Income Tax

TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens

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TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens

F. No. Pr. DGIT(S)/CPC(TDS)/Notification/2018-19

Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income-tax (Systems)
New Delhi

Notification No. 06 /2018

New Delhi, 06th December, 2018

Subject: – TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens – reg.

It has been brought to the notice of CBDT that in case of Senior Citizens, some TDS deductors/Banks are making TDS deductions even when the amount of income does not exceed fifty thousand rupees. The same is not in accordance with the law as the Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees. (Please refer to the third proviso to sub-section 3 of section 194A)

2. Under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of furnishing and verification of the statements or claim for refund in Form 26B and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 26B in the manner so specified.

3. In exercise of the powers delegated by the Central Board of Direct Taxes (Board) under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby clarifies that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees.

Sd/-
(Dewangi Marthak)
Asstt. Commissioner of Income-tax(CPC-TDS)
O/o the Pr. Director of Income-tax (Systems)
New Delhi

Source: incometaxindia.gov.in

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Be the first to comment - What do you think?  Posted by admin - December 11, 2018 at 3:02 pm

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Pension of ex-Govt employees to be net of Income Tax

Pension of ex-Govt employees to be net of Income Tax

BPMS

 

No BPS/ SG/pension/I.Tax/018/1  

Dated: 23.11.2018

To
The Arun jaitley ji
Honorable Cabinet Minister for Finance
Government of India

Subject: Pension of ex-Govt employees to be net of Income Tax

Sir,

With passage of time, the purchase value of pension due to steep rise in the cost of food items, caregivers and medical facilities etc gets substantially reduced. Due to inflation coupled with low interest rates value of their deposits in Banks/Post offices etc too go on reducing year by year adversely affecting the net-worth of Pensioners. Thus compelling them to compromise their standard of dignified living.

As was worked out & recommended by TECS (Tata Economic Consultancy Services) consultant to Vth CPC (Para 127.9 Vol III 5th CPC report) Pension need to be 67% of the last drawn to enable a pensioner to live with the same standard to which he was living while in service (Supreme Court pronouncement in DS Nakara vs UOI) but only 50% of last drawn is being paid. Old age relief given to Sr citizen in Income tax is too little to compensate.

You are therefore, requested to reconsider & accept the recommendation of Vth CPC vide their 167.11(copy attached) in this regard and spare the pension/family pension along with DR & FMA from the levy of income-tax.

Further to compensate fall in purchase value of their savings in deposits with banks & post offices rate of interests for senior citizens on their deposits should be 2% above the normal rate of interests as against the existing 0.25% to 0.50%.

Hoping for your sympathetic consideration

Thanking you in anticipation

With Regards
Sincerely yours,
S.C.Maheshwari
Secy Genl Bharat Pensioners Samaj

 

Be the first to comment - What do you think?  Posted by admin - November 25, 2018 at 6:22 pm

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CBDT releases Direct Tax Statistics

CBDT releases Direct Tax Statistics

Constant growth in direct tax-GDP ratio over last three years

Growth of more than 80% in the number of returns filed in the last four financial years
Number of persons filing return of income has also increased by about 65% during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18

22 OCT 2018

Continuing the practice of placing key statistics relating to direct tax collections and administration in public domain, the Central Board of Direct Taxes (CBDT) has further released time-series data as updated up to FY 2017-18 and income-distribution data for AY 2016-17 and AY 2017-18. The key highlights of these statistics are as under:

  • There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98% in FY 2017-18 is the best DT-GDP ratio in last 10 years.
  • There is a growth of more than 80% in the number of returns filed in the last four financial years from 3.79 crore in FY 2013-14 (base year) to 6.85 crore in FY 2017-18.
  • The number of persons filing return of income has also increased by about 65% during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18.

There has been continuous increase in the amount of income declared in the returns filed by all categories of taxpayers over the last three Assessment Years (AYs). For AY 2014-15, corresponding to FY 2013-14 (base year), the return filers had declared gross total income of Rs.26.92 lakh crore, which has increased by 67% to Rs.44.88 lakh crore for AY 2017-18, showing higher level of compliance resulting from various legislative and administrative measures taken by the Government, including effective enforcement measures against tax evasion.

