Posts Tagged ‘Income Tax Department’

Filling of Returns by every Government Servant – Income Tax

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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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Be the first to comment - What do you think?  Posted by admin - July 9, 2018 at 11:32 am

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Extension of date for filing of Income Tax Returns extended for five days up to 5th August, 2017

Extension of date for filing of Income Tax Returns extended for five days up to 5th August, 2017

There are some complaints that the taxpayers are not being able to log on to the e-filing website of Income Tax Department or not being able to link Aadhaar with PAN because of different names reflected in PAN and Aadhaar database. While technical snags have been removed already, the main reason for failure of people to log in is because of last minute rush and panic in which those who have already logged in want to continue for the entire period for fear of losing it.

In order to ease-out the panic situation, the Government has decided to take the following steps:

  • For the purpose of e-filing return, it would be sufficient as of now to quote Aadhaar or acknowledgement No. for having applied for Aadhaar in e-filing website. The actual linking of PAN with Aadhaar can be done subsequently, but any time before 31st August, 2017. However, the returns will not be processed until the linkage of Aadhaar with PAN is done.
  • In order to facilitate the e-filing of return, it is also decided to give extension of five days for e-filing of return. The return can be filed upto 5th August, 2017.

PIB

Be the first to comment - What do you think?  Posted by admin - July 31, 2017 at 6:45 pm

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CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961

CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961.

Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the time limit for repatriation of excess money and the rate of interest to be applied for computing the income in case of failure to repatriate the excess money within the prescribed time limit. Separate rates of interest have been provided for international transactions denominated in Indian currency and in foreign currency. The rates of interest are applicable on an annual basis.

The time limit of 90 days for repatriation of excess money shall begin only when the primary adjustments exceeding Rupees One Crore made in respect of Assessment Year 2017-18 or later, attains finality. Where the transfer pricing order is appealed against by the taxpayer, the time limit for repatriation shall commence only after the appeal is finalised by the appellate authority.

The rule is available on the website of the Income-tax Department (www.incometaxindia.gov.in)

The Finance Act, 2017 inserted section 92CE in the Income-tax Act, 1961 with effect from 1st April, 2018 to provide for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise, in order to make the actual allocation of funds consistent with that of the primary transfer pricing adjustment.  The provision shall apply to primary adjustments exceeding Rupees One Crore made in respect of Assessment Year 2017-18 onwards.

PIB

Be the first to comment - What do you think?  Posted by admin - June 19, 2017 at 5:49 pm

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Accepting of E-Aadhaar as Prescribed Proof of Identity for Reserved Journey

ACCEPTING OF E-AADHAAR AS PRESCRIBED PROOF OF IDENTITY FOR RESERVED JOURNEY

Ministry of Railways has decided to incorporate downloaded Aadhaar (e-Aadhaar) as prescribed proof of identity at par with printed Aadhaar card as mentioned in the list of prescribed proofs of identity which are valid for undertaking journey in trains in reserved class. Railway passengers may carry anyone of the below identity proof while travelling in reserved class coaches :

1.Voter Photo Identity Card issued by Election Commission of India

2.Passport

3.PAN Card issued by Income Tax Department

4.Driving Licence issued by RTO
5.Photo Identity Card having serial number issued by Central/State Government.

6.Student Identity Card with photograph issued by recognized School/College for their Students.

7.Nationalised Bank Passbook with Photograph

8.Credit Cards issued by Banks with laminated photograph

9.Printed unique identification card “Aadhaar” or downloaded Aadhaar (e-Aadhaar).

10. Ration Card with photograph of passenger travelling.

Be the first to comment - What do you think?  Posted by admin - June 5, 2017 at 11:00 am

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Income Tax department launches new facility to link Aadhaar with PAN

Income Tax department launches new facility to link Aadhaar with PAN

New Delhi: The Income Tax department has launched a new e-facility to link a person’s Aadhaar with the Permanent Account Number (PAN), a mandatory procedure for filing IT returns now.

The department’s e-filing website https://incometaxindiaefiling.gov.in/ has created a new link on its homepage making it easy” to link the two unique identities of an individual.

The link requires a person to punch in his PAN number, Aadhaar number and the exact name as given in the Aadhaar card”.

