Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 24th January, 2020

PRESS RELEASE

Search in group running renowned educational institutions in Tamil Nadu

        The Income Tax Department mounted a search on a group operating leading educational institutions having a large number of schools and colleges in Chennai and Madurai region. The search was conducted at the office of the Trust, residences of the trustees and key employees of the group. The charitable trusts are running a medical college and hospital, Engineering colleges and schools across Tamil Nadu. Search and survey operations were carried out at 64 places across the State.

       During the search, evidences were unearthed of fee collected under various nomenclatures from students of Engineering colleges; schools run by the group which were received in cash and not accounted for; and cash receipts not accounted for in the hospital account. Loans and interest were seen repaid in cash which were earlier taken in cash for the purpose of unaccounted investments. These receipts were utilised for the purchase of properties by paying on-money.

       The search has resulted in the seizure of around Rs. 2 crore of unaccounted cash. Out of the unaccounted income detected so far, the group has admitted an amount of Rs. 532 crore as their undisclosed income. The searches are temporarily concluded and further investigations are under progress.   

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

 

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 24th January, 2020

PRESS RELEASE

Income Tax searches lead to detection of undisclosed foreign assets of more than Rs. 1000 crore

Taking forward the mission of the Government against black money, particularly undisclosed foreign assets, the Income Tax Department conducted searches on 19th January, 2020, on a group which has been on their radar for having substantial undisclosed foreign assets. The operation covered 13 premises in NCR.

The group is a leading member of the hospitality industry, running a hotel abroad and a chain of luxury hotels under a prominent brand name, situated at various locations in India.

The search operation has so far resulted in seizure of unaccounted assets valued at Rs. 24.93 crore(cash of Rs. 71.5 lakh, jewellery worth Rs.23 crore and expensive watches valued at Rs.1.2 crore).

Evidence seized during the search reveals that a large amount of black money was stashed abroad by the group, through the mechanism of Trusts, formed in early 1990s in tax havens.

Such foreign holdings of the main persons have remained hidden for decades beneath complex multi layered structures, located in different countries, ensuring secrecy. Search action further revealed that one of the close relatives of the promoter family was intentionally introduced as a front to ostensibly escape the provisions of domestic tax laws.

The investigation has successfully lifted the veil, leading to detection of  undisclosed foreign assets of more than Rs. 1000 crore, apart from domestic tax evasion of more than Rs. 35 crore which may, inter alia, lead to consequences under the Black Money Act, 2015, as also, action under the Income-tax Act, 1961 respectively. Foreign assets include investment in a Hotel in UK, immovable properties in UK and UAE and deposits with foreign banks. Further investigations are in progress.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

 

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 09th January, 2020

PRESS RELEASE

CBDT grants relaxation in eligibility conditions for filing of Income-tax Return Form-1 (Sahaj) and Form-4 (Sugam) for Assessment Year 2020-21

In order to ensure that the e-filing utility for filing of return for assessment year (A.Y) 2020-21 is available as on 1st April, 2020, the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the A.Y 2020-21 were notified vide notification dated 3rd January, 2020. In the notified returns, the eligibility conditions for filing of ITR-1 & ITR-4 Forms were modified with an intent to keep these forms short and simple with bare minimum number of Schedules. Therefore, a person who owns a property in joint ownership was not made eligible to file the ITR-1 or ITR-4 Forms. For the same reason, a person who is otherwise not required to file return but is required to file return due to fulfilment of one or more conditions in the seventh proviso to section 139(1) of the Income-tax Act, 1961 (the Act), was also not made eligible to file ITR-1 Form.

After the aforesaid notification, concerns have been raised that the changes are likely to cause hardship in the case of individual taxpayers. The taxpayers with jointly owned property have expressed concern that they will now need to file a detailed ITR Form instead of a simple ITR-1 and ITR-4. Similarly, persons who are required to file return as per the seventh proviso to section 139(1) of the Act, and are otherwise eligible to file ITR-1, have also expressed concern that they will not be able to opt for a simpler ITR-1 Form.

The matter has been examined and it has been decided to allow a person, who jointly owns a single house property, to file his/her return of income in ITR-1 or ITR-4 Form, as may be applicable, if he/she meets the other conditions. It has also been decided to allow a person, who is required to file return due to fulfilment of one or more conditions specified in the seventh proviso to section 139(1) of the Act, to file his/her return in ITR-1 Form.

 

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

 

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION No. 107/2019

Dated: 30th December, 2019

S.O. 4708(E).—In exercise of the powers conferred under sub-section (2) of section 139AA of the Income-tax Act, 1961 (‘Act’) (43 of 1961) , the Central Government hereby amends the notification of the Ministry of Finance (Department of Revenue), dated 28th September, 2019 published in the Gazette of India, Extraordinary, Part-II, Section 3, sub-section (ii) vide S.O. number 3539(E) :—

2. In the said notification:—

    31st December, 2019 shall be substituted by 31st March, 2020.

[F. No. 225/75/2019-ITA. II]

RAJARAJESWARI R., Under Secy. (ITA.II), CBDT

 

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

Dated: 16th December, 2019

PRESS RELEASE

Extension of date of Direct Tax payment in respect of third instalment of advance tax for FY 2019-20

Considering the large-scale disruption of Internet Services in the North Eastern States-Assam, Tripura, Arunachal Pradesh, Meghalaya, Nagaland, Manipur and Mizoram, the Central Board of Direct Taxes, in exercise of powers conferred under clause (a) of sub-section (2) of section 119 of the Income-tax Act, 1961, has decided to extend the last date for payment of December instalment of Advance tax for FY 2019-20, from 15 th December, 2019 to 31 st December, 2019 in case of all the assessees, Corporate and other than Corporate, in the above mentioned States.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT