Quick Summary
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
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FAQ :
The IT Department is cracking down on influencers who are not paying taxes on their earnings, despite displaying affluent lifestyles and high expenses on social media.
The Income Tax Department has sent notices to 15 social media influencers.
They are asking for details on income sources, such as brand endorsements and sponsored content, as well as expenses like travel, accommodation, and clothing.
The department is reportedly monitoring social media activity, tracking expenses, and using data analytics to identify influencers who may be under-reporting their income.
The new tax applies to influencers earning over Rs. 2 lakhs per year, with a tax rate of 30% on their gross income.
The new tax is effective from April 1, 2023.
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