After verification from the UIDAI (Unique Identification Authority of India), the linking will be confirmed. In case of any minor mismatch in Aadhaar name provided, Aadhaar OTP (one time password) will be required,” the department said in its advisory to taxpayers and individuals.

The OTP will be sent on the registered mobile number and email of the individual.

It urged them to ensure that the date of birth and gender in PAN and Aadhaar are exactly the same, to ensure linking without failure.

There is no need to login or be registered on e-filing website (of the I-T department). This facility can be used by anyone to link their Aadhaar with PAN,” it said.

The government, under the Finance Act 2017, has made it mandatory for taxpayers to quote Aadhaar or enrolment ID of Aadhaar application form for filing of income tax returns (ITR).

Also, Aadhaar has been made mandatory for applying for permanent account number with effect from July 1, 2017.

The department, till now, has linked over 1.18 Aadhaar with its PAN database.

While Aadhaar is issued by the UIDAI to a resident of India, PAN is a ten-digit alphanumeric number issued in the form of a laminated card by the IT department to any person, firm or entity.

PTI

Be the first to comment - What do you think?  Posted by admin - May 11, 2017 at 3:35 pm

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Income Tax Department (ITD) launches Operation Clean Money

Income Tax Department (ITD) launches Operation Clean Money

Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile.

ITD has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its resources. The information in respect of these cases is being made available in the e-filing window of the PAN holder (after log in) at the portal https://incometaxindiaefiling.gov.in. The PAN holder can view the information using the link “Cash Transactions 2016” under “Compliance” section of the portal. The taxpayer will be able to submit online explanation without any need to visit Income Tax office.

Email and SMS will also be sent to the taxpayers for submitting online response on the e-filing portal. Taxpayers who are not yet registered on the e-filing portal (at https://incometaxindiaefiling.gov.in) should register by clicking on the ‘Register Yourself’ link. Registered taxpayers should verify and update their email address and mobile number on the e-filing portal to receive electronic communication.

A detailed user guide and quick reference guide is available on the portal to assist the taxpayer in submitting online response. In case of any difficulty in submitting on line response, help desk at 1800 4250 0025 may be contacted.

Data analytics will be used to select cases for verification, based on approved risk criteria.  If the case is selected for verification, request for additional information and its response will also be communicated electronically. The information on the online portal will be dynamic getting updated on receipt of new information, response and data analytics.

The response of taxpayer will be assessed against available information. In case explanation of source of cash is found justified, the verification will be closed without any need to visit Income Tax Office. The verification will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

The taxpayers covered in this phase should submit their response on the portal within 10 days in order to avoid any notice from the ITD and enforcement actions under the Income-tax Act as also other applicable laws.

PIB

Be the first to comment - What do you think?  Posted by admin - January 31, 2017 at 10:16 pm

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Pan or Form No 60 mandatory for all bank accounts – Submit to the bank by 28.2.2017

Income-tax Rules amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28.02.2017.

Press Information Bureau
Government of India
Ministry of Finance

08-January-2017 18:17 IST

Income-tax Rules amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28.02.2017.

Income-tax Rules have been amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28.02.2017, if not already done. In this connection, it may be mentioned that RBI vide circular dated 15.12.2016 has mandated that no withdrawal shall be allowed from the accounts having substantial credit balance/deposits if PAN or Form No.60 is not provided in respect of such accounts. Therefore, persons who are having bank account but have not submitted PAN or Form No.60 are advised to submit the PAN or Form No. 60 to the bank by 28.2.2017.

The banks and post offices have also been mandated to submit information in respect of cash deposits from 1.4.2016 to 8.11.2016 in accounts where the cash deposits during the period 9.11.2016 to 30.12.2016 exceeds the specified limits.

It has also been provided that person who is required to obtain PAN or Form No.60 shall record the PAN/Form.No.60 in all the documents and quote the same in all the reports submitted to the Income-tax Department.

The notification amending the relevant rules is available on the official website of the Income-tax Department i.e. www.incometaxindia.gov.in

Be the first to comment - What do you think?  Posted by admin - January 9, 2017 at 3:46 pm

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Finance Minister conveys Government’s Appreciation to tax payers for their contribution towards Nation building

Finance Minister conveys Government’s Appreciation to tax payers for their contribution towards Nation building

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 19th September, 2016.

