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Noe you can’t be safe by just filling the fine in tax evasion

Wednesday - June 19, 2019 11:09 am , Category : BUSINESS
Now pay 'serious consequence' in tax evasion!
Now pay 'serious consequence' in tax evasion!

Tax evasion now sets a 'serious crime'!

JUNE 19 (WTN) - Be careful if you do tax evasion or if you help in tax evasion. Please read this article carefully for why we are saying this. Indeed, the number of tax evaders in India is increasing gradually. Due to tax evasion, the country loses revenue of crores of rupees every year. In such a case against the tax evaders, the Income Tax Department is now preparing to take stringent steps. Now showing seriousness towards tax evasion, according to the new guidelines of the Income Tax Department, black money and anonymous property cases will now be considered as serious crime. For your information, let you know that these crimes were not considered as serious yet.

That is, according to the new guidelines of the Income Tax Department, if any person or company does the evasion of the tax then it will have to suffer severe consequences. On tax evasion, charges and case will not be solved by paying tax, penalties and interest. According to the new guidelines for Income Tax, which have come into effect from June 17, 2019, all cases of tax evasion will now be considered as a matter of serious crime.

For your information, let you know that according to the new rules of Income Tax Department, there is a list of 13 cases in which cases of tax evasion will now be considered as a serious crime category. Now, according to these new rules, the cases related to tax evasion will be settled. So far, these 13 cases were not listed under the category of serious crime.

According to the new rules, if you do not pay tax under Section 115-0 of Income Tax or Chapter XVII-B, then it comes in Crime A category. Whereas, if a person or company does not pay taxes by collecting taxes from the source, then this too will now be classified as a serious crime. At the same time, for your information, let you know that the person or company, who are willful defaulter, will be listed in category B. For the sake of tax evasion, which have not provided the necessary documents or have not given any details of their accounts or have furnished fake documents for verification, all of them will now be in the category of serious crime.

If it is proved that any taxpayer let others has forced to not pay the proper tax, then he will not be allowed to escape the punishment by filling the fine. Also, the same rule will apply to those taxpayers who have made fake bills of sale and have made fake bills of stay in hotels etc. At the same time, in the offenses under the anonymous property transaction law, fines will not be allowed to be exempted from the punishment.
For your information, let you know that in the first guideline of the CBDT, it was allowed exemption from punishment after filling a large penalty on unauthorized foreign accounts and foreign property related offenses, but it was a condition that the taxpayer had helped in the investigation and he would pay tax.

After that there was a law against black money in the year 2015, according to which new tax laws had given a limited opportunity to those who steal tax. Under this, punishment could be avoided by giving 30 per cent interest and a big penalty. But now the revised guidelines of the Income Tax Department have been done a bit more strictly. New guidelines have not allowed of escaping punishment by paying fine in the crimes related to black money and the undisclosed foreign accounts and properties.

That is, there was a provision of exemption from the punishment by filling a large fine in many serious cases of tax evasion before, but now such cases of tax evasion will be considered as a serious crime category. For your information, let you know that during the eight months of the year 2017 from April to November, tax evaders were freed after taking penalties in thousands of cases of tax evasion. But it is being said that due to the revised guidelines of the Income Tax Department, the cases of prosecution in the next few months may be wildly increased.