The total number of taxpayers (including corporates, firms, HUFs, etc.) showing income of above Rs. 1 crore has also registered sharp increase over the three-year horizon. While 88,649 taxpayers disclosed income above Rs. 1 crore in AY 2014-15, the figure was 1,40,139 for AY 2017-18 (growth of about 60%). Similarly, the number of individual taxpayers disclosing income above Rs. 1 crore increased during the period under reference from 48,416 to 81,344, which translates into a growth of 68%.

The average tax paid by corporate taxpayers has increased from Rs.32.28 lakh in AY 2014-15 to Rs.49.95 lakh in AY 2017-18 (growth of 55%). There is also an increase of 26% in the average tax paid by individual taxpayers from Rs.46,377/- in AY 2014-15 to Rs.58,576/- in AY 2017-18.

During the three-year period under reference, the number of salaried taxpayers has increased from 1.70 crore for AY 2014-15 to 2.33 crore for AY 2017-18 (up by 37%). The average income declared by the salaried taxpayers has gone up by 19% from Rs.5.76 lakh to Rs.6.84 lakh.

During the same period, there has also been a growth of 19% in the number of non-salaried individual taxpayers from 1.95 crore to 2.33 crore and the average non-salary income declared has increased by 27% from Rs. 4.11 lakh in AY 2014-15 to Rs. 5.23 lakh in AY 2017-18.

The availability of the time-series data and the income-distribution data of fairly long periods in the public domain will be found to be useful by the academicians, scholars, researchers, economists and the public at large in studying long-term trends of various indices of the effectiveness and efficiency of direct tax administration in India.

The new releases are available alongwith older publications at www.incometaxindia.gov.in.

PIB

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Income Tax Rates Assessment Year 2018-19, 2019-20

Income Tax Rates Assessment Year 2018-19,2019-20

Tax Rates

1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person

Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]

Assessment Year 2019-20

Taxable Income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Less: Rebate under Section 87A [see Note]
Add: Health and Education Cess [see Note]

2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)

Assessment Year 2018-19

Taxable income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 – Rs. 5,00,000 5%
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]

Assessment Year 2019-20

Taxable Income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 to Rs 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Less: Rebate under Section 87A [see Note]
Add: Health and Education Cess [see Note]

3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)

Assessment Year 2018-19

Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Add: Surcharge and Education Cess [see Note]

 

Assessment Year 2019-20

Taxable Income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Add: Surcharge and Education Cess [see Note]

Assessment Year 2018-19

a) Surcharge:

i) The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds fifty lakh rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees).

ii) The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

d) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

Assessment Year 2019-20

a) Surcharge:

i) The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds fifty lakh rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees).

ii) The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Health and Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

c) Rebate under Section 87A:

The rebate is available to a resident individual if his total income does not exceed Rs. 3, 50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

4. Partnership Firm

I. For the Assessment Year 2018-19, a partnership firm (including LLP) is taxable at 30%.

Add:

a) Surcharge:

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

II. For the Assessment Year 2019-20, a partnership firm (including LLP) is taxable at 30%.

Add:

a) Surcharge:

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Health and Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

5. Local Authority

I. For the Assessment Year 2018-19, a local authority is taxable at 30%. Add:

d) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

e) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

f) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

II. For the Assessment Year 2019-20, a local authority is taxable at 30%. Add:

a) Surcharge:

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Health and Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

6. Domestic Company

I. For the Assessment Year 2018-19, a domestic company is taxable at 30%. However, tax rate would be 25% where turnover or gross receipt of the company does not exceed Rs. 50 crore in the previous year 2015-16.

Add:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

II. For the assessment year 2019-20, a domestic company is taxable at 30%. However, the tax rate would be 25% if turnover or gross receipt of the company does not exceed Rs. 250 crore in the previous year 2016-17.

