Major points to Prevent Tax Fraud – Alankit Limited

 What is Tax Fraud?

Tax fraud happens when someone or business entity purposely and deliberately falsified data on a tax return to restricting the proportion of tax penalty. Tax fraud necessarily encompasses defrauding on a tax return in an endeavour to resist paying the full tax commitment. Instances of tax fraud include asserting false reductions; declaring personal expenditures as business expenditures. Tax fraud deceives the government out of a severe amount of money every year and is punishable by charges, fees, interest, or jail time.

How to prevent tax fraud?

Here are the simple ways you can avoid tax fraud:

1. File your returns as soon as possible:
   As early as you have all the papers, you need for your return, file it. If you dawdle, an identity thief who already has your private data can utilise the extra time to file a dishonest tax return in your name.
2. Safeguard your private identifying information:
   Scammers are striving to extort your individuality, conduct detailed tricks. They may try to get you to divulge confidential information such as your name and PAN or Aadhaar card number over the phone or email. Or they may invite you to download destructive software via email extensions. Maintain your private computers and email statements with firewalls and anti-virus software.
3. Be informed of scams:
   Tax identity thieves utilise many tricks to scam people out of the data they need to perpetrate tax fraud. They may feign to be an authority figure, such as a government agent or government officer, a family member, a corporation with whom you do enterprise or even philanthropic societies.
4. Assign a tax preparer you trust:
   It’s possibly prudent to say most tax preparers want to do right by their clients. Nonetheless, some people pose as hired tax preparers to defraud personal statement and extort taxpayers. And it’s crucial to know that some online accessible filing assistance may not be as practical as others at assisting prevent tax fraud.
5. Actively monitor your accounts
   You may be prepared to trace your tax information on the tax website, and you can complain to Alankit tax frauds for any discrepancies. You can browse to see if somebody has catalogued a tax return in your name and if so, report it. The procedure of reporting to regulate your files can take some time.

Permanent Account Number (PAN) frauds and ways to prevent them

 Permanent Account Number (PAN) and its use

Permanent Account Number or PAN is a unique ten-digit number issued by the Income Tax Department of India. A PAN enables the IT department to identify & link all transactions of the PAN holder for the purpose of tax payment, TDS/TCS, income returns, etc. Through PAN card, the information of the PAN cardholder, their transactions, investments, borrowings, and business activities can be easily retrieved by the taxation authority.

As of 2019, the Income Tax Department of India had issued 445.7 million Permanent Account Numbers. Today, a PAN is an important document required for filing income tax returns, opening a bank account, applying for insurance, etc. It is essentially used as a photo ID proof by individuals and corporations to apply for these services. However, most are unaware of the increasing pan card frauds in India.

PAN Card frauds in India

“Man earning Rs. 84,000 a year receives I-T notice to explain Rs. 134 crore deals”

“Man’s PAN card details stolen, Rs. 20 crore transactions made under false identity”

“Fake Aadhaar, PAN cards used for duping banks”

Headlines like these have become quite frequent in the news today. With the number of places we provide our PAN cards, without a second thought, identity theft has become a real cause for concern. In a world where we are increasingly dependent on online means for transactions, and availing services, protecting the physical copy of your PAN card is no longer enough.

 If you have recently received a notice from the I-T department or charged extra on your credit cards, there is a strong possibility you are a target of identity theft.

Ways scammers do identity theft

1. Phishing

A scammer can contact you via email, phone, Facebook, Instagram or text, impersonating legitimate businesses like bank, credit card company, internet service provider. They can give you a link to share your personal details to apply for their services and misuse your information.

2.   Teleselling

People often ask: is it safe to share pan card number with consultancy? The answer is NO. If anyone contacts you and asks for your credit card information to confirm your identity or complete a transaction, do not share any information. To ensure the identity of a company like Alankit, visit their website, check their reviews before sharing any details.

3.  Fake surveys

While browsing, you may be asked to share your feedback or complete a survey for discount coupons or some gratification. If they ask for personal information like PAN card, do not participate.

4.  Malware

Sometimes, cybercriminals target you with the lure of free software or download. If prompted for the same, do not download such software unless they are from a trusted site. You may download malware with such downloads that will enable hackers to track your movements and steal your personal details.

