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Section 194BA Income Tax , TDS on Winnings from online games.

Insertion of new section 194BA.

 

After section 194B of the Income-tax Act, the following section shall be inserted, namely:—

Winnings from online games.

‘194BA.

 

(1) Notwithstanding anything contained in any other provisions of  this Act, any person responsible for paying to any person any income by way of winnings from any online game during the financial year shall deduct income-tax on
the net winnings in his user account, computed in the manner as may be prescribed, at the end of the financial year at the rates in force:

Provided that in a case where there is a withdrawal from user account during the  financial year, the income-tax shall be deducted at the time of such withdrawal on the net winnings comprised in such withdrawal, as well as on the remaining amount of net winnings in the user account, computed in the manner as may be prescribed, at the end of the financial year.


(2) In a case where the net winnings are wholly in kind or partly in cash, and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of the net winnings, the person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in respect of the net winnings.


(3) If any difficulty arises in giving effect to the provisions of this section, the Board may, with the previous approval of the Central Government, issue guidelines for the purposes of removing the difficulty.


(4) Every guideline issued by the Board under sub-section (3) shall, as soon as may be after it is issued, be laid before each House of Parliament, and shall be binding on the income-tax authorities and on the person liable to deduct income-tax.

 

Explanation.—For the purposes of this section—


(a) “computer resource”, “internet” and “online game” shall have the meanings respectively assigned to them in section 115BBJ;
(b) “online gaming intermediary” means an intermediary that offers one  or more online games;
(c) “user” means any person who accesses or avails any computer resource of an online gaming intermediary;
(d) “user account” means account of a user registered with an online gaming intermediary.’.

Is It Possible To Get a Loan Against Property Without ITR?

A loan against property (LAP) is a secured loan that is offered by Banks and other financial institutions. The loan is provided against collateral/security, which could be a residential or commercial property owned by the borrower. The loan amount is based on the market value of the property and the borrower’s repayment capacity.

 

The Income Tax Return (ITR) is an important document that reflects the borrower’s income and tax liabilities. Lenders use the ITR as proof of income to determine the borrower’s repayment capacity.

However, some borrowers may not have an ITR or may have filed a nil ITR due to their low income or tax exemptions. In such cases, they may wonder whether they can get a loan against property without ITR. In this blog, we will explore whether it is possible to get a loan against property without ITR.

Is getting a loan against property possible without ITR?

The short answer is yes, you can get a loan against property without ITR. Some lenders may offer LAPs to borrowers without ITR. However, such loans may come with higher interest rates, lower loan-to-value (LTV) ratios, and stricter eligibility criteria. Lenders may require the borrower to provide alternative income proof such as Bank statements, rent receipts, or business receipts. The lender may also assess the borrower’s credit score, repayment capacity, and other financial factors before approving the loan.

What are the alternatives to ITR for LAP?

If you do not have an ITR, there are some alternative income proofs that you can provide to the lender to increase your chances of getting a LAP. Check out the below common alternatives:

Bank statements: You can provide your Bank statements for the past 6-12 months as proof of income. The lender will assess your income based on the average monthly balance in your account and the transactions made during that period. The Bank statements can also show your savings and expenses, which can help the lender determine your repayment capacity.

Property documents: Since LAP is a secured loan, lenders may focus more on the value of the property being used as collateral. Therefore, they may require property-related documents such as sale deeds, property tax receipts, and possession certificates, instead of ITRs.

Business receipts: If you own a business, you can provide business receipts as proof of income. The lender may ask for the business registration documents and the financial statements of the business. The business receipts can show your business income, which can be considered a source of income for the loan.

Fixed deposits: If you have fixed deposits (FDs) with a Bank, you can provide the FD receipts as proof of income. The lender may ask for the FD certificate and the Bank statement showing the interest earned on the FD.

Co-applicant income: If you are unable to provide ITRs or any other income proof, some lenders may allow you to add a co-applicant with a regular income to increase your chances of getting the loan approved.

