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The Citizen
11 hours ago
- Business
- The Citizen
Samsung education-focused CSR programmes
Making a positive difference in the lives of South African youth. Samsung's education-focused, corporate social responsibility (CSR) programmes strive to promote innovation and empower youth through technology; with the ultimate aim of addressing societal issues. These programmes offer support to underprivileged youth and aim to cultivate creative thinking while also providing critical skills training needed by the local economy. By doing so, Samsung is creating opportunities for young people to make a positive impact on their communities and society. Samsung spoke to some of the beneficiaries from its education-focused initiatives that are driven through technology,and this is what they had to say: Siyabonga 'Siya' Mojalefa Tshabalala originally from Qwaqwa in the Free State was part of the 2022 Samsung Innovation Campus (SIC) programme in partnership with Central University of Technology (CUT). SIC is a global initiative that upskills youth aged 18-25 in future technologies to enhance their employability while focusing on AI, IoT, Big Data and Coding. Siya explained: 'Through this SIC programme I gained hands-on experience through paper coding, peer programming and projects and these skills have helped me to solve real-world problems. The programme also taught me some important soft skills that are required in work environments, these included communication, critical thinking, problem solving skills and ability to collaborate with others.' Another beneficiary, 26 year old Mulalo Ndou, did her undergrad in mathematical science and majored in mathematics and mathematical statistics at the University of Johannesburg (UJ). She also completed her honours in risk analysis (cum laude) at the University of the Free State (UFS). According to Mulalo, Samsung's bursary fund was her light at the end of the tunnel. Mulalo received funding from Samsung when she needed it to complete her last year of studies. 'I lost the funding I had for my studies in my final year and had to go back home, but Samsung came through for me, she said. 'This bursary fund paid for my annual fees and accommodation in my final year and postgraduate studies. It also provided me with a monthly meal and living stipend as well as an allowance for a laptop.' After Mulalo finished her postgrad, Samsung provided her with an internship opportunity. 'When the internship period was over, Samsung gave me a full-time position as a process improvement data analyst/reporting specialist. I am very grateful to the individuals at Samsung who helped me to be successful in my role,' she added. In an effort to pay it forward, Mulalo also works as a volunteer at Rising Females in STEM, as she is also a rising female in technology and mathematics. Mulalo said that she has always wanted to be one of the mentors in the Samsung Solve For Tomorrow (SFT) programme. 'This SFT opportunity came at the right time and has been an amazing experience. I am learning something new each day from the participating learners and, most importantly, how to become a great mentor.' Nzumbululo Todani, an 18 year old learner from Mbilwi Secondary in Thohoyandou, Limpopo. Nzumbululo is one of the beneficiaries from the SFT contest that challenges students to use STEM (science, technology, engineering and maths) skills to solve real-world problems in their local communities. His participation in the SFT competition has proved to be invaluable – he attributes his academic achievements in 2024 to his experience in the programme. Nzumbululo was awarded the top learner in the province for the 2024 NSC examinations with an average aggregate of 97%. Also, he was awarded for obtaining 300/300 in two gateway subjects: physical science and geography. 'When I participated in the contest, I assumed the role of team coordinator, managing and planning the daily landscape of the project and doing quality control on the prototype as well as all papers written and the final presentation. The competition left me with invaluable communication, leadership, planning, evaluation and time management skills.' Thoriso Rangata is a 32 year male entrepreneur and the owner of KTO Digital – a business process automation, software development services and background screening software as a service (SaaS) solution provider. He currently stays in Johannesburg but is originally from Limpopo and is one of the beneficiaries of the Samsung EEIP Entrepreneurship Development Programme. Thoriso became part of the programme when he responded to a public call for applications. At the time, his business needed support so that they could meet the company's growth objectives. Since being part of the EEIP programme, Thoriso won the Nedbank Business of the Year award in 2022. His company also launched its own product and received accreditation for the business as a credit bureau in 2022. 'The other direct benefits that we received from being part of the programme included: grant funding, asset financing and continuous business mentorship that our business needed in order for us to move forward, Thoriso added. 