New Delhi: The income tax division has made the decision to monitor cash transactions at hospitals, banquet halls, and enterprises in order to stop tax evasion.
Cash transactions are occasionally illegal and can get you in trouble, according to the Income Tax Department. It is against the law to accept loans or deposits for 20,000 or more in cash; instead, such transactions must go through banking procedures.
A person is also not permitted to accept a total cash gift from another person of at least 2 lakh. Cash contributions to registered political parties or trusts are not eligible for tax deductions.
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The IT division keeps an eye on cash transactions in particular businesses and professions, including hospitals, to uphold these regulations. According to The Times of India, the department is also keeping an eye on a few professionals.
The law requires that healthcare facilities obtain patients’ PAN cards upon admission.
According to department authorities, the audit also noted that health facilities had occasionally broken the rule.
The income tax division is currently preparing to take action against these hospitals. The report also stated that it will track patients who had paid significant sums of money to private medical institutions using data from health service suppliers.
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According to the article, the tax agency uses certain data to look for inconsistencies in submitted returns, such as the Annual Information Statement.
Taxpayers must make sure to submit the correct information in accordance with their details in the Annual Information Statement (AIS) and Taxpayer Information Summary in addition to attaching the necessary documents (TIS).
A notice from the Income Tax Department may be issued if there is any disagreement between the information provided in the tax return and the specifics of AIS and TIS.
AIS, which was introduced in 2021, is a thorough statement that includes all the specifics of a single financial transaction from the previous year.
It includes details required by the Income Tax Act, such as interest on savings accounts and term deposits, TDS, dividend earnings, mutual funds, and other investment-related information.
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By logging into their accounts on the Income Tax Department online, taxpayers can download their AIS for the entire year.
On the e-filing portal, you can download AIS by selecting the “Services” option. However, TIS, which is a component of AIS, includes an information summary for a taxpayer that is compiled by category.
As a result of information deduplication, each category shows the processed value that was created based on pre-established criteria and derived values.
Information Category, Processed Value, and Derived Value are among the details shown by TIS. Where necessary, the data is used to prefill returns.
Similar to AIS, Taxpayer Information Summary is available for download through the Income Tax Department’s e-filing website. Click on AIS on the I-T portal’s services tab to access your TIS.
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