Latest news with #IncomeTaxdepartment
Time of India
3 days ago
- Business
- Time of India
Income tax refund 'Manual Verification' email could be a trap: Know how to identify this fraud and avoid
Academy Empower your mind, elevate your skills Income tax department has advised the following on receiving phishing mail: How to report income tax-related phishing and suspicious mail? Have you recently received emails claiming to be from the Income Tax department , asking you to complete manual verification of your personal details? The government has cautioned the taxpayers that this could potentially be a fraudulent or phishing the tax filing season begins this year, cybercriminals are actively trying to exploit unsuspecting taxpayers by sending phishing emails that look official. These emails might prompt taxpayers to click on a link, fill out personal or financial information, or download an attachment for "manual verification" or "e-verification."The government's PIB Fact Check Unit has confirmed that this is a fake email and has advised people to refrain from clicking on suspicious links or sharing personal, financial, or sensitive information through email, SMS, or Income Tax department may ask for personal information through e-mail; however, it never sends e-mails soliciting your PIN numbers, passwords, or any similar access details for credit cards, banks, or other financial message circulating states that:"Dear Taxpayer,This is an official notification regarding your Income Tax Refund for Assessment Year 2024-25. Amount eligible: Rs 60, manual verification?As per latest RBI & PMLA norms, all refunds above Rs 25,000 require recipient confirmation to prevent unauthorized payouts and protect taxpayers."Also read: How to download Form 26AS for ITR filing FY 2024-25 (AY 2025-26)? The government has urged taxpayers to remain vigilant, verify the authenticity of any communication, and report suspicious emails is the process of attempting to acquire sensitive information, such as usernames, passwords, and credit card details, by masquerading as a trustworthy entity in electronic communication. Phishing is typically carried out by e-mail or instant messaging, and it often directs users to enter details at a fake website whose look and feel are almost identical to the legitimate you receive an e-mail from someone claiming to be authorised by the Income Tax Department or directing you to an Income Tax website:Do not not open any attachments. Attachments may contain malicious code that will infect your not click on any links. If you clicked on links in a suspicious e-mail or phishing website, then do not enter confidential information like bank account or credit card not cut and paste the link from the message into your browsers; phishers can make the link looks real, but it actually sends you to different antivirus software, anti-spyware, and a firewall, and keep them updated. Some phishing e-mails contain software that can harm your computer or track your activities on the internet without your knowledge. Antivirus, anti-spyware software, and firewalls can protect you from inadvertently accepting such unwanted you receive an e-mail or find a website you think is pretending to be of the Income Tax Department, forward the e-mail or website URL to webmanager@ A copy may also be forwarded to incident@ can also forward the message as received or provide the internet header of the e-mail. The internet header has additional information to help us (the I-T department) locate the you forward the e-mail or header information, delete the you receive a phishing mail not pertaining to the Income Tax Department, forward the same to incident@
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Business Standard
6 days ago
- Business
- Business Standard
ITR-2 e-filing opens: what's new in AY 2025-26, who needs to use form
The Income Tax department on Friday enabled online filing for ITR-2, cheering taxpayers who were waiting for the functionality to file their returns for Assessment Year (AY) 2025-26. Though the activation was delayed, it brings several significant changes that taxpayers must understand before proceeding. Why the delay The rollout of ITR-2 utility was delayed due to extensive updates in forms. "The main reasons supposedly are the comprehensive revisions made to the ITR forms for AY 2025-26,' said Ritika Nayyar, partner, Singhania & Co. 'The CBDT needed additional time to update systems, including backend utilities and validation checks, to accommodate the new structures and ensure seamless integration," she said, referring to the Central Board of Direct Taxes. This programming and testing phase ensured that the updated forms would work without glitches on the e-filing portal. What's new in ITR-2? ITR-2 is to be used by " taxpayers with income from salary, pension, capital gains, or foreign assets, but no business income, the changes are substantial,' said Simarjeet Singh, assistant professor of finance and accounting at Great Lakes Institute of Management, Gurgaon. Key updates in ITR-2 include: Capital gains bifurcation: Transactions must now be reported separately based on whether they occurred before or after July 23, 2024. After this date, a flat 12.5 per cent tax rate (without indexation) applies, introducing added complexity for property and equity sales. Share buyback losses: Losses post-October 1, 2024, can be claimed only if the related dividend income is reported in Schedule OS. Higher threshold for Schedule AL: Taxpayers need to report assets and liabilities only if total income exceeds Rs 1 crore (up from Rs 50 lakh). Detailed TDS and deduction reporting: Specific section codes for TDS (e.g., 192 for salary) and sub-category details for deductions like 80C and 80G are now mandatory. Foreign assets: Expanded reporting requirements under Schedule FA and FSI. "ITR-2 for AY 2025-26 is no longer a mere compliance form — it demands a financial self-audit, especially for those with complex income profiles," said Singh. Who should file ITR-2? "ITR-2 applies to individuals and HUFs (Hindu Undivided Families) not having income from business or profession but having income from salary, multiple house properties, capital gains, foreign income or assets, and agricultural income exceeding Rs 5,000," said Naveen Wadhwa, vice-president of Taxmann. Such taxpayers include: -Salaried individuals with capital gains above Rs 1.25 lakh -Pensioners with foreign assets -Those earning dividend income or having multiple deductions under Chapter VI-A Start early Given the changes, experts advice self-filing taxpayers to organise documentation, Form 16/16A, AIS/TIS reports, capital gains statements, and cross-verify details with pre-filled data. Errors in reporting could lead to notices or disallowances.
