Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Actions to identify ghost directors and shell companies

Of late the Government has taken many initiatives to curb the black money and shell companies. One of such initiatives was to identify the ghost directors who do not even know that they are directors in companies. Accordingly, the Government made it mandatory for every director in a company to e-file KYC form DIR 3 otherwise his Director Identification Number (DIN) shall be deactivated. Now, the Government has made changes in ITR forms to identify the shell companies and ghost director. A person who is a director in a company shall not able to use ITR1 and ITR-4 for filing of return of income and he has to use ITR 2 or ITR 3, as the case may be. Further, if an individual was director in a company at any during the previous year, he has to provide the following information:
a) Name of Company
b) PAN
c) Whether shares of the company are listed or unlisted
d) DIN
This requirement will have impact on [ITR 1, 2, 3, 4]

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