Press Release

Sub: Finance Minister conveys Government’s Appreciation to tax payers for their contribution towards Nation building.

The Government acknowledges the contribution of individual tax payers in paying taxes within the prescribed time and prompt filing of Income Tax Returns. The Honourable Finance Minister, Shri Arun Jaitley today handed over certificates of appreciation issued by CBDT honoring select tax payers for such contribution. While it is widely acknowledged that the Nation meets its obligations towards spending in various social sector and welfare schemes and infrastructure development out of revenues mobilized through tax payments by millions of honest tax payers, this step marks the first effort by the Government to directly communicate to the tax payer its appreciation for that contribution.

CBDT will be sending out such certificates of appreciation to individual tax payers by e-mail in various categories on the basis of the level of taxes paid by them for the current Assessment Year 2016-17 where taxes have been paid in full and tax payers have no outstanding tax liabilities and where the return is e-filed within the prescribed due date. The tax payers may display these certificates in their homes / offices.

The categories for individual taxpayers and the number of certificates being issued in the first round are:

1 Platinum Tax  contributed Rs. 1 Crore and above
2 Gold Tax contributed Rs. 50Lakh to Rs. 1 Crore
3 Silver Tax contributed Rs. 10Lakh to Rs.50 Lakh
4 Bronze Tax contributed Rs. 1Lakh to Rs.10 Lakh

The CBDT urges taxpayers to e-file their returns in time and verify their return by submitting the Electronic Verification Code online or sending their ITR-V within the 120 day period so that they can be also acknowledged for their contribution.

The Department is committed to continuous improvement of taxpayer services and seeks the cooperation of all taxpayers in contributing their fair share of taxes voluntarily.

 

sd/-
(Meenakshi J Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT.

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

Be the first to comment - What do you think?  Posted by admin - December 14, 2016 at 10:31 am

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Income Tax Department lists Transactions where PAN will be Mandatory

Income Tax Department lists Transactions where PAN will be Mandatory

The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time. The list under Rule 114B (read the rule here –  as on date requiring PAN to be quoted includes the following banking transactions :

  • Deposit with a banking company or a co-operative bank in cash exceeding fifty thousand rupees during any one day.
  • Purchase of bank drafts or pay orders or banker’s cheques from a banking company or a co-operative bank in cash for an amount exceeding fifty thousand rupees during any one day.
  • A time deposit with a banking company or a co-operative bank or a Post Office
  • Opening an account [other than a time-deposit referred to above or a Jandhan / Basic Bank Deposit Account] with a banking company or a co-operative bank.

In addition to the existing requirement of quoting of PAN in respect of cash deposits in excess of Rupees fifty thousand in a day, quoting of PAN will now also be mandatory in respect of cash deposits aggregating to Rupees two lakh fifty thousand or more during the period 09th November, 2016 to 30th December, 2016 as per an amendment notified by CBDT on 15-11-2016. 

The Department has already issued close to 25 crore PAN till date. The persons requiring a PAN for complying with the above requirement may do so by applying to the NSDL in a prescribed format with the necessary documentary proof. The link to the NSDL site  and the instructions for making the application are available on the official website of the Income-tax Department  www.incometaxindia.gov.in  under the ‘Important Links’ head  in  the lower left hand corner of the homepage.

Open Income Tax Rules 114B here

Be the first to comment - What do you think?  Posted by admin - November 18, 2016 at 9:57 pm

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Observance of “Joy of Giving Week” between 2nd and 8th of October, 2016

Observance of “Joy of Giving Week” between 2nd and 8th of October, 2016-Appeal to officers and staff members.

F. No. 385/ 17/2016-IT (B)
Government of India
Ministry of Finance
Central Board of Direct Taxes

New Delhi, Dated: 15.09.2016

To,
All Principal Chief Commissioners of Income Tax
All Principal Directors General of Income Tax

Madam/ Sir,

Subject: – Observance of “Joy of Giving Week” between 2nd and 8th of October, 2016-Appeal to officers and staff members.

I am directed to say that it has been decided that the Income Tax Department will observe the week between 2nd October and 8th October, 2016 as “Joy of Giving Week”, to commemorate Gandhi Jayanti.

In this regard kindly find attached an “Appeal” issued by CBDT to all officers and staff members of Income Tax Department for giving wide circulation in your Region.