Add:

a) Surcharge:The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Health and Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

7. Foreign Company

Assessment Year 2018-19 and Assessment Year 2019-20

Nature of Income Tax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government 50%
Any other income 40%

Add:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

For Assessment Year 2018-19

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

For Assessment Year 2019-20

Health and Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

8. Co-operative Society

Assessment Year 2018-19 and Assessment Year 2019-20

Taxable income Tax Rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%

Add:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

For Assessment Year 2019-20

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

For Assessment Year 2019-20

Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

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Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018

Ministry of Finance
Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018

24 SEP 2018

The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is 30th September, 2018 for certain categories of taxpayers. Upon consideration of representations from various stakeholders, the Central Board of Direct Taxes(CBDT) extends the ‘due date’ for filing of Income Tax Returns as well as reports of Audit (which were required to be filed by the said specified date) from 30th September, 2018 to 15th October, 2018 in respect of the said categories of taxpayers. However, there shall be no extension of the due date for the purpose of section 234A (Explanation 1) of the I.T. Act, 1961 pertaining to Interest for defaults in furnishing return, and the assessee shall remain liable for payment of interest as per provisions of section 234A of the Act.

PIB

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Extension of date for filing of Income Tax Returns for taxpayers in Kerala

Ministry of Finance
Extension of date for filing of Income Tax Returns for taxpayers in Kerala

In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the “Due Date” for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who were liable to file their Income Tax Returns by 31st August, 2018.

CBDT had earlier extended the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the categories of taxpayers who were liable to file their Income Tax Returns by 31st July, 2018.

Source: PIB

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Income Tax Relaxation on NPS Maturity Value

Income Tax Relaxation on NPS Maturity Value

LOK SABHA
UNSTARRED QUESTION No. 3975
TO BE ANSWERED ON FRIDAY, THE 10TH AUGUST, 2018

SHRI KONAKALLA NARAYANA RAO:
(a) whether the Government is contemplating to give tax rebate on the maturity value of the amount deposited under National Pension Scheme (NPS) like Public Provident Fund and if so, the details thereof;
(b) whether the Securities and Exchange Board of India has also recommended to this tax relaxation in the recently held Financial Stability and Development Council meeting and if so, the details thereof; and
(c) the stand of the Government in this regard?

ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI SHIV PRATAP SHUKLA)

(a) No Madam. Currently, Government is not contemplating to give any tax rebate on the maturity value of the amount deposited under National Pension Scheme (NPS) like Public Provident Fund. In this context, it may be noted that under the existing provisions of the Income tax Act, 1961 the following payments from the National Pension System Trust are exempt:
(i) up to 40% of the total amount payable to an assessee on closure of his account or on his opting out of a Pension Scheme; and
(ii) partial withdrawal by an employee from NPS up to 25% of own contribution.
(b) No.
(c) Does not arise.

Source: https://loksabha.nic.in/

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Rates of Income-Tax for the financial year 2017-18

RATES OF INCOME-TAX AS PER FINANCE ACT, 2017:

As per the Finance Act, 2017, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2017-18 (i.e. Assessment Year 2018-19) at the following rates:

2.1 Rates of tax

A. Normal Rates of tax:

SI.No Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,50,000/-. Nil
2 Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 5 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 12,500/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,12,500/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

SI No Total Income Rate of tax
1 Where the total income does not exceed Rs. 3,00,000/- Nil
2 Where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000/- 5 per cent of the amount by which the total income exceeds Rs. 3,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 10,000/- plus 20 per cent of the amount by
which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/- Rs. 1,10,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

SI No Total Income Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/- Nil
2 Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/- 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
4 Where the total income exceeds Rs. 10,00,000/- Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

2.2 Surcharge on Income tax:

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act, will be as under:

(a) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten percent of such income-tax and

(b) having a total income exceeding one crore rupees, at the rate of fifteen percent of such income-tax:

Provided that in the case of persons mentioned above having total income exceeding;-

(a) Fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees;

(b) one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

2.3.1 Education Cess on Income tax:

The amount of income-tax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.

2.3.2 Secondary and Higher Education Cess on Income-tax:

An additional education cess is chargeable at the rate of one percent of income-tax including the surcharge, if any, but not including the Education Cess on income tax as in 2.3.1.