Liquid Income Program: Your creditworthiness can still be evaluated through the Liquid Income Program by examining the actual cash flow of your business if you do not have an Income Tax Return (ITR). Only self-employed professionals and self-employed non-professionals are eligible for this program. To determine eligibility for LIP, a comprehensive analysis of your financials will be conducted, which includes preparing a Profit & Loss account and a balance sheet. This report will be utilized to determine your eligible income.

In conclusion, it is possible to get a loan against property without ITR, but the availability of such loans and the loan amount may depend on the lender’s policies and the borrower’s profile.

SEO Agency Promises vs Reality in Results

SEO Agency Promises vs Reality in results 

 

Search Engine Optimization (SEO) is a way to keep your website or content at top of Google’s search engine results page (SERPs), the agency you are going to hire for SEO basically optimises your published piece of content to make it worthy for Google’s search engine and work consistently to keep your content at top of search results when an individual searches related to your business niche. 

SEO involves various methods and strategies that are adapted to make your website rank high. SEO professionals promise you to keep your page at top of SERP but generally, they fail to do so because of incompetency and lack of experience. 

When you are looking for an SEO agency to hire you must be very cautious about what they are promising and how they are going to do the work because reality is usually not what they promise. 

There are SEO agencies who are going to approach you and guarantee top ranking, a list of leads of prospective customers and high traffic to your website. But the results in reality are far from these guarantees. There are some agencies that assure to refund the amount if they don’t meet the expectations which is a way to mislead. 

Before you are going to make a deal with an SEO agency you must be capable of differentiating between genuine service providers and fake service providers. This can be done if you have knowledge about how SEO functions in reality and what expertise is required for a good SEO. Getting deceived by an SEO agency that guarantees fake results can lose your confidence in SEO which is a very important part of your marketing campaigns.

FAKE PROMISES VS REALITY BY SEO AGENCY 

In order to understand which agency is offering unrealistic results and which is offering genuine results, you must be aware of some common fake promises that are guaranteed by agencies, to get you on their client’s list. 

Duration of Results 

Promise 

There are some SEO professionals who are going to guarantee you quick results, such as within a week or few days they can drive your website to the top on Google’s SERP. To get the deal done with you they even promise you a free trial to generate high traffic within a week. In such a short span of time the traffic which your site receives can never be organic, it can be done to just close the deal with you. 

Reality 

In reality, SEO takes time to show its power. If you are willing to get desired results through SEO then you must be very patient as it usually takes more than a month or months to even get to 1st page of Google’s SERP. The reason behind this is that there are already top rankers whose content material is so strong that to get above or even close to them requires so much dedication and patience. If you want to get organic traffic, leads and top-ranking then being patient is the key to these accomplishments.

Guaranteed Results 

Promise 

Any SEO agency that is offering you 100% guaranteed results in all aspects of an SEO campaign then they are definitely not the one you should go for. They will try to deceive you by saying that they guarantee you leads for sales, optimise the content to rank at the top and provide consistent traffic to the marketing campaigns. 

Reality 

Trying their best is in the agency’s hands but getting results as expected is not in their hands. SEO involves so many factors to give 100% results and putting all those factors in one place demands fine investment and time. 

It is the Google Algorithms that have control over SEO and only they can decide whether you will get expected results or not. An SEO agency can just try their best to meet all the protocols of the Google Algorithm which is done by creating quality content, choosing top ranking keywords and appropriate backlink generation. 

The competition to trend at the first page of SERP is very intense as top SEO experts develop strategies for organisations and only they are able to rank at the top. So if any agency promises you guaranteed results you must check their history cautiously. An agency that shows you a real picture of the SEO process and promises to do its best is the agency you should choose. 

Traffic and Sales generation 

Promise 

SEO professionals promise to give you results like high engagement and conversions through campaigns. If they are not adequately adept and experienced this becomes a blunder instead of favourable results. 

There are agencies that don’t have enough resources and a team of adepts still assures conversion which is very easy to commit but tough as rock to crack. Generally, the startups make such promises due to the pressure of onboarding you as their client but they are not efficient and resourceful to do this. 

