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Former Co-Founder of CloudMagic Inc Rishit Jhunjhunwala Named Truecaller CEO

November 7, 2024, 10:51 pm

Software company Truecaller on Thursday named Rishit Jhunjhunwala as its new chief executive officer (CEO). Jhunjhunwala is the current chief of products in the Swedish company and has been working with Truecaller since 2015.

Jhunjhunwala, who has worked for Truecaller since 2015, is also the managing director of the company’s India division. He will take over his new role on January 9, after incumbent Alan Mamedi steps down.

The change in leadership comes as Co-founders Alan Mamedi and Nami Zarringhalam announced in their letter that they have decided to give up their operational duties at Truecaller from June 30, 2025. The letter further said Mamedi and Zarringhalam will now focus on Truecaller’s long-term strategy as board members and advisors, allowing the leadership team to take full ownership and drive the company’s continued growth.

In the past decade, Jhunjhunwala has held multiple key positions in the company. Initially, he was appointed as the head of product in 2015. He was promoted to chief product officer in 2020, and then given the position of managing director of the India branch in 2021.

This comes on the same day as the Income Tax Department conducted multiple raids at the Indian offices of the global caller ID platform on charges of tax evasion, reported PTI. The Stockholm-headquartered company said it was cooperating with the investigators.

After the searches, Truecaller issued a public statement saying that it is awaiting official confirmation and communication from the tax department regarding the investigation. “On Thursday 7 November 2024, Truecaller’s India offices were visited by Indian Tax officials. Truecaller are currently assisting the authorities to the full extent at our offices. This came without prior notice and Truecaller are currently awaiting official confirmation and communication from the tax departments,” the statement said.

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“Truecaller would like to reiterate that Truecaller is not subject to any tax investigation in India outside the routine tax audits. Truecaller’s group financial statements have always received an unqualified audit opinion. Truecaller has always paid all taxes due in India and all regions where it operates,” it added.

The company said its transfer pricing policy for its intra-group transactions is consistent with the internationally accepted arm’s length standard, as has been informed earlier.

LS Elections 2024: ITD Seizes Record Rs 1100 Crore Cash And Jewellery

May 31, 2024, 10:41 am

During the current Lok Sabha elections, the Income Tax Department has successfully seized a record-breaking Rs 1100 crore in cash and jewelry, according to sources who spoke to ANI.

The sources claim that by May 30th, the department had confiscated jewelry and cash totaling almost Rs 1100 crore, an increase of 182% above the Rs 390 crore seized during the 2019 Lok Sabha elections.

On March 16, the day the Election Commission of India released the dates for the Lok Sabha elections, the Model Code of Conduct (MCC) went into effect. Since then, the Income Tax Department has kept a close eye on and seized unreported funds and goods that might have an impact on elections.

Sources claim that Karnataka and Delhi had the biggest seizure totals, with each state containing more than Rs 200 crore worth of jewelry and cash.

At Rs 150 crore, Tamil Nadu had the second-highest seizure after that. Together, the states of Andhra Pradesh, Telangana, and Odisha possessed jewelry and cash valued at over Rs 100 crore.
The 2024 Lok Sabha Election will begin with polls called by the Election Commission of India (ECI), and the MCC will go into effect nationally on March 16. To make sure that the rules are followed, central agencies have been put on high alert. They are specifically keeping an eye on the movement of money, alcohol, freebies, drugs, jewelry, and other stuff that can sway voters.

Every state has set up round-the-clock control rooms to monitor the unauthorized transfer of funds that political candidates may employ in their campaigns.
The MCC, which is applicable to all political parties and candidates, seeks to stop unethical behavior and encourage ethical conduct.

Individuals found carrying cash over Rs 50,000 or new items worth over Rs 10,000 without supporting documents will have these items seized. If the individual provides valid documents proving the items are unrelated to the elections, they will be returned. However, if the seized cash exceeds Rs 10 lakh, it will be forwarded to the Income Tax Department for further scrutiny.

PAN-Aadhaar Not Linked? TDS Penalty Deadline Extended: What Happens Next?

April 26, 2024, 4:00 pm

The Income Tax Department recently announced an extension in the deadline for imposing penalties related to non-deduction of double TDS for taxpayers with unlinked PAN-Aadhaar. This decision comes as a relief to individuals and entities who were facing penalties for not deducting higher TDS due to the absence of a linked PAN-Aadhaar.

In a circular issued by the Central Board of Direct Taxes (CBDT), it was specified that no punitive action would be taken against deductees for short deduction of Tax Deducted at Source (TDS) if the assesses link their PAN-Aadhaar by May 31, 2024. This extension provides a grace period for taxpayers to ensure compliance with the PAN-Aadhaar linking requirement and avoid penalties.

Extension Explained

The extension primarily addresses the issue of double TDS deductions that arise when PAN is not linked with Aadhaar. As per income tax rules, non-linkage of PAN with Aadhaar requires TDS to be deducted at double the applicable rate. This rule has been in effect since June 30, 2023, when PANs of individuals who hadn’t linked their two ID proofs became inactive.