Be the first to comment - What do you think?  Posted by admin - July 29, 2018 at 2:51 pm

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Calculation of Income tax an Employee Below 60 Age A.Y.2018-19

Calculation of Income tax an Employee Below 60 Age A.Y.2018-19

ANNEXURE-I

SOME ILLUSTRATIONS

Example 1

For Assessment Year 2018-19

(A) Calculation of Income tax in the case of an employee(Male or Female) below the age of sixty years and having gross salary income of:

i) Rs.2,50,000/- ,

ii) Rs.5,00,000/- ,

iii) Rs.10,00,000/-

iv) Rs.55,00,000/-. and

v) Rs. 1,10,00,000/-

(B) What will be the amount of TDS in case of above employees, if PAN is not submitted by them to their DDOs/Offices:

Particulars Rupees Rupees Rupees Rupees Rupees
(i) (ii) (iii) (iv) (v)
Gross Salary Income (including allowances) 2,50,000 4,00,000 10,00,000 55,00,000 1,10,00,000
Contribution of G.P.F. 45,000 50,000 1,00,000 1,00,000 1,00,000

Computation of Total Income and tax payable thereon

Particulars Rupees Rupees Rupees Rupees Rupees
(i) (ii) (iii) (iv) (v)
Gross Salary 2,50,000 4,00,000 10,00,000 55,00,000 1,10,00,000
Less: Deduction U/s 80C 45,000 50,000 1,00,000 1,00,000 1,00,000
Taxable Income 2,05,000 3,50,000 9,00,000 54,00,000 1,09,00,000
(A) Tax thereon Nil 2,500* 92,500 14,32,500 30,82,500
Surcharge 1,43,250 4,62,375
Add: Nil 50 1850 31,515 70,898
(i)   Education Cess @ 2%. Nil 25 925 15,758 35,449
(ii) Secondary and Higher Education Cess @1%
Total tax payable Nil 2,575 95,275 16,23,023 36,51,222

* After rebate of Rs 2500 u/s 87A

 

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Extension of Due Date for filing of Income Tax Returns

Ministry of Finance
Extension of Due Date for filing of Income Tax Returns

Posted On: 26 JUL 2018 6:16PM by PIB Delhi

The due date for filing of Income Tax Returns for Assessment Year 2018-19 is 31.07.2018 for certain categories of taxpayers. Upon consideration of the matter, the Central Board of Direct Taxes(CBDT) extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers.

PIB

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CBDT: No Due Date Extension for filing Income Tax

CBDT – extension in due date for non-tax audit cases is fake and there are no such plans to extend this deadline beyond 31st July, 2018

CIRCULAR No.4/2018

F.No.370889/25/2018
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, Dated 21st July, 2018

This Circular is issued in pursuant to 139(1) of the Tax Act, 1961 is to clarify that rumors spreading across in media regarding extension in due date for non-tax audit is fake and no such plans to extend this deadline beyond 31st July, 2018. The department already received over 1 crore returns filed electronically.

As per Section 234F of the Income Tax Act, from 1st April 2018, the penalty for late filing income tax return would be as

(a) five thousand rupees, if the return is furnished on or the 31st day of December of the assessment year;

(b) ten thousand rupees in any other case:

Provided further that if the total income of the person not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees. Therefore, the assessees are hereby asked to file their ITRs before the due date to avoid the penalty.

(Sanyam Suresh Joshi)

DCIT, CBDT

Source: Confederation

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Linking of PAN with Aadhaar while filing of ITRs – CBDT Circular

Linking of PAN with Aadhaar while filing of ITRs – CBDT Circular

CBDT’s order regarding linking of PAN with Aadhaar while filing of ITRs

F.No.225/270/2017/lTA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

North-Block, ITA II Division,
New Delhi, dated the 30th of June, 2018

Order under Section 119 of the Income-tax Act, 1961

Vide its orders dated 31.07.17, 31.08.17, 08.12.2017 & 27.03.2018 in file of even number, CBDT had allowed time till 30th June, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of the matter, the CBDT further extends the time for linking PAN with Aadhaar till 31st March, 2019.

sd/-
(Rajeswari R)
Under Secretary to the Government of India

Source: https://www.incometaxindia.gov.in

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Long Pending issues & ongoing agitation – Income Tax Employees and Officers Associations