Reality 

SEO helps in the conversion of leads and generating traffic through campaigns but only highly efficient agencies are capable of getting this done. At the end of the month, there are chances that you get deals closed through SEO campaigns. 

Possible only when the right audience is targeted in the right area. For this strong SEO strategies must be developed which is done on the basis of your business niche. If an SEO agency puts its efforts in the wrong direction then it’s a waste of time and money both. 

Staying at Top forever 

Promise 

One more promise that SEO agencies make to grab your attention is that your website will stay at the top of Google’s SERP ‘forever’ once it reaches that place. They might try to comfort you just by saying that once you reach the top there is nothing to do further.

This is not true, because Google’s algorithm keeps changing which keeps shuffling the pages up and down. Beware of the agency that promises you will always be at the first page or at the top without disclosing to you the actual efforts it takes. 

Reality 

Staying at the top forever is not a thing that exists in reality. Whether it’s life or SEO there are always fluctuations of positions because there are plenty of other brands that are also doing their best to rank at the top. Also, SEO is not something that’s done one time, one has to work on it consistently and follow the latest trends of Google’s search engine. 

Every year Google announces many changes and updates which impacts the SEO as well. In order to stay relevant and keep your page on track, the SEO strategies also need to be updated accordingly. 

To keep your website at the top the SEO experts have to comply with every protocol and develop unique and fresh content so that when Google crawls your website your work still looks worthy to be at the top. 

Let’s get you across how SEO actually works 

When you are looking to hire an SEO agency you aim to rank your website at the top or at least at the first page of search results in Google. This one purpose involves so many aspects that need to be analysed meticulously by SEO experts. 

A quality SEO is the most significant factor in order to serve its purpose. The Search Engine crawls all the websites which are available related to a particular niche. If the crawler finds relevant keywords, quality content and backlinking of your website then it chooses to position your website on the first page or at the top of SERP. 

Google is concerned about how it can display the best content to its audience because people trust Google and showing fake results will take that trust away from google. So Google takes it as their responsibility to show the best content to the audience and there are certain protocols and methods which need to be followed to become the best in the eyes of Google. 

If your website is optimised as per the search engine demands then there are ample benefits you get such as, it helps expand your business reach to more potential customers, increases chances of getting more organic engagement on your website, improves your brand visibility and awareness, helps maintain credibility if search engine displays your website at the first page or at top. 

Whom to pick? 

After reading the above phrases you might be completely baffled about how to pick the right SEO agency for your business. The answer to this can never be specific. You must pick an SEO agency that is more transparent and involves you in every phase of the process. 

At DigiHunter agency we keep our clients updated about the process. Our team consistently communicates with your team to keep things transparent, also we are open to taking your suggestions and ideas that can help your website rank faster.

Our vision and commitment to SEO services are realistic and we promise our clients what we are capable of.

New Income Tax Rules for PAN Aadhaar Link , Rule 114AAA Income tax Rules from 01.04.2023

New Income Tax Rules for PAN Aadhaar Link , Rule 114AAA Income tax Rules from 01.04.2023