'We strongly believe that the skills we acquired from this EEIP programme, which included business regulatory governance structures and strategic business growth approaches/methods – have contributed to the success of our business to date.' Through these education-focused CSR programmes that are driven by technology, Samsung is actively promoting the transfer of critical skills as well as both employment and entrepreneurship opportunities that are needed by the country's youth and the local economy. The testimonials from the youth that participated in Samsung's programmes are a clear indication of the impact the company is making in South Africa. By continuing to fund such programmes, Samsung is working towards winning the fight against youth unemployment, inequality and poverty in the country; through job creation and the development of a skilled workforce. For the latest news, please visit the Samsung newsroom at
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Business Standard
2 days ago
- Business
- Business Standard
Undisclosed crypto income: Respond to taxman's notice, file revised return
Underreporting or misreporting crypto income can lead to penalties ranging from 50 to 200%, even imprisonment of up to seven years Himali Patel Listen to This Article The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails. How evasion is detected The department gathers data on cryptocurrency activity from several sources. 'Reporting agencies such as cryptocurrency exchanges and banks are obligated to report transactions through the Statement of Financial Transactions (SFT) to the tax department. Since July 1, 2022, TDS deduction is applicable on crypto transfers, which serves as a direct reporting to the I-T
India Today
09-06-2025
- Business
- India Today
High-value transactions under scanner as IT Department gets stricter
The Income Tax Department has intensified its efforts to identify individuals who spend large sums of money while potentially concealing their true income. By leveraging advanced data analytics and collaborating with financial institutions, the department closely monitors high-value transactions to tackle tax enhanced scrutiny involves partnerships with banks, post offices, co-operatives, fintech companies, and mutual funds, all of which are required to submit details of significant financial activities annually under the Statement of Financial Transactions (SFT) by May ARE HIGH-VALUE TRANSACTIONS?High-value activities under watch include large deposits, property deals, and substantial credit card payments. For instance, if you deposit or withdraw over Rs 50 lakh from a current account, spend more than Rs 30 lakh on buying or selling property, or pay over Rs 10 lakh a year through your credit card (even if it's not in cash), the department is keeping tabs. Even foreign exchange transactions and large investments in mutual funds or bonds can raise red flags if they cross the Rs 10 lakh mark. The department mandates that any transaction exceeding the defined thresholds must be measures aim to ensure that individuals who engage in such transactions also accurately declare their tighten the grip further, new rules have come into play. For instance, even if your total income is below 2.5 lakh, and you're otherwise not required to file an income tax return, you'll still have to file one if you've deposited 1 crore or more in your bank account, spent over 2 lakh on a foreign trip, or paid electricity bills totalling more than 1 lakh in a department has also introduced a tax deduction at source (TDS) on large cash withdrawals. If you take out over 1 crore in cash from your account, 2% TDS applies. For non-filers or habitual offenders, this can go up to 5%. Even those withdrawing over 20 lakh in some cases may face a 2% TDS if they haven't been filing returns measures are part of the department's broader initiative to ensure that all high-spending individuals fairly declare their income in accordance with their Reel
Time of India
27-05-2025
- Business
- Time of India
Taxpayers should avoid filing ITR before June 15: Here's why
The income tax department recently notified the income tax return (ITR) forms to be used for filing tax returns for FY 2024-25 (AY 2025-26). However, unlike previous years, when the ITR forms were notified well in advance, this year they were notified by the end of April 2025. Further, the income tax department has yet to release the utilities, i.e. the online software/forms necessary for filing ITRs. Tax experts advise postponing the filing of ITRs until June 15, 2025, even though the ITR forms are available now. ET Wealth online explains why it is advisable to defer filing your ITR till after June 15 and the problems you can face if you file it before. Also Read: 9 changes in ITR forms for FY 2024-25 (AY 2025-26) TDS Certificates such as Form 16, Form 16A are issued latest by June 15 As per income tax rules, taxpayers should get their TDS certificates, such as Form 16 or Form 16A, latest by June 15. Chartered Accountant Prakash Hegde says, "When the taxpayer has earned any income in the last quarter of