Long Pending issues & ongoing agitation – Income Tax Employees and Officers Associations

No. 2/2018-19

Dated, 9th July, 2018

To
The Presidents/General Secretaries
of all the Units/Circles of ITGOA and ITEF

Dear Comrades,
Sub : Long Pending issues & ongoing agitation – regarding

As decided earlier by the Central JCA to embark upon the path of agitation on various issues affecting the membership of the JCA from 17th May 2018, all the affiliated units have participated in the agitation programme and successfully completed the first phase of agitation. It was due to the unified agitation of the members of the JCA, the CBDT had invited the JCA for a discussion on 26th June 2018 on the charter of demands. Though the meeting lasted more than 2(two) hours but no such concrete/positive assurances were received from the Chairman, CBDT regarding resolving of the issues at the earliest. On 27th June 2018 the matter was discussed in the Central JCA meeting held at Civic Centre, Delhi. The meeting threadbarely discussed the outcome of the meeting with the Chairman, CBDT and was of the opinion to continue the ongoing agitation till the minutes of the meeting is made available to the JCA. It was further decided that on receipt of the minutes, further intensification of the agitation would be decided, if necessary.

As per the decision of the meeting, we have persuaded with the Authorities of the CBDT for issuing the minutes immediately but the same was till awaited. Moreover, we have also observed that some of the issues on which positive assurances were given by the Chairman, CBDT, there were no progress. Considering the impasse continuing in the Board on resolving the issues we have no other alternative but to intensify the agitation.

Accordingly, as per the decision of the Central JCA meeting dated 27th June 2018 authorising the Joint Convenors to suggest for the intensification of the agitation, it is now decided to mount Phase-II of our agitation from 23rd July 2018. It was further decided to submit the same to the Chairman, CBDT informing him about the intensification of the agitational programme if the issues did not get resolved by 20th July 2018. It was further decided to hold Press meet on 20th July 2018 by all the Circles/Units at their respective headquarters for wider publicity of the issues relating to genuine grievances of the officers and employees of the Department. A press note in this regard will be forwarded by Central JCA to all Circles/Units in due time. The Central JCA will also undertake mobilisation programme from 16th to 20th July, 2018 and all Unit leadership are requested for extensive campaigning in all offices of respective Regions for implementation of the following programme successfully.

The next phase of agitation will be as under :- JULY 2018 ONWARDS

1) Lunch Hour Demonstration on 23rd July, 2018 in all stations;

2) To boycott Income Tax Day on 24th July 2018 and observing Black Day by wearing Black Ribbons. The members of JCA will not participate in any meeting of the committee that may be constituted for organising this programme immediately after issuance of the Circular of JCA.

3) Black Flag Demonstration on visiting Chairman/Members of CBDT and Officials of Directorates in all income tax offices where they visit. Boycott Outreach programme/Seminar by Officers/Officials (visit to Schools, TDS seminar etc.)

4) Not to attend office on Saturday , Sunday & Holidays by the JCA members.

5) Not to attend any duty in the nature of protocol duty by members of JCA

AUGUST 2018 ONWARDS

1) Non-participation in the Search and seizure operation, Survey including TDS & recovery Survey and spot verification;

2) Mass squatting programme by Office Bearers and Committee Members of the JCA in front of the Chamber/Conference Hall whenever the Video Conference takes place.

3) Observing Day Long Fasting on 9th August, 2018 from 10 AM to 5 PM by the Office Bearers and Committee Members of the JCA at all stations of PCCIT/CCIT/PCIT.

4) Half-a-day (from 2 PM) Walk Out on 28th August 2018.

SEPTEMBER 2018

One day Token Strike on 12TH September, 2018 by the members of the JCA. It was also decided that the Central JCA will meet again to take stock of the situation during the month of August, 2018. All the units of the JCA are requested to ensure implementation of the aforementioned agitational programme in case of non-settlement of the issues within 20th July 2018.

It was also decided that in many regions the local administration had constituted committees for celebration of the Income Tax Day on 24th July 2018. As we have already decided to boycott the Income Tax Day celebration hence we appeal to all our members who were nominated in the committees should not extend any co-operation in this respect. We are hopeful that with the cent percentage participation of all the units and members, the issues above will reach to a logical end.

