Latest news with #IncomeTax
IOL News
11 hours ago
- Business
- IOL News
Bellville business owner fined R96,000 for failing to submit tax returns
The Bellville Magistrate's Court has fined a business owner R96 000 for failing to submit various tax returns over several years. "Mayet was the sole member of A and Y Wholesale Retail Enterprise CC, which traded as a wholesale retail enterprise trading under the name and style of Plastipak. The Bellville Magistrate's Court has fined a businessman for failure to submit income tax returns, Value Added Tax (VAT) returns, and Pay as You Earn (PAYE) returns. "The company was registered for Income Tax, VAT, PAYE (EMP 201) and PAYE (EMP 501). "Mayet was the representative VAT vendor, representative employer, and the public officer of the company at the time of the commission of the offences. "He failed to submit Income Tax, VAT, PAYE (EMP 201) and PAYE (EMP 501) returns when they were due. "The offences were committed over several years: VAT returns for a year, PAYE (EMP 201) for two years and PAYE (EMP 501) for five years," Ntabazalila said. "The returns remained outstanding until they were submitted on May 27, 2024. "The accused and his company were convicted on an Income Tax return on behalf of A and Y Wholesale Retail Enterprise CC, two counts of failure to submit VAT returns, five counts of failure to submit PAYE (EMP 201) returns and eight counts of failure to submit PAYE (EMP 501) returns."
Hindustan Times
15 hours ago
- Hindustan Times
How IPS officer Rashmi Karandikar finds herself in the midst of a legal wrangle
Indian Police Service (IPS) officer Rashmi Karandikar, 51, is in the midst of a maelstrom of legal disputes, with the Economic Offences Wing (EOW) of Mumbai police investigating two First Information Reports (FIRs) registered against her husband Purushottam Chavan, 53, in January and February, 2025, for his alleged role in defrauding six people of ₹7.42 crore on the promise of securing for them government plots at cheap rates and giving them the contract to supply T-shirts and hoodies to Nashik Police Academy between 2015 and 2024. In another instance, he had also promised 19 individuals cheap flats through various government schemes between 2019 to 2014 – he had collected funds to the tune of ₹24.78 crore from them. The cases unravelled in May 20, 2024, when the Enforcement Directorate (ED) searched Chavan's residence in Colaba for a money laundering probe related to alleged fraudulent withdrawal of TDS (Tax Deducted at Source) refunds worth ₹263.95 crore from the Income Tax (I-T) department. 'When ED registered an Enforcement Case Information Report (ECIR) and carried out searches at their Colaba residence, the agency had found several documents and agreements, which were forwarded by them to the EOW, which in turn registered the two FIRs based on the documents,' said a police officer investigating the case. In the twin cases of alleged promise of land parcels and homes, police have now summoned Karandikar's driver, house guards and house orderlies to record their statements. The EOW has secured Chavan's custody on remand up to June 24 on Thursday; and though Karandikar is not named in any of the FIRs, police are investigating financial transactions through her bank accounts and have written to the Director General of Police (DGP) Rashmi Shukla, to ascertain if she had declared the transactions as part of her assets. Karandikar and Chavan's paths converged in 2004 at an institute that mentored civil services aspirants for competitive exams. Karandikar was preparing to take the exams after completing a PhD in Sociology; she had a BSc in Statistics from University of Mumbai followed by MA in Sociology and Anthropology earlier, said a police officer, who is in the know of things. She had earlier cleared an examination for a desk officer's post under Maharashtra Public Service Commission (MPSC). The officer however could not furnish details about Chavan's background, except for the fact that like Karandikar, he also grew up in western Maharashtra between Mumbai and Pune. The couple wed a year after they met in 2005. Subsequently, while Karandikar joined the services, her husband dropped the idea of serving the government and joined a financial broker with whom he went on to work for several years. 'He made a handsome living,' said the police officer, adding that the couple has no children. As a state-cadre police officer, she has worked in highway traffic police, as a deputy commissioner of police (DCP) in the Cyber-crime division and as DCP Port Zone. She is presently DCP, Civil Defence. Through her time in the department, Karandikar is known to have solved many notable cases. The Bulli Bai case of 2022 was one, where the accused were arrested for posting photographs of Muslim women, including well-known personalities, activists and professionals, on an app called Bulli Bai where they were declared available for 'auction.' She was also instrumental in solving a Nigerian job fraud and Pradhan Mantri Yojna loan fraud cases during her tenure as DCP, Cyber-crime. She is now in a legal wrangle because of her husband's alleged misdeeds. Insiders in the police department said, while he chose to drop out of the civil services race, Chavan did not think twice of artfully using his wife's position to carry out his businesses. He used his Karandikar's official vehicle – a Maruti Suzuki Ertiga – when he showed aspiring investors plots under the Mumbai Port Authority (MbPA). He would be driven by her official driver, while a uniformed constable accompanied him in the vehicle. He struck a deal for a batch of T-shirts with prospective businessmen in the presence of Karandikar at her official residence in Colaba, thereby winning their confidence, said an investigating officer. Chavan had also claimed that his wife was a member of the visiting faculty at the academy. 'We have arrested Chavan in the second case registered against him and have got his police custody till June 24,' said a police officer aware of the investigation. Sources in the department said that Karandikar, who was also questioned by the EOW, purportedly filed for divorce from her husband after his arrest, citing mental cruelty and financial harassment, and for concealing his business activities. EOW officers told HT that they have found transactions by which Karandikar had received ₹2.64 crore in her bank account from the account of her husband, who had made several foreign trips and who is also being investigated by the ED for money laundering charges. 'We have written to the DGP's office to check if she has declared the banking transactions in her assets disclosure, and are awaiting a response,' said the EOW officer, adding if they find her guilty of doing so, they may refer the case to the Anti-Corruption Bureau. 'The probe is at a nascent stage now,' the officer added.