How to avoid pan card theft?

(a)Avoid opening short links that you receive via emails or SMS, that insist you to logon to their website.

(b) Install updated and genuine antivirus on your smartphones and PC.

(c) Do not share any password or financial information via SMS or email.

(d)Don’t share your birthplace, date of birth or mailing address on social media platforms.

(e)Change your passwords periodically and avoid using the same pattern or passwords for all your applications or cards or accounts.

(f) Check your bank and credit card statements regularly and report any unrecognised transactions.

(g) Mention the purpose whenever you share the xerox copy of your PAN Card within anyone.

 

To apply for a new PAN card, any pan corrections, or loss of PAN card, always use trusted agencies to help you out. Companies like Alankit that have provided PAN Card services for over 25 years, can be trusted to keep your personal information private and secure.

 

For any PAN card related query, visit - https://www.alankit.com/govt-services/pan/

 

What’s the advantage of filing a tax return and why is it important? - Alankit tax news

 

The latest UAE VAT laws mandate applicants to duly fill an official tax document known as the VAT returns. It is a document to be filled as per the guidelines given by FTA, and is to be submitted to the Federal Tax Authority before the decided due date.

If a person falls under the category of a ‘taxable person’, as defined in the guidelines, the person may either carry out VAT return filing themself or he/she has the option of authorizing tax agents or legal representatives to file income tax returns. 

First and foremost comes understanding the meaning of income tax return:

A VAT return simply shows the output tax due and input tax recoverable. It also includes any additional information required as per the FTA rules.

Why is income tax return filing important?
There are many benefits of filing income tax returns. NRIs ought to file their ITR if they:

●     Want to claim a refund

●     Have a loss they want to carry forward

●     Want to submit any authority/financial institution

●     To avoid any penalty from the income tax department 

The traditional or offline process of Income Tax Return (ITR) filing is tedious and time-consuming for most businesses. Associated with long queues, cumbersome processes, and complicated paperwork, filing ITR seems like a humongous task.

But with market-leading companies like Alankit offering secured, hassle-free and easier online ITR filing services, it seems a cakewalk. Only a few authorized digital companies can file your Income Tax Returns online.

Head straight to Alankit to file your income tax returns and for other business-specific needs now!

Alankit Ltd ties up with UTI for PAN Card Services - Alankit Company News

Alankit Ltd, a market leader and eminent name in the e-governance and digital solutions industry announced their collaboration with UTI Infrastructure Technology And Services Limited, a Government Financial Services Provider Company. Alankit can now provide all the PAN card services to the citizens digitally PAN India at all its facilitation centers.

UTI Infrastructure Technology And Services Limited (UTIITSL) is a Government entity and Financial Service Providers in India, as a SEBI registered Permanent Category-1 Registrar to an Issue and Share Transfer Agent, offering R&T services to the investors of Mutual Fund AMCs, Bond/Deposit/shareholders of Corporate and Financial Institutions.

With this strategic agreement, Alankit ltd will offer hassle-free and seamless PAN Card services that include New PAN Card application, PAN Correction, Duplicate PAN, PAN card of NRIs, Lost PAN, e-PAN Cards, etc. Alankit through its PAN India network, through its Business Associates, will offer these services, making it easy for the customers.

Commenting on this agreement, Mr. Ankit Agarwal, MD Alankit Ltd. said “We are delighted to be partnered with UTI, as they are already one of the established leaders of PAN card services. Now, we can address and resolve all the PAN card related grievances digitally. Alankit has always acted as the last mile between the Government and the citizens of the country and now we would be fulfilling it by offering PAN card services. During this COVID crisis, Alankit has taken many new initiatives and launched new business processes. We remain committed to offering easy-to-use and quick solutions that would help our citizens. ”

Source of Article -> Alankit Company News

Future of Medical Records Digitization in 'Indian Healthcare – Alankit Limited Tax Scam

Waiting at the doctor’s clinic for hours, just to get a diagnosis, even when you’re only plagued with minor flu? Rambling through documents to find the right medical records that you need for a specific treatment? 