Burden Alleviated

Many taxpayers, especially deductors, have faced notices and demands from the Income Tax Department due to defaulting on TDS/TCS payments caused by inoperative PANs. The Central Board of Direct Taxes (CBDT) has received grievances from such taxpayers, leading to the decision to extend the deadline.

Expert Insights

Tax experts like Sandeep Sehgal from AKM Global have welcomed this move, highlighting the relief it brings to tax deductors burdened by notices and penalties. Sehgal advises prompt action to ensure PAN-Aadhaar linkage before the new deadline to avoid penalties.

Challenges and Solutions

While the extension provides relief, challenges remain, such as the lack of a utility to verify if a PAN is operative or not. Taxpayers are encouraged to use the provided link to check and link their PAN with Aadhaar to avoid compliance issues.

Link – https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar

PAN-Aadhaar Linking Process

Taxpayers can visit the Income Tax Department’s portal to link their PAN with Aadhaar before May 31, 2024. Failure to do so can lead to non-KYC compliance, restrictions on trading, and challenges in filing income tax returns.

IT Department deploys 100 officers in Uttarakhand for Lok Sabha Polls to curb black money

March 21, 2024, 11:06 am

Ahead of the Lok Sabha elections, the Income Tax Department has deployed a team of 100 officers and employees in Uttarakhand’s five Lok Sabha constituencies to crack down on black money and unaccounted cash. Election activities are being closely monitored 24/7 from a control room. The Air Intelligence Unit is overseeing airports, while special teams are stationed at railway stations and border checkpoints. Dr. TS Mapwal, Additional Director of the Investigation Branch, has been appointed as the state’s nodal officer for the elections. He mentioned that teams in every district are actively addressing unaccounted cash and are seizing cash legally based on received information.

In another development, the Income Tax Department issued summons to Congress candidate Ganesh Godiyal from Pauri Garhwal Lok Sabha seat, requiring him to appear in person at its Thane office in Maharashtra on March 22. Godiyal, who is contesting against BJP’s Anil Baluni, was served the notice on Tuesday.

The Lok Sabha elections in Uttarakhand are scheduled for April 19, according to the Election Commission of India, and will be conducted in a single phase covering all constituencies. In both the 2014 and 2019 general elections, the BJP emerged victorious in all parliamentary constituencies in the state. Uttarakhand comprises five Lok Sabha constituencies: Almora, Garhwal (Pauri), Haridwar, Nainital-Udham Singh Nagar, and Tehri Garhwal.

Avoid Penalties: Income Tax Warning – Dec 31 Last Date for ITR!

December 29, 2023, 12:33 pm

The Income Tax Department has issued a warning to taxpayers who missed the July 31 deadline to file their Income Tax Return (ITR) for the financial year 2022-23. Through a post on social media platform X, the department emphasized that these taxpayers must file the belated/revised ITR by December 31, 2023, marking it as the “last chance” for the financial year. The department clarified the distinction between revised and belated ITRs.

The post on X read, “Kind Attention Taxpayers, 31st December 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date.”

Kind Attention Taxpayers,

31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024.

Hurry! File your ITR before the due date.

Pl visit https://t.co/uv6KQUbXGv #FileNow pic.twitter.com/S6HRuxYGBg

— Income Tax India (@IncomeTaxIndia) December 28, 2023

Additionally, the department provided a link to its website, offering comprehensive information on filing ITRs.

The Income Tax Department introduced mandatory filing of the return of income for every individual from the assessment year 2020-21. It outlined three main conditions for individuals obligated to pay income tax: those depositing ₹1 crore or more in one or more current accounts, incurring aggregate expenditure exceeding ₹2 lakh for foreign travel, and having an aggregate expenditure surpassing ₹1 lakh for electricity bills.

The department emphasized that failure to file the income tax return within the stipulated time permits the filing of a belated return under Section 139(4) of the Income Tax Act. For belated ITRs, individuals are required to use the forms specified for a particular assessment year.

Non-filing of even the belated ITR may result in adverse consequences, including the inability to carry forward losses (excluding income from house property), levy of interest under Section 234A, imposition of fees under Section 234F, and the loss of entitlement to exemptions under Sections 10A and 10B. Additionally, deductions under Part-C of Chapter VI-A will not be available. Section 234F mandates a penalty of ₹5,000 (or ₹1,000 for small taxpayers), and a 1% per month penal interest under Section 234A applies to pending income tax payments. Verifying the filed ITR within 30 days is crucial, as any unverified ITR will be considered as not filed by the Income Tax Department.

Delhi HC stays Income Tax proceedings against Oxfam India

August 14, 2023, 1:39 pm

The Delhi High Court has stayed the income tax reassessment proceedings against NGO Oxfam India. The court issued a notice to the Income Tax (I-T) Department and demanded its response to a petition filed by the non-profit organisation, challenging the notices and orders released against it.

A survey was conducted on the NGO Oxfam India on September 7, 2022, which led to the beginning of the reassessment proceedings for the fiscal year 2016-17 and a notice was issued to Oxfam on March 29 this year.

A bench of justices Rajiv Shakdher and Girish Kathpalia said, “A counter affidavit will be filed within the next six weeks. Rejoinder thereto, if any, will be filed at least five days before the next date of hearing. List the matter on November 22, 2023.”