The Hindu
a day ago
- Business
- The Hindu
Officials told to spread awareness about ‘doorstep ration delivery for elderly'
Pushpa Amarnath, Vice-Chairperson, Karnataka State Guarantee Schemes Implementation Committee, said on Wednesday that provisions are in place for doorstep delivery of ration to cardholders aged 80 years and above and instructed Gram Panchayats to create awareness and ensure that eligible beneficiaries avail themselves of the facility. Speaking at the guarantee schemes' progress review meeting in Pandavapura, Ms. Amarnath addressed concerns related to the Gruha Lakshmi scheme. She noted that benefits to 1,422 women in the district had been withheld after being mistakenly flagged as Income Tax (IT) or GST payers. 'If it is confirmed that these beneficiaries are not actual taxpayers, the issue will be taken up at the State level and resolved, ensuring 100% implementation,' she said. Elaborating on the State government's commitment to food security, she said, 'No poor person should suffer from hunger under any circumstances. It is with this vision that the government has given top priority to the Anna Bhagya scheme.' She stressed that fair price shops must maintain both quantity and quality in food distribution and instructed officials to carry out surprise inspections to ensure compliance. 'No poor family should be denied government benefits,' Ms. Amarnath said. Deputy Commissioner Kumar said both rice and ragi are being supplied as part of the ration distribution and assured that the process will be completed within the next two days. A PAN card is not mandatory to open a bank account, he clarified. 'Necessary directions will be issued after consulting lead bank officials,' he added. Referring to 1,422 women flagged under Gruha Lakshmi, Zilla Panchayat CEO K.R. Nandini said that confirmation has been received from the GST and Income Tax departments that these women are not taxpayers. Committee member Rudrappa pointed out that linking PAN and Aadhaar during bank transactions is leading to incorrect classification of individuals as taxpayers, which needs to be addressed. During her visit, Ms. Amarnath met Jayalakshmamma, a vendor who sells flowers, fruits, and pooja items at the Pandavapura Railway Station with the help of the Gruha Lakshmi scheme. Ms. Jayalakshmamma said, 'The Gruha Lakshmi and Shakti schemes have been helpful for me. I am able to save ₹100 to ₹150 daily, thanks to the Shakti scheme. I sincerely thank the State government for the support.' The Vice-Chairperson felicitated Ms. Jayalakshmamma with a garland and congratulated her.
The Hindu
2 days ago
- Business
- The Hindu
CUB reaches out to small traders in Tier III, IV towns
City Union Bank (CUB), in association with City Credit, launched a new programme to reach out to the economically weaker sections of the society, such as small traders, street vendors, mini kiosks and others, especially located in Tier III and IV towns. Named as 'Micro LAP' (Micro Loan Against Property), the programme was formally launched here on Wednesday by the bank's executive director Vijay Anandh. Expressing delight at the product's maiden launch in Andhra Pradesh, Mr. Anandh said that it would cover small traders and less salaried people not under the Income Tax bracket. Ravi Kondeti, chief executive officer of City Credit, which serves as the outreach arm taking care of the promotion, marketing, clearance and collection activities, explained the need to create awareness among the prospective customers living in remote villages and towns not covered by the banking sector. 'This comes under priority sector lending, as it includes mortgage loans and home loans in the ₹10-₹50 lakh segment,' he added.
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Business Standard
3 days ago
- Business
- Business Standard
Draft Income tax Bill, 2025: LLPs likely to retain LTCG benefits
Govt likely to fix key omission regarding AMT Monika Yadav New Delhi Listen to This Article The government is likely to fix a key omission in the draft Income Tax (I-T) Bill, 2025, which could have widened the scope of alternate minimum tax (AMT) for non-corporate taxpayers such as partnership firms and limited liability partnerships (LLPs) that were earning only long-term capital gains (LTCG), according to a senior official. The proposed legislation had removed a reference to Chapter VI-A deductions, which serves as a key qualifier for when AMT applies to non-corporate entities. Without this reference, the draft Bill appeared to imply that such entities would be liable to pay AMT. AMT, levied at 18.5 per
