MS Dhoni, former Indian cricket team captain, has paid the highest income tax of Rs 12.17 crore for the assessment year of 2017-18 from the state of Jharkhand. He has declared an advance tax of Rs 3 crore for the next financial year, according to a report in Prabhat Khabar. Also Read - Tax Compliance Timelines Extended Amid COVID Surge. Read Details
In the 2016-17 financial year, Dhoni had paid income tax of Rs 10.93 crore, as per chief income tax commissioner V Mahalingam. Also Read - India's Direct Tax, Advance Tax Collections Grow Despite Covid Pandemic, Net Collections at Rs 9.45 lakh crore
In 2016-17, actor Salman Khan paid the highest advance tax from Bollywood beating Akshay Kumar and Hrithik Roshan. For 2016-17, Salman paid an advance tax of Rs 44.5 crore, as compared to Rs 32.2 crore paid in 2015-16. Also Read - Government Extends Last Date For Linking Aadhaar with PAN from 31st March to June 30 | Details Here
The last date for filing income tax return (ITR) is July 31, which is just 7 days away now.
The income tax department has issued time and again warnings that any attempt by salaried employees to under-report their income or inflate deductions will result in a serious action.
The warning issued recently states, “The Income Tax Department has an extensive risk analysis system aimed at identifying persons who are non-compliant and aim to subvert the trust-based system envisioned while processing of ITRs at CPC Bangalore. In all such cases of high risk, the Department may examine and verify the details submitted by taxpayers in their ITR, subsequent to processing of returns in CPC. If the Department notices any fraudulent claims on the returns, such taxpayers may be punishable under various provisions of the Income Tax Act. This may also delay issuance of refunds in such cases.”
The advisory states that such offences will be punishable under various penal and prosecution provisions of the Income Tax Act.
“The Department also advises all intermediaries to strictly confine their advice to taxpayers within the four corners of the Income Tax Act.”
The warning has been issued post the new income tax return (ITR) forms were notified by the department. Under the forms, one needs to disclose detailed information about their income.