FY 2024-25 (January 1-March 31, 2025) that is subject to TDS, the payer of that income has time until May 31, 2025, to file the eTDS return with the income tax authorities. The eTDS return captures the details of the income paid to the taxpayer and tax deducted on it." Live Events The payer of income might be the taxpayer's employer (i.e., for salary), bank (i.e., for interest on deposit), company in which the taxpayer holds the shares (i.e., for dividends), buyer of property in the case of a non-resident (i.e. for capital gains), tenant of a non-resident (i.e., for rent), customer/client of a contractor/professional (i.e., for contract payments/professional fees), etc. Hegde says, "Once the eTDS return is filed, it may take up to 3-4 days for the same to get processed and reflected in Form No. 26AS of the taxpayer. If the payer of income files the eTDS return on May 31, the details of income and TDS could be available in Form No. 26AS of the taxpayer by the end of the first week of June. Further, the payer of the income is required to issue a TDS Certificate in Form No. 16 (annual certificate for salary) or Form No. 16A (quarterly certificate for other income) to the taxpayer by June 15. These certificates show the exact details of the income and the TDS deducted and paid by the payer of the income." If taxpayers have these TDS certificates, ITR filing becomes easier. Due to technological advancements, the information from the TDS certificates is auto-populated in the ITR forms. A taxpayer can cross-check the information in TDS certificates, ITR forms, and the Annual Information Statement ( AIS ) to ensure that the correct information is given to the income tax department while filing the ITR. Also Read: Can you claim LTA tax exemption in new tax regime? SFT is updated by second week of June Hegde says, "As per the changes made in the income tax law in recent years, even where TDS is not deducted, the reporting entities (e.g., banks, companies, mutual funds, etc.) are required to report several kinds of financial transactions called Specified Financial Transactions (SFT) to the income tax authorities by filing an Annual Information Return. The reporting of financial transactions by reporting entities is subject to a certain threshold. Examples of such transactions are cash transactions, fixed deposits, credit card payments, purchase of bonds/debentures, investment in company shares, etc. All this information pertaining to a financial year must be reported by the concerned entities by May 31 of each year. Thereafter, the data gets processed in a few days (which may vary between 5 and 10 days) and gets reflected in the taxpayer's Annual Information Statement (AIS). The final version of the AIS will likely be available in the income tax portal by the second week of June." Glitches in early ITR forms Tarun Kumar Madaan, a practising Chartered Accountant, says, "Once the income tax department enables the ITR utilities, early versions of the filing utility often experience technical glitches, which may cause calculation errors, system failures, or data validation issues. Allowing a buffer of a few days gives the system time to stabilise, ensuring smoother filing." Problems you can face if you file ITR before June 15 Hegde says, "If a taxpayer rushes to file his ITR before Form No. 26AS, Form No. 16/16A, and AIS are available to him, there is a possibility of reporting incorrect details of income and TDS. This is because he may miss some critical information relevant to filing his ITR. If he misses such information and files the ITR, he must file a revised return, allowed until December 31 to provide correct information to the tax department. Hence, it is advisable to wait till June 15 for filing ITR." Madaan says, " Mismatch in AIS , or Form 26AS or non-reporting of TDS, even if done unintentionally, can result in tax notices or scrutiny assessments, delayed refunds or denial of legitimate TDS and even the requirement to file a revised return." He further adds, "When the income tax return is processed by the Centralised Processing Centre (CPC), TDS credit is allowed only for entries appearing in Form 26AS. If TDS has been deducted but not yet reflected in 26AS, the credit will be denied initially, which could affect your refund or result in a tax demand being raised. While a correction can be made later through rectification or revised returns, it delays resolution and complicates compliance." Conclusion While the Income Tax Act does not restrict early filing, for most salaried individuals and small taxpayers, filing after June 15 ensures complete and reconciled tax credit data and a lower risk of compliance issues or mismatched reporting. Madaan says, "Unless your ITR is urgently required for purposes such as loan approval or visa purposes, it is prudent to wait till June 15 to have all the required information to file ITR. In tax compliance, accuracy is far more valuable than speed provided the ITR is filed before the due date. A few extra days of patience can prevent future complications, safeguard your refunds (if eligible), and ensure that your ITR is filed right the first time."