It further said, “In the meanwhile, there shall be a stay on the continuation of the reassessment proceeding, till further directions of the court.” On 29 March, a notice was issued to Oxfam under the provisions of the IT Act which caused the reassessment proceedings against the petitioner on the grounds that the petitioner was allegedly engaged in litigation activities that were contradictory to Section 8(1) of the Foreign Contribution (Regulation) Act (FCRA).

Direct tax collections are up at Rs 6.53 lakh crore so far

August 12, 2023, 1:50 pm

Until now, Gross Direct tax collections in India in the financial year 2023-24 have seen steady growth with a total wind-up at Rs 6.53 lakh crore. There is a 15.73 per cent increase over the amount received in the same period last financial year.

The Net Direct Tax collection, net of refunds, stood at Rs. 5.84 lakh crore, which is 17.33 per cent higher than the net collections for the corresponding period of the last financial year.

According to a press release by the Central Board of Direct Taxes (CBDT), this collection is 32.03 per cent of the total Budget estimates of direct taxes for the financial year 2023-24.

The release said, “Refunds amounting to Rs. 0.69 lakh crore have been issued from April 1, 2023, to August 10, 2023, which are 3.73 per cent higher than refunds issued during the same period in the preceding year.”

Income Tax surveys at BBC offices enters day 3

February 16, 2023, 4:03 pm

At least 10 senior employees of the BBC have not gone home since the IT department launched a ‘survey’ at their offices in Delhi and Mumbai, sources said as the operation entered its third day on Thursday, 16 February 2023

Meanwhile the IT officials gathered financial data from staff and made various copies of documents of the media outlet in an action that comes weeks after the British broadcaster aired their two-part documentary on PM Narendra Modi and 2002 Gujarat riots.

In a statement the staff of the outlet said that they were broadcasting their news like usual and many employees were working from their home.

The survey that started at the BBC offices around 11:30 has reached over 45 hours now, officials said. The authorities revealed on Wednesday that their exercise will likely to continue for some more time saying the “exact time frame to call the operation closed rests entirely on the teams on the ground”.

The survey is being carried out to investigate issues related to transfer pricing rules and international taxation. Last week, the Supreme Court dismissed a plea seeking the imposition of a complete ban on the BBC in the wake of controversial documentary. Another set of petitions challenging government’s notice to block the links of controversial documentary on social media platforms will be heard in April 2023.

“We are aware of search of BBC offices… by Indian tax authorities”: US

February 15, 2023, 4:27 pm

In a statement the United States revealed that they are aware of the searches being conducted at the offices in Delhi and Mumbai by Indian Tax authorities.

“We are aware of the search of BBC offices in Delhi by Indian tax authorities,” said a spokesperson of the US State department, Ned Price, as he responded to a question asked by a reporter on IT survey at BBC offices in India.

Though Price revealed that they are aware, yet he stress on the importance of the free press around the world and also asked reporters to refer to Indian authorities for the further details of the search.

“Beyond this discrete action, what I’ll say more broadly is the general point that I’ve consistently made in this context, but in the universal context text as well. We support the importance of a free press around the world.

“We continue to highlight the importance of freedom of expression and freedom of religion or belief as human rights that contribute to strengthening democracies around the world. It has strengthened this democracy here in this country. It has strengthened India’s democracy. These universal rights are the bedrock of democracies around the world,” said the spokesperson, Price.

A team of IT officials reached the BBC studios office in Kalina Santacruz, Mumbai at around 11:30 a.m. and the survey is going on since then, ANI reported. In addition it is learned that the tax authorities are conducting the survey for verification of a certain account documents in the finance department of BBC offices.

Income Tax surveys continued at BBC offices in Delhi and Mumbai

February 15, 2023, 3:50 pm

The Income Tax (IT) department continued its surveys on Wednesday at the offices of BBC in Delhi and Mumbai for the second day. On Tuesday, the IT department conducted a survey at the offices of British broadcasting media in the nation’s capital, Delhi and Mumbai with a view of outlet’s “deliberate non-compliance” with the Transfer pricing rules and its vast diversion of profits.

On Tuesday, February 14, the official’s arrived at the offices of BBC located at the KG Marg and Mumbai’s Kalina Santacruz for the survey. In the case of BBC, sources revealed that has been persistent non-compliance with the transfer pricing rules for years which makes them the repeat offender.

As a result, several notices have been issued to the media outlet, however, the outlet has been continuously defiant and non-complaint, and has significantly diverted its profits, the sources added. The sources also revealed that the above mentioned exercise conducted by the Tax Authorities is called “Survey,” not the search or raid, as per the provisions of IT Act.

These surveys are conducted routinely and not to be confused to be in the nature of search or raid, sources added. The main focus of these surveys is to look into the manipulation of prices for unauthorised benefits, including tax advantages.

The development comes weeks after BBC released a documentary on the P.M. Modi, titled “India: The Modi Quiestion,” that stirred up a controversy. Meanwhile, the centre had issued the directions for blocking multiple YouTube videos and Twitter posts of the outlet linking it with the controversial documentary of the platform.