This issues with the approval of Chairperson (CBDT).

Yours faithfully,

sd/-
(Anand Jha)
Commissioner (IT&CT)

A P P E A L

It has been decided that the Income Tax Department will observe the week between 2nd October and 8th October, 2016 as “Joy of Giving Week”, to commemorate Gandhi Jayanti.

During this week, the officers and staff members of the Department are encouraged to donate clothes, toys, books and other useful items to people in need or to credible/ deserving charitable organizations. They may also do voluntary work with any charitable organization engaged in promotion of local causes. During this period, all the office buildings of the Department may put banners at visible locations displaying the following message:

Joy of Giving Week,
2nd to 8th October, 2016

Source: https://irsofficersonline.gov.in/Documents/OfficalCommunique/1915201655318.pdf

Be the first to comment - What do you think?  Posted by admin - September 19, 2016 at 10:28 am

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Income Declaration Scheme 2016 – Government issues Clarifications in the form of Sixth Set of Frequently Asked Questions (FAQs)

Income Declaration Scheme 2016 – Government issues Clarifications in the form of Sixth Set of Frequently Asked Questions (FAQs)

The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme has come into effect from 1.6.2016 and is open for declarations up to 30.9.2016. The Income Declaration Scheme, 2016 Rules (the Rules) have been notified on 19.5.2016. The amount payable under the Scheme can be paid in instalments viz. 25% of the total amount payable by 30.11.2016; another 25% by 31.3.2017 and balance 50% by 30.9.2017.

In order to address concerns of the stakeholders and to clarify the queries relating to the provisions of the Scheme, the Rules have been amended from time to time and six set of circulars (FAQs) have been issued. The following major issues addressed through Rules and FAQs are as under:

• The information in respect of a valid declaration is confidential and shall neither be shared with any law enforcement agency nor shall be enquired into by the Income-tax Department.

• The assets declared under the Scheme are to be valued at cost of acquisition or at fair market price as on 1.6.2016 as determined by the registered valuer, whichever is higher. However, an option for valuation of registered immovable property on the basis of stamp duty value of acquisition adjusted with the Cost Inflation Index has also been provided.

• Credit for unclaimed TDS made on declared income shall be allowed.

• Neither any capital gains tax nor any TDS shall be levied on transfer of declared benami property from benamidar to the declarant without consideration.

• The amount of fictitious liabilities recorded in audited balance sheet and not linked to acquisition of an asset can be disclosed under the Scheme as such.

• The period of holding of declared registered immovable assets shall be taken on the basis of the actual date of registration.

• The valuation report obtained by the declarant from a registered valuer shall not be questioned by the department. However, valuer’s accountability will remain.

• No adverse action shall be taken by FIU or the income-tax department solely on the basis of the information regarding cash deposit made consequent to the declaration under the Scheme.

• No enquiry/investigation shall be made in respect of the undisclosed income and assets declared under the Scheme even if the evidence of same is found subsequently during course of search or survey proceedings (circular No.32 dated 01.09.2016).

Further, vide Circular No. 31 dated 30.8.2016 an option has been provided to the declarants to file the declaration under the Scheme electronically under digital signature with the Commissioner of Income-tax, Centralised Processing Centre, Bengaluru [CIT(CPC)]. In case the declarant exercises the said option the declaration shall not be shared with the jurisdictional Principal Commissioner/Commissioner under the Income-tax Act.

In view of the fact that all the major queries and concerns of stakeholders have already been addressed by issue of circulars (FAQs) and also to provide stability and certainty to the Scheme, it is envisaged that no further clarifications on the Scheme shall be issued.

It is reiterated that the Scheme closes on 30.09.2016. The extension of the scheme is out of question.

PIB

Be the first to comment - What do you think?  Posted by admin - September 6, 2016 at 11:38 am

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Income Tax Department simplifies online rectification of TDS in ITR

Income Tax Department simplifies online rectification of TDS in ITR

 

New Delhi: Aimed at making life easier for tax payers, the Income Tax department today said it simplified the process of online rectification of incorrect details of tax deducted at source (TDS) filed in the income tax return (ITR).

Earlier, taxpayers were required to fill in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the I-T Department.

