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IT Department Cracks Down on Tax-Evading Influencers, Sends Notices to 15.CA STUDY NOTES
The Income Tax Department has been cracking down on social media influencers who have been flaunting their overseas holidays and luxury shopping on social media, but paying zero or “substantially low” tax. The ITD has sent notices to 15 such influencers, asking them to explain their sources of income and why they have not been paying taxes on their earnings.
The ITD is reportedly following the influencers on social media and tracking their expenses.
📈 The department is also using data analytics to identify influencers who may be under-reporting their income.
📄 The notices have been sent to influencers in a variety of fields, including fashion, lifestyle, travel, and Bollywood. The ITD is asking the influencers to provide details of their income from brand endorsements, sponsored content, and other sources. The department is also asking the influencers to provide details of their expenses, such as travel, accommodation, and clothing.
🔎The ITD is cracking down on social media influencers as part of a broader effort to increase tax compliance among high-income individuals. The department has been sending notices to a variety of high-income individuals, including celebrities, businessmen, and professionals.
💭The ITD’s crackdown on social media influencers has been met with mixed reactions. Some people have welcomed the move, saying that it is necessary to ensure that everyone pays their fair share of taxes. Others have criticized the move, saying that it is an invasion of privacy and that the ITD should not be monitoring social media activity.
👮♂️ It remains to be seen how the ITD’s crackdown on social media influencers will play out. However, it is clear that the department is taking a serious approach to ensuring that everyone pays their fair share of taxes.
Here are some additional details about the new tax on influencers in India:
👉 The new tax applies to all social media influencers who earn more than Rs. 2 lakhs per year.
👉 The tax rate is 30% on the gross income of influencers.
👉 Influencers can claim deductions for certain expenses, such as travel, accommodation, and equipment.
👉 The new tax is effective from April 1, 2023
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