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 28th March, 2023
INCOME-TAX
G.S.R.227(E).—In exercise of the powers conferred by section 139AA read with section 295 of the Incometax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the
Income-tax Rules, 1962, namely: ‒
1. Short title and commencement.—(1) These rules may be called the Income-tax (Fourth Amendment) Rules, 2023.
(2) They shall come into force from the 1st day of April, 2023.
2. In the Income-tax Rules, 1962, for rule 114AAA, the following rule shall be substituted, namely: —
“114AAA. Manner of making permanent account number inoperative.— (1) Where a person, who has been allotted  the permanent account number as on the 1st day of July, 2017 and is required to intimate his Aadhaar number under sub-section (2) of section 139AA, has failed to intimate the same on or before the 31st day of March, 2022, the
permanent account number of such person shall become inoperative, and he shall be liable for payment of fee in
accordance with sub-rule (5A) of rule 114.
(2) Where the person referred to in sub-rule (1) has intimated his Aadhaar number under sub-section (2) of section
139AA after the 31st day of March, 2022, after payment of fee in accordance with sub-rule (5A) of rule 114, his permanent account number shall become operative within thirty days from the date of intimation of Aadhaar
number.
(3) A person, whose permanent account number has become inoperative, shall be liable for further consequences
for the period commencing from the date as specified under sub-rule (4) till the date it becomes operative, namely:–
(i) refund of any amount of tax or part thereof, due under the provisions of the Act shall not be made;
(ii) interest shall not be payable on such refund for the period, beginning with the date specified under sub-rule (4)
and ending with the date on which it becomes operative;
(iii) where tax is deductible under Chapter XVIIB in case of such person, such tax shall be deducted at higher rate,
in accordance with provisions of section 206AA;
(iv) where tax is collectible at source under Chapter XVII-BB in case of such person, such tax shall be collected at
higher rate, in accordance with provisions of section 206CC:
(4) The provisions of sub-rule (3) shall have effect from the date specified by the Board.
(5) The Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall
specify the formats and standards along with the procedure for verifying the operational status of permanent
account number under sub-rule (1) and sub-rule (2).”.

DSC update on Income Tax efiling website

DSC update on Income Tax e-filing website

 

Alert : Version update of em-signer

If you are facing issue (Something Went Wrong) in DSC, please follow below mentioned steps.

1.    First uninstall the existing emBridge application and then download the latest application (Version 5.9.0.6 released on 20th Mar 2023)
2.    To download: Visit to https://embridge.emudhra.com/
3.    Install the new version and restart the system post the application is installed. Restart is mandatory.
4.    Also follow the guideline provided in the emBridge installer for the basic troubleshooting
emBridge_Installation_Guide(Win)
By following these steps the DSC issue should get resolved. In case, still facing issues, kindly contact Helpdesk.

Power of commissioner of Income Tax

The Commissioner of Income Tax is an important income tax authority which has executive and judicial powers. The Commissioner exercises the power to control the staff of income tax department working in his jurisdiction. He is also responsible for the efficiency of work in all respect in his zone.

As the head of the administration, the Commissioner of Income Tax has certain administrative as well as judicial powers. He may exercise the powers of an Assessing Officer and has the power to transfer any case from one or more Assessing Officers to any other Assessing Officer.

Revisionary Powers of Commissioner Under Income-Tax Act

Revision by the Commissioner confers two types of revisional power on the Commissioner of Income–tax, viz., one is revision of orders prejudicial to revenue under section 263 and the other is revision in favour of the assessee under section 264 of the Income–tax Act, 1961 (‘the Act’). Under section 263 the Commissioner has been given the power to call for and examine the record of any proceeding under the Act and if he considers that the ITO’s order is erroneous and prejudicial to the interest of revenue, he may revise such order. This power of revision has been conferred on the Commissioner as the supervisory head of the department and is available only against the orders of the ITO. The power of revision for the Commissioner is not a general right and is an alternative to the right of appeal as the department has no right of appeal against the orders passed by the ITO.

On the other hand, under section 264 the Commissioner may revise any order, passed by any authority subordinate to it, in favour of the assessee. It provides an alternative remedy for the assessee and he may apply for a cheaper and quicker remedy of revision instead of filing an appeal if he has been prevented from redressing his grievance due to negligence, sickness, etc. In such cases, the Commissioner may either act suo motu or on an application made by the assessee.