With revolutionary greetings,

Yours fraternally,
sd/-
(AmitavaDey) (RupakSarkar)
Joint Convenors

Source: http://www.itgoawbunit.org

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Filling of Returns by every Government Servant – Income Tax

Filling of Returns by every Government Servant – Income Tax

Government Servant

भारत सरकार /Government of India
आयकर विभाग/Income Tax Department
आयकर आयुक्त चेन्नै-3 का कार्यालय, चेन्नै
Office of the Pr. Commissioner of Income Tax-3, Chennai
कमरा सं.410, चौथातल, आयकर भवन, 121, महात्मागांधी रोड, चेन्नै-34.
4th Floor, Main Building, 121, Mahathma Gandhi Road, Chennai-34.

P.N.DEVADASAN, IRS

Principal Commissioner.
Chennai

19/06/2018

To
The Drawing & Disbursing Officer
O/O Dy. Director of IT(INV) Unit III
139, IOC Bhavan I Floor IOC Bhavan Nungambakkam High
Road Nungambakkam Chennai – 600034

Dear Sir/Madam,

Sub: Filing of Returns by every Government Servant – Reg.

As you might be aware, every person who is having income more than Rs.2,50,000 is bound to file his/her return of income. This includes the Government Servants also. However, the data of returns filed indicate that more than 50% of the Government Servants at Chennai are not filling their income tax returns. I hope, you will agree that as government servants, we should abide by laws and to be role models to the common citizens of our country. If we, Government servants ourselves are violating law by not filling our income tax returns, we don’t have any moral right to blame other sections of society.

From this year i.e Assessment Year 2018-19 onwards, the Parliament has amended the Income Tax Act by introducing a new section 234F for imposing late fee on every person who is not filling his/her return of income within the due date. For salaried employees, the due date is 31-07-2018. This means all the salaried employees have to file their returns of income for the Financial Year 2017-18 (Assessment Year 2018-19) on or before31-07-2018. Otherwise they all mandatorily have to pay late fee amounting between Rs.1,000 to Rs.10,000 as per the provisions of Section 234 . Also, a penalty of Rs.5,000 can be imposed under section 271F on them. In addition to this, they can be prosecuted under section 276CC of the Income Tax Act for jail termsvarying between three months to seven years.

It may please be noted that these provisions are applicable to all the persons having gross income (excluding deductions) above Rs.2,50,000/-. It is understood that many persons who are claiming deductions under section 80C etc. (on GPF contribution, Life Insurance Policies, Housing Loan Repayment etc.) and adjustment of Interest on Housing Loan are under the impression that they need not file the return as their net income is below taxable limit and no TDS is deducted from their salary.

Therefore, I request you to kindly intimate and advice all the employees to whom the gross salary paid in the last year is more than Rs.2,50,000 to file their returns of income before 31-07-2018. It may also be noted that all the incomes earned by an employee such as rental income (including subletting of house/s), interest incomes, dividend from Co-operative societies and all such incomes should be declared in their returns of income. Later, if found to have omitted any such incomes, they are liable for separate penalty and prosecution for concealing those incomes.

A copy of this letter may be handed over to each of your employees who draw their salary through you. You may also discuss this issue with the Head of your Office/Department and request him/her to issue a circular to all the employees to file their return of income well in time.

In case of any clarification or suggestions, you may please contact the following Officers: Joint Commissioner Smt. Sumathy Venkataraman (8762300298), Assistant Commissioner Ms. N. Abhinaya (8939744880), Smt. Priya Ramakrishnan, ITO (9445954906), Shri Sundaramurthy, ITO (9445955554), Smt. Malarvizhy Kujur ITO (9962383336) or Shri V. Baladandayutham, ITO (9445954896).