Tiresome activities, aren’t they? Alankit believes that the digitization of medical records can prove to be of great benefit to our country. 

Digital India is a phrase that everyone is talking about but it’s used in a limited manner in the healthcare segment. A report by techARC (Market Research Firm) suggests that India has 50 crore smartphone users as of December 2019, but are we utilising this digital reach to its potential in healthcare? 

Imagine having a system in place that takes care of all your medical records and allows easy access to them, to you, and to your doctors. Wouldn’t it prove beneficial in solving major problems that plague our healthcare system?

Alankit Limited already provides health insurance services, wouldn’t it be great if that insurance could be linked to your records for easy accessibility?

Let us understand why Digitalization of Healthcare in India is important:

The dearth of Doctors: India has one doctor for 1500 people, which is 50% fewer doctors than the ratio recommended by the WHO. If we were to digitize our healthcare system, it would be easier for doctors to diagnose and treat more patients.

Rural Areas: Healthcare in rural areas is next to negligible. Hospitals and clinics are non-existent and even if they are present, they are really far off from villages, and not every individual has access to them. If we can bring doctors to mobile phones, and connect them to patients through phone calls and the internet, it would be easier for our countrymen to access healthcare facilities.

Record Integration: We don’t have an integrated system where the medical records of every patient are stored. This system, if created digitally, can solve a host of problems like easy identification of high-risk patients, administration of proper drugs during emergencies, better support to accident victims and tourists. The doctor will simply be able to pull the data and treat the patient. Alankit recognizes this problem and our health insurance makes sure that your records are kept safe. 

Population Growth: We are growing at a constant rate, and while that poses a lot of health hazards on its own, it also brings out the problem highlighted in the first point. The number of doctors in our country might not increase as starkly as the number of people. The only way to solve this is to create digital access to healthcare, so it gets easier for everybody to get diagnosed and treated remotely.

Traffic Situation: The average speed in most metro cities is below 25km/h, so a dying patient could take anywhere from 1 to 3 hours to reach a hospital that is 20kms away. During medical emergencies, time is of the essence and a digital system that can provide guidelines or step-by-step directions to keep the patient stable can help save a lot of lives. 

We are a nation of young people and with technological advances happening at a stunning rate, the idea of a truly digitized healthcare system in India is not a far fetched possibility. We at Alankit have been doing our bit by providing healthcare facilities like health insurance to our customers digitally. Get associated with us today.

Alankit Income Tax Fraud: Truth or Hoax?

Alankit Income Tax Fraud

Alankit Limited is a 25-year-old company with branches across India. A top service provider, they also have a subdivision that operates for clientele in the UAE. Alankit provides a host of services that range from E-Governance to Tax Savings and Health Insurances. 

Alankit believes that with power comes responsibility and being such a diverse organisation; they are also prone to a lot of flak. A news article has been doing rounds on the internet that aims to devalue and malign the image of a company which has only provided value to people over the years.The news article talks about an income tax raid that took place at one of their offices. While the event did take place, it bore no fruit because Alankit is a tax compliant company and they didn’t indulge in any illegal activities. It is interesting that a conspiracy hungry media took a routine visit from the tax department to ensure compliance and spiced it up to tax fraud.

Alankit has recently also launched a new platform for investors who are looking to grow their money overseas, the service is called World Investing, and it is creating a revolution in the investment industry. Home to a family of over two thousand members and clients from all walks of life, they take pride in being an organisation that is warm and nurturing.

Alankit has always been the benchmark in each of its industry verticals. It has helped NRI's safeguard their money and has made the management of their income tax a seamless process. It has also helped various people in India and abroad avail PAN card services without the hassle of spending their time at Govt. Offices.  

Alankit has also been monumental in implementing AADHAR in India. With its network of branches spread across India, Alankit has helped 33 million people get AADHAR services in record time and with ease.  

GST services offered by Alankit have also helped many businesses, no matter how small or big, to streamline implementation of GST. Alankit's services have saved businesses from the trouble of managing GST and Taxation procedures, so they can focus on growing their business, and Alankit can manage the rest. 

A provider, A saviour & A vast spread yet closed knit family, Alankit believes that a business can only grow if they are truthful, honest and possess scintillating core values.