 Search and Seizure [Section 132 of Income Tax Act ]

Where the  Principal Director General or Director General or  Principal Director or Director or the Principal Chief Commissioner or] Chief Commissioner or  Principal Commissioner or Commissioner  or Additional Director or Additional Commissioner or Joint Director or Joint Commissioner  in consequence of information  in his possession, has reason to believe that  (a), (b), or (c) as mentioned under section 132(1), then it may be authorised to enter and search any building, place, vessel, vehicle or aircraft] where he has reason to suspect that such books of account, other documents, money, bullion, jewellery or other valuable article or thing are kept;

Power to Requisition Books of Account etc. [Section 132A of Income Tax Act]

Where the Principal Director General or Director General or Principal Director or Director] or the [Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, in consequence of information in his possession, has reason to believe that  (a), (b), or (c) as mentioned under section 132(1) and the book of accounts or other documents or the assets have been taken under custody by any authority or officer under any other law, then  the Principal Director General or Director General or Principal Director or Director or the Principal Chief Commissioner or Chief Commissioner or  Principal Commissioner or Commissioner may authorise any Additional Director, Additional Commissioner,Joint Director, Joint Commissioner, Assistant Director or Deputy Director, Assistant Commissioner or Deputy Commissioner or Income-tax Officer (hereafter in this section and in sub-section (2) of section 278D referred to as the requisitioning officer) to require the officer or authority referred to in clause (a) or clause (b) or clause (c), as the case may be, to deliver such books of account, other documents or assets to the requisitioning officer.

Application of Retained Assets [Section 132B of Income Tax Act ] 

This section provides that the seized assets can be appropriated against all tax liabilities of the assessee.

However , where the person concerned makes an application to the Assessing Officer within thirty days from the end of the month in which the asset was seized, for release of asset and the nature and source of acquisition of any such asset is explained to the satisfaction of the Assessing Officer, the amount of any existing liability referred to in this clause may be recovered out of such asset and the remaining portion, if any, of the asset may be released, with the prior approval of the [Principal Chief Commissioner or Chief Commissioner or  Principal Commissioner or Commissioner, to the person from whose custody the assets were seized

Power to call for information [Sections 133 of Income Tax Act ]

Principal Director General or  Director-General, the Principal Chief Commissioner or Chief Commissioner, the Principal Director or Director or the Principal Commissioner or Commissioner or the Joint Director or Deputy Director or Assistant Director  may require any person, including a banking company or any officer thereof, to furnish information in relation to such points or matters, or to furnish statements of accounts and affairs verified in the manner specified, as will be useful for, or relevant to, any enquiry or proceeding  under this Act :

Power to make Enquiry [ Section 135 of Income Tax Act ]

The Principal Director General or Director General or Principal Director or Director, the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or] Commissioner and the Joint Commissioner] shall be competent to make any enquiry under this Act, and for this purpose shall have all the powers that an  Assessing Officer has under this Act in relation to the making of enquiries.

Power of Commissioner to reduce or waive Penalty

Apart from enacting  penalty provisions, the Income-tax Act also designed provisions empowering the
Principal Commissioner of Income-tax or Commissioner of Income-tax to grant relief from penalty to taxpayers in genuine cases. Such power is granted under section 273A and section 273AA. In this part you can gain knowledge about the provisions of section 273A and section 273AA. Read Click here

Power of Principal Commissioner or Commissioner to reduce or waive penalty under sections 273A(1), 273A(4) and 273AA

 Waiver or reduction of penalty under section 273A(1)

Section 273A(1) empowers the Principal Commissioner or Commissioner to grant waiver or reduction from penalty imposed or imposable under section 270A (i.e., penalty for under-reporting and misreporting of income) or under section 271(1)(iii) (i.e., penalty for concealment of particulars of income or furnishing inaccurate particulars of income).
Initiation to be taken by Principal Commissioner or Commissioner or the taxpayer  The waiver or reduction under section 273A(1) can be granted by the Principal Commissioner or Commissioner either on his own motion or otherwise, i.e., on an application made by the taxpayer. Read Click here

Waiver of penalty under section 273AA

Section 273AA empowers the Principal Commissioner or Commissioner to grant immunity from imposition of any penalty under the Income-tax Act in a case where the taxpayer has made an application for settlement under section 245C and the proceedings for settlement have been abated under section 245HA and penalty proceedings are
initiated under the Income-tax Act Read Click here

For More Information You can visit Govt of India Income Tax website Click here