Yours faithfully,

(P.N.DEVADASAN)

Source: Confederation

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New Benami Transactions Informants Reward Scheme, 2018 launched by the Income Tax Department

Ministry of Finance
New Benami Transactions Informants Reward Scheme, 2018 launched by the Income Tax Department

To get people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion

Posted On: 01 JUN 2018

It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns. The Government had earlier amended Benami Property Transactions Act, 1988, by Benami Transactions (Prohibition) Amendment Act, 2016 to make the law stronger. With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion, a new reward scheme titled “Benami Transactions Informants Reward Scheme, 2018″, has been issued by the Income Tax Department. This reward scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners.

Under the Benami Transactions Informants Reward Scheme, 2018, a person can get reward up to Rs. One crore for giving specific information in prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department about benami transactions and properties as well as proceeds from such properties which are actionable under Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016.

Foreigners will also be eligible for such reward. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.

Details of the reward scheme are available in the Benami Transactions Informants Reward Scheme, 2018, copy of which is available in Income Tax offices and on the official website of Income Tax Department www.incometaxindia.gov.in.

PIB

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CBDT notifies Income Tax Return Forms for Assessment Year 2018-19

New Income Tax Forms for AY 2018-19 – CBDT Notification

Ministry of Finance
CBDT notifies Income Tax Return Forms for Assessment Year 2018-19

The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplified Form. For Assessment Year 2018-19 also, a one page simplified ITR Form-1(Sahaj) has been notified. This ITR Form-1 (Sahaj) can be filed by an individual who is resident other than not ordinarily resident, having income upto Rs.50 lakh and who is receiving income from salary, one house property / other income (interest etc.). Further, the parts relating to salary and house property have been rationalised and furnishing of basic details of salary (as available in Form 16) and income from house property have been mandated.

ITR Form-2 has also been rationalised by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2. The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).

In case of non-residents, the requirement of furnishing details of any one foreign Bank Account has been provided for the purpose of credit of refund. Further, the requirement of furnishing details of cash deposit made during a specified period as provided in ITR Form for the Assessment Year 2017-18 has been done away with from Assessment Year 2018-19.

There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

(i) an Individual of the age of 80 years or more at any time during the previous year; or

(ii) an Individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.

The notified ITR Forms are available on the official website of the Department www.incometaxindia.gov.in.

Source: PIB

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The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961

Ministry of Finance
The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961

26 MAR 2018

 

In keeping with India’s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income-tax Act, 1961 (‘the Act’) was inserted vide Finance Act, 2016, which provides for furnishing of a Country-by-Country (CbC) Report in respect of an International Group.
The CbC Report is to be furnished by the ultimate parent entity of an International Group in the country or territory of its residence. As specified under sub-section (2) of Section 286, the said Report is to be furnished on or before the due date specified under Section 139(1) of the Act for furnishing of return of income for the relevant accounting year. The date for furnishing of CbC Report under sub-section (2) of Section 286 for FY 2016-17 was subsequently extended to 31stMarch, 2018 vide CBDT Circular No. 26 of 2017 dated 25th October, 2017.
Sub-section (4) of Section 286 specifies situations in which the said report shall be furnished in India by the constituent entity of an international group, resident in India, namely, those in which there is failure to obtain CbC Report on account of the parent entity being resident of a country or territory with which India does not have an agreement providing for exchange of CbC reports or where there has been a systemic failure of the country or territory and the same has been intimated to such constituent entity.

It has been brought to the notice of the Government that Constituent Entities of International Groups, resident in India, have apprehensions that the due date of furnishing of CbC Report under sub-section (4) of Section 286 is also 31st of March, 2018.

In order to allay the aforesaid apprehensions, it is hereby clarified that the due date of 31st March, 2018 applies for furnishing of CbC Report under sub-section (2) of Section 286 only and not under sub-section (4) of the said Section.

It is further stated that the Finance Bill, 2018 (as passed by the Lok Sabha) has proposed that the due date for furnishing of CbC Report under sub-section (4) of Section 286 shall be as prescribed. Accordingly, the time for furnishing of CbC Report under sub-section (4) of Section 286 of the Act is proposed to be prescribed after the enactment of Finance Bill, 2018.