To avoid this, the finance ministry said a new facility has been provided for pre-fillin ..

To avoid this, the finance ministry said a new facility has been provided for pre-filling of TDS schedule while submitting online rectification request on the e-filing portal to facilitate easy correction or up-dating of TDS details.

“This is expected to considerably ease the burden of compliance on the taxpayers seeking rectification due to TDS mismatch,” an official statement said.

Errors due to incomplete TDS details in rectification applications were leading to delays in processing of such applications, thereby causing hardships to taxpayers, it added.

PTI

Be the first to comment - What do you think?  Posted by admin - December 10, 2015 at 9:57 pm

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Government sets target to add one crore more Income Tax payers this year

Government sets target to add one crore more Income Tax payers this year

New Delhi: Government targets adding one crore new income tax payers in the current financial year, Minister of State for Finance Jayant Sinha said today.

“The government has set a target of adding one crore new Income tax payers during the financial year 2015-16. The said target has been further distributed among various field units of the Income Tax Department,” Sinha said in a written reply in the Lok Sabha.

Sinha said in this financial year over 2.4 crore income tax returns have been filed till October 31, 2015.

The respective figures for 2014-15 were 3.67 crore; 3.74 crore in 2013-14 and 3.27 crore in 2012-13.

The number of income tax payers in the income bracket of Rs 1 crore and below was 2.39 crore as of October 31, 2015. For 2014-15 it was 3.66 crore; 3.73 crore in 2013-14 and 3.26 crore in 2012-13, said the minister.

“The total net direct collection in the current financial year (up to October 2015) is Rs 3.44 lakh crore showing growth of 13.20 per cent as compared to the collection made during the corresponding period of the previous financial year,” he said.

Sinha said government has taken a number of steps to expand the income tax base.

These steps include developing strategies to identify and add new taxpayers; collection of information about high value transactions; improving compliance to TDS/TCS provisions; encouraging voluntary compliance through education, camps and seminars

PTI

Be the first to comment - What do you think?  Posted by admin - December 5, 2015 at 5:30 pm

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Income Tax Department issued an Advisory on Phishing, Fraudulent Refund E-mail

Income Tax Department issued an Advisory on Phishing, Fraudulent Refund E-mail

Taxpayers are requested not to respond to any email or any type of communication sent to them requesting them to furnish their personal particulars such as Bank account details, passwords, OTP etc. purported to be from the Income Tax Department.

The Income Tax Department does not seek any such information through email or any other mode of communication from the taxpayers.

If you have received any such fraud mails, kindly do not respond and register a complaint by forwarding the actual phishing email as per procedure and details given in http://www.incometaxindia.gov.in/Pages/report-phishing.aspx

Advisory :
If you receive an e-mail from someone claiming to be the authorized by Income Tax Department or directing you to an Income Tax website:

Do not reply.

Do not open any attachments. Attachments may contain malicious code that will infect your computer.

Do not click on any links. If you clicked on links in a suspicious e-mail or phishing website then do not enter confidential information like bank account, credit card details.

Do not cut and paste the link from the message into your browsers, phishers can make link look like real, but it actually send you to different websites.

Use anti-virus software, anti spyware, and a firewall and keep them updated. Some phishing e-mails contain software that can harm your computer or track your activities on the internet without your knowledge. Anti-virus & Anti-spyware software and firewall can protect you from inadvertently accepting such unwanted files.

Reporting:
If you receive an e-mail or find a website you think is pretending to be of Income Tax Department, forward the e-mail or website URL to phishing@incometax.gov.in. A copy may also be forwarded to incident@cert-in.org.in

You may forward the message as received or provide the Internet header of the e-mail. The Internet header has additional information to help us locate the sender.

After you forward the e-mail or header information to us, delete the message.

If you receive a phishing mail not pertaining to the Income Tax Department, forward the same to incident@cert-in.org.in​​​

Authority: https://incometaxindiaefiling.gov.in/

Be the first to comment - What do you think?  Posted by admin - November 5, 2015 at 4:45 pm

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Income Tax Department Initiates Investigation into Issuance of Cheques by Companies Which are Acting as Entry Operators to Convert Illegal Cash into Legitimate Money

Income Tax Department Initiates Investigation into Issuance of Cheques by Companies Which are Acting as Entry Operators to Convert Illegal Cash into Legitimate Money

Income Tax Department, Ministry of Finance, Government of India had initiated investigation into issuance of cheques by companies which are acting as entry operators to convert illegal cash into legitimate money. Recently in Kolkata, this investigation led to detection of substantial unaccounted income. In these cases, the unaccounted income was sought to be converted into legitimate money with the help of non-genuine companies which were acting as entry operators.

