the ITRs are expected to be processed late in the last week of July or max in the first week of August.

*Because this specially designed AI-ITR program has enough capacity to do all this work out in a fraction of seconds.

18/09/2021

05/08/2021

GST UPDATE
𝐅𝐮𝐫𝐧𝐢𝐬𝐡𝐢𝐧𝐠𝐬 𝐁𝐚𝐧𝐤 𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 𝐢𝐧 𝐆𝐒𝐓 :

Rule 10A of CGST Rules :

Once GSTIN is assigned, the registered person shall furnish bank account details within

A) 45 Days from the date of grant of registration or ;

B) The date on which the return u/s 39 [usually GSTR 3B] is due to be furnished, whichever is earlier.

For Example, Suppose Mr. X's GSTIN is assigned on 01st August 2021.

A) 45 Days from 01st August is 15 September
B) GSTR 3B due date of August is 20th September

Earlier of the (A) or (B) is 15th of September.

Thus Mr. X needs to furnish the details within 15th of September 2021.

What will happen if Mr. X do not furnish Bank Account Details?

As per Rule 21 of the CGST Rules, 𝙩𝙝𝙚 𝙍𝙚𝙜𝙞𝙨𝙩𝙧𝙖𝙩𝙞𝙤𝙣 𝙤𝙛 𝙈𝙧. X 𝙞𝙨 𝙡𝙞𝙖𝙗𝙡𝙚 𝙩𝙤 b𝙚 𝙘𝙖𝙣𝙘𝙚𝙡𝙡𝙚𝙙. 𝙄𝙣 𝙤𝙩𝙝𝙚𝙧 𝙬𝙤𝙧𝙙𝙨, 𝙩𝙝𝙚 𝙂𝙎𝙏 𝙍𝙚𝙜𝙞𝙨𝙩𝙧𝙖𝙩𝙞𝙤𝙣 𝙘𝙖𝙣 𝙗𝙚 𝙘𝙖𝙣𝙘𝙚𝙡𝙡𝙚𝙙 𝙞𝙛 𝙩𝙝𝙚 𝙗𝙖𝙣𝙠 𝙖𝙘𝙘𝙤𝙪𝙣𝙩 𝙙𝙚𝙩𝙖𝙞𝙡𝙨 𝙖𝙧𝙚 𝙣𝙤𝙩 𝙛𝙪𝙧𝙣𝙞𝙨𝙝𝙚𝙙 𝙬𝙞𝙩𝙝𝙞𝙣 𝙩𝙝𝙚 𝙩𝙞𝙢𝙚 𝙡𝙞𝙢𝙞𝙩.

26/07/2021

Rs. 200 crore of unaccounted transactions discovered in I-T search in UP
-----------

Income Tax Department carried out a search operation on 22.07.2021 on a group in Uttar Pradesh dealing in Mining, Hospitality, News Media, Liquor and Real Estate. The search began in Lucknow, Basti, Varanasi, Jaunpur and Kolkata.

Cash of more than Rs. 3 crore has been seized and 16 lockers have been placed under restraint. Documents including incriminating digital evidence indicating nearly Rs. 200 crore of unaccounted transactions have been seized.

Evidence found during searches establishes that the group has been earning huge outside-the-books income through mining, processing and sales in liquor, flour business, real estate etc. Unaccounted income emanating out of these transactions has been found exceeding Rs. 90 crore as per preliminary estimates. This income has been brought back into the books through a network of shell companies and other bogus entities without paying any taxes, thereby creating a charade that the money has been accounted for.

During the searches, more than 15 companies incorporated at Kolkata and other places were found to be non-existent. Share premia of over Rs. 30 crore were collected by these shell companies through other similar entities or through individuals of no means. There is no economic rationale for any such premium.

Searches have also established that individuals as well as shell entities were used by the group to launder huge funds amounting to more than Rs. 40 crore, showing them as loans obtained by media companies. Taxation profiling of such shell entities who have provided ‘loans’ indicates that they neither possess the financial ability nor had any economic rationale for advancing such ‘loans’. These persons and entities were found to be closely related to the final beneficiaries. One of these persons had provided loans of more than one crore to media entities and was himself not only unlettered but also of very meagre financial means.

Taxation profiling of each individual and entity indicated that either no returns were filed or very meagre taxes had been paid which were not at all commensurate with the huge amount of loans and premia running into crores. One paper company was found not to have any business, the address mentioned was false and it had no employees. Yet it had been paid more than Rs. 4 crore of share premium by another bogus concern.

Similar modus operandi was also followed in having so called ‘trade payables’ in the books of the main entities of these businesses through such dubious concerns with unaccounted sources of funds. These so called ‘payables’ alone amount to more than Rs. 50 crore .

One of the branches of the group has voluntarily disclosed an income of Rs. 20 crore during the search once they were confronted with the evidence. This disclosure includes Rs. 13 crore of bogus ‘trade payables’.

The group therefore devised a complex strategy of earning huge unaccounted income through the creation of sophisticated financial layers of dubious and bogus entities spread across multiple States, to route this unaccounted money back into the main businesses without paying any taxes. The total amount of such unaccounted layering through bogus entities exceeds Rs. 170 crore while the total unaccounted transactions exceed Rs. 200 crore.

The unaccounted amounts so earned were used partly for the purchase and construction of property. Evidence of unaccounted payments in cash running into crores has been found during search. Evidence has also been found to indicate that payments exceeding Rs. 2 crore have been made in cash by one of the businesses in violation of provisions of Income-tax Act, 1961. Huge unaccounted money has also been deposited in a group Trust and routed to the main concerns.

Further investigations are in progress.I Source taxguru

24/07/2021

🧟

11/07/2021