PIB

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Deduction of Income Tax at the time of making payment

Deduction of Income Tax at the time of making payment

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF EXPENDITURE
CENTRAL PENSION ACCOUNTING OFFICE
TRIKOOT-II, BHIKAJI CAMA PLACE,
NEW DELHI-110066

CPAO/IT &Tech/Bank Performance/37 (Vol-II)/2017-18/ 204

09.03.2018

Office Memorandum

Subject:- Deduction of Income Tax at the time of making payment.

It is observed that some of the banks are not following the guidelines of the Income Tax Act regarding tax deduction on pension payments. Pensioners have raised grievances relating to the deduction of income tax at the fag end of the year causing undue financial hardship to the pensioners. Moreover, there is considerable delay in the issuance of Form-16 to the pensioners and in some cases, Form-16 are not being issued to the pensioners.

In view of the above, all Heads of CPPCs are advised to deduct the income tax at the time of each payment itself and issue Form-16 by 31st of May every year and follow the Income-tax guidelines issued from time to time.

(Md. Shahid Kamal Ansari)
(Asstt. Controller of Accounts)
Ph No.011-26103074

Be the first to comment - What do you think?  Posted by admin - March 13, 2018 at 9:26 pm

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Central Government Employees Group Insurance Scheme-1980 Tables of Benefits for the savings fund for the period from 01.01.2018 to 31.03.2018

CGEGIS Table of Benefits from Jan to Mar 2018

Central Government Employees Group Insurance Scheme-1980-Table of Benefits for the saving fund for the period from 01.01.2018 to 31.03.2018

No.7(2)/EV/2016
Government of India
Ministry of Finance
Department of Expenditure

New Delhi, the 27th February, 2018

Office Memorandum

Sub: Central Government Employees Group Insurance Scheme-1980 Tables of Benefits for the savings fund for the period from 01.01.2018 to 31.03.2018 – reg.

The Tables of Benefits for Savings Fund to the beneficiaries under the Central Government Employees Group Insurance Scheme-1980, which are being issued on a quarterly basis from 01.01.2017 onwards, as brought out in this Ministry’s 0M of even number dated 17.03.2017, for the quarter from 01.01.2018 to 31.03.2018, as worked out by IRDA based on the interest rate of 7.6% per annum (compounded quarterly) as notified by the Department of Economic Affairs as per their Resolution dated 01.01.2018, are enclosed.

2. The Tables enclosed are of two categories as per the existing practice. As hitherto, the first Table of Benefits for the savings fund of the scheme is based on the subscription of Rs.10 p.m. from 1.1.1982 to 31.12.1989 and Rs. 15 p.m. w.e.f. 1.1.1990 onwards. The second Table of Benefits for savings fund is based on a subscription of Rs.10 p.m. for those employees who had opted out of the revised rate of subscription w.e.f. 1.1.1990.

3. These orders are in respect of Table of Benefits for the period from 01.01.2018 to 31.03.2018.

4. In their application to the employees of Indian Audit and Accounts Department, these orders are issued after consultation with the Comptroller & Auditor General of India.

5. Hindi version of these orders is attached.

sd/-
(Amar Nath Singh)
Director

 Source: www.doe.gov.in/
Original link: Finmin Orders

Be the first to comment - What do you think?  Posted by admin - February 28, 2018 at 1:48 pm

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Amendments in the income-tax act proposed to notify a new scheme for assessment in electronic mode

Press Information Bureau
Government of India
Ministry of Finance

01-February-2018 13:20 IST

Amendments in the income-tax act proposed to notify a new scheme for assessment in electronic mode.

E-assessment to be rolled-out across the country to transform age-old assessment procedure

In the General Budget 2018-19 presented in Parliament today, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley proposed to amend the Income-tax Act to notify a new scheme for assessment. Shri Jaitley said the assessment will be done in electronic mode which will almost eliminate person to person contact leading to greater efficiency and transparency. The Finance Minister added that the e-assessment system was introduced in 2016 on a pilot basis. In 2017, it was extended to 102 cities with the objective of reducing the interface between the department and the taxpayers. “With the experience gained so far, we are now ready to roll out the E-assessment across the country, which will transform the age-old assessment procedure of the income tax department and the manner in which they interact with taxpayers and other stakeholders” Shri Jaitley said.

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