Indian Express
15-07-2025
- Indian Express
Man dupes friend of Rs 1.25 cr claiming I-T dept froze his money
Mumbai Police booked a man on Monday for allegedly duping his friend, a 41-year-old woman, of Rs 1.25 crore. The accused, Sandeep Anant Dhanawde (43), claimed to be the vice-president of a reputed IT company. Police said that between 2019 and 2021, allegedly duped the woman, a Chembur resident who works with an IT company, after seeking help claiming that the Income Tax department had frozen his money. According to the complaint, she was looking to buy her own house in 2019. 'Dhanawade, who was her childhood friend, told her that the Income Tax department had frozen his Rs 33 crore. To get it released, he needed Rs 2.5 crore to 3 crore. He gave an offer to the woman that if she helps him with Rs 1.5-2 crore, then in return he would register one of his two flats in her name,' states the FIR. Dhanawde allegedly accepted Rs 1.25 crore from the complainant woman between 2019 and 2021. However, he failed to fulfil his promise and to date did not transfer any of the two flats in the complainant woman's name, thus defrauding her, the FIR added. According to the complainant, she requested Dhanawade multiple times to return her money, but in vain. He only gave her Rs 36,000 once to pay EMI of her loan and never paid any other amount to her, police said. She finally approached police and filed a complaint with the Shivaji Park police station on Monday. The police booked Dhanawade under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code and are further investigating the matter.
India Today
15-07-2025
- Business
- India Today
Father-son duo dresses up water seller as IAS officer to dupe Gujarat businessman
A father-son duo in Gujarat's Mehsana duped a businessman out of Rs 21.65 lakh with the help of a water seller posing as a fake IAS officer. The fraudsters allegedly concocted a story about a Rs 300 crore seizure during an Income Tax raid to swindle the police have arrested the fake IAS officer, while the father and son remain on the to the police, Surat-based Jayantibhai and his son Kaushik Patel befriended local businessman Dinesh Patel. Over time, they exploited his trust by claiming that an Income Tax raid had been conducted at their residence and that Rs 300 crore had been seized. They falsely claimed the funds could only be recovered through court proceedings and asked Dinesh Patel to lend them money to hire a lawyer. To strengthen their deception, the duo enlisted the help of Arpit, alias Rishan Reddy, a water seller from Ahmedabad who impersonated an IAS officer. Arpit contacted Dinesh Patel and, using a script provided by the duo, claimed to be a high-ranking official aware of the alleged tax seizure. He even sent photos of cash to make the story seem credible and urged Patel to financially assist Kaushik and Jayantibhai."I have Rs 300 crore seized by the Income Tax department. Send money to help your friends Kaushik and Jayantibhai in getting it released," Arpit told Patel transferred Rs 21.65 lakh to the conmen under the impression that he was helping friends entangled in a serious legal battle. When no repayment followed, he filed a complaint with the Visnagar police in police investigation revealed that Arpit had no official credentials and was, in fact, working as a water seller in Ahmedabad. He admitted to being paid Rs 80,000 by the Patel duo for making the impersonation calls and participating in the seller Arpit was arrested by the police on Tuesday. Meanwhile, Jayantibhai and Kaushik Patel remain absconding, and efforts are ongoing to trace them.- EndsMust Watch
New Indian Express
15-07-2025
- New Indian Express
Tax refund racket: I-T raid at 18 places in TN
As a result, bogus refunds have been appropriated running into crores. The intermediaries have canvassed thousands of taxpayers, including employees of government entities and serving and retired personnel from defence forces across Delhi, Jharkhand, Tamil Nadu, Jammu & Kashmir, Assam, and Bihar, through private WhatsApp and Telegram groups and word of mouth. In this case, it was found that specific email IDs have been created to file fraudulent returns. From these email IDs, returns were filed, and bogus refunds were claimed. Incriminating evidence was found during probe, sources said. 'Taxpayers are advised to refrain from falling prey to such schemes floated by unscrupulous, dishonest, and unethical elements. It is advisable for all taxpayers who have filed incorrect returns by claiming fraudulent deductions in the current year or in past years to come forward and file updated returns. Income Tax department will provide assistance to taxpayers in updating Return of Income,' an official from the Income Tax said.