Similarly and based on media reports, enquiry was initiated in Delhi into issuance of cheques by companies which were alleged to be non-genuine and entry operators. The companies and their Directors could not be traced at the addresses given to Banks and Ministry of Corporate Affairs. Examination of the accounts of these companies revealed that they have issued accommodation entries to several persons and entities for substantial amounts. It was also found that sources for such entries were prima facie not genuine. To carry forward the investigation process, notices were issued to about 50 persons and entities including two political parties on 9th February, 2015. These notices seek information about the identity of the contributors and other relevant details which are necessary to complete the process of investigation.

**********

PIB

Be the first to comment - What do you think?  Posted by admin - February 11, 2015 at 10:08 am

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Proposal to discontinue exemption of Rs. 1.5 lakh available for Savings under Section 80C

Proposal to discontinue exemption of Rs. 1.5 lakh available for Savings under Section 80C

It is learnt that Finance Ministry is considering to put up a proposal for discontinuing Exemption of Rs. 1.5 lakh presently available under Section 80C for Savings and Insurnace such as premium paid, investment in NSS, Mutual funds, Pension funds etc. Alternatively, the basic income tax exemption limit of Rs. 2.5 lakh would be raised to Rs. 4 lakh. Reasons behind such a bold move by Finance Ministry as per sources are:

1. Income Tax Department could not verify whether the Investments declared to be have been made to avail exemption under Section 80 C were actually made

2. To make Income Tax Law simple by raising basic Income Tax Exemption Limit and avoid complexities involved in providing Income Tax Exemption to promote savings.

As per Finance Ministry proposals, the current system allows individuals to avail of the Section 80C benefit without having made the required investments.

Most of the tax returns by individuals are processed by what is called a ‘summary assessment’, under which an adjustment in the reported income is made only in cases of arithmetic error or of a wrong claim that is apparent from the return filed. Officials do not ask questions or insist on proof of investment while processing returns. Only in cases of ‘scrutiny assessment’ and ‘assessment of income that has earlier escaped assessment’, which are done in very few cases, more information or evidence is sought to ensure that the reported income is correct.

Even in the case of salaried individuals, where the employer may insist on proof of investments, the tax authorities do not. Besides, if a salaried individual wrongly claims in his return that Section 80C investments have been made, the TDS by the employer and paid to the department is refunded by the tax authorities without asking any questions. In the case of self-employed, there is no check either by the employer or the taxman.
So the ministry feels that any individual who is actually interested in saving would anyway do it and there is really no need to incentivise the same through the tax policy.

Savings entitled to tax benefit under Section 80C include payments towards life insurance, deferred annuity, provident funds, National Savings Certificates, unit-linked investment plans of LIC Mutual Fund, pension funds set up by mutual funds, equity-linked savings plans, deposits with National Housing Bank and tuition free paid for education of children.

Source: Financial Express

Be the first to comment - What do you think?  Posted by admin - February 5, 2015 at 9:30 am

Categories: Employees News, General news, Income Tax, IT Exemption, Latest News   Tags: , , , ,

“Pay Taxes with Fine” – Notice to Government Employees

“Pay Taxes with Fine” – Notice to Government Employees

Since the amount deducted from the government employees was not transferred to the Income Tax department properly, the government has now sent notices to employees to pay income taxes with penalty. Not surprisingly, the government employees are not happy about it.

Employees with annual salary of more than Rs. 2 lakhs have to pay income tax. After the formation of the new government at the Centre, headed by Narendra Modi, the amount was raised to Rs. 2.5 lakhs.

The time duration for paying taxes for last year’s income ended in July this year. Everyone, including salaried persons, businessmen, industries, and individuals, was busy filing up the tax returns and submitting them.

Government employees’ taxes were deducted from their salaries each month. But the amount that was deducted from the salaries was not transferred from the state treasuries and audit offices to the Income Tax Department. Those who had filed their I-T returns received notices from the I-T Department that their taxes were not paid and that they will have to immediately pay the due amounts with penalties.

Employees of many departments, including the Income Tax Department, continue to receive these notices.

“Why are we being asked to pay the penalty if the State Governments didn’t transfer the deducted amount to the I-T department?” complain the government employees.

“The Government has already deducted taxes from our salaries. It is the Government’s job to hand the money over to the I-T department. We are not going to pay the penalty,” is the reply from many of the employees to the notice.

An officer of the state treasury said, “The amount deducted as income tax is being sent to the I-T department in parts. The government employees need not panic.”

“If the deducted amount is transferred regularly, then such troubles wouldn’t come at all. We hope the State Governments ensure that such blunders don’t happen in future,” the government employees say.

Source: www.govtenews.com

Be the first to comment - What do you think?  Posted by admin - September 20, 2014 at 11:08 am

Categories: General news, Income Tax, IT Exemption   Tags: , , , , ,

CBDT Instructions regarding maintenance of cleanliness, punctuality in the offices of the Income Tax Department

CBDT Instructions regarding maintenance of cleanliness, punctuality in the offices of the Income Tax Department

 F.No. Dir(Hqrs.)/Ch(DT)/25(10)/ 2014 /774
Government of India
Ministry of Finance
Department in Revenue
(Central Board of Direct Taxes )

North Block, New Delhi,
Dated the 21st August, 2014.

OFFICE MEMORANDUM

Subject: Instructions regarding maintenance of cleanliness, punctuality in the offices of the Income Tax Department -reg

Cabinet Secretary in his recent directives to Revenue Secretary has emphasised that ‘cleanliness of work areas and improvement in the over-all ambience of office buildings as also punctuality on the part of the officials should be reviewed on sustained basis so that there is a visible improvement and that there are no report of slippages in this regard,’

The importance of clean and tidy office which gives an air of efficiency and observance of punctuality which is essential for maintenance of office decorum and discipline needs hardly be emphasised. Accordingly, the following instructions are brought to the notice of all Cadre Controlling Principal CCsIT and the offices under their jurisdictions for information and compliance and to help them to discharge their responsibilities in a more effective and efficient manner:

(i) Precincts of each office has to be spit and span. There should be no dust, no old ACs, Almirahs, and old furniture belonging to the office lying around in corridors, or common areas near staircases, and no betel leaf-stained comers. Dustbins should be provided in the rooms, corridors and washrooms for putting waste paper and garbage. The Agency responsible for maintenance of cleanliness and upkeep of office premises should be instructed suitably to provide services of highest standard failing which penal provisions of the contract signed with the agency may be invoked. Services of Civil, Electrical and Horticulture Wings of CPWD should be obtained wherever required, to improve the overall ambience of office buildings consistent with the prevalent green building norms. To give a neat and tidy look to the sections, the officers concerned may also be impressed upon to take special interest in weeding out of obsolete papers/files and to record all closed cases after action on the issues considered thereon has been completed, as per the prescribed retention schedule.

(ii) All the officers and staff working in offices under cadre control of Pr.CCsIT should strictly observe the prescribed office timings. It should be ensured that they do not overstay the lunch break and leave offices early before closing of office hours. No amount of external efforts can bring about improvements in punctuality of the officials on sustained basis unless Heads of Departments themselves take a personal interest in the same and observe the prescribed office hours. Therefore, all HODS may be instructed to conduct regular ,unannounced and surprise punctuality checks alongwith checking of attendance registers of the offices to see that the officials are observing office hours meticulously. Habitual latecomers may also be warned to mend their ways failing which disciplinary action may be taken against them.

This issues with the approval of Chairman, CBDT.

Source: http://irsofficersonline.gov.in/Documents/OfficalCommunique/18222014110324.PDF

Be the first to comment - What do you think?  Posted by admin - August 23, 2014 at 5:56 pm

Categories: Income Tax   Tags: , , , , ,

Income Tax Department Launches New and Improved Online Calculator

Income Tax Department Launches New and Improved Online Calculator

The Income Tax Department has launched an easy-to-use online calculator on its website. User can calculate his/her income tax based on the income and complete the tax formalities, including paying the tax, online.

Information and details regarding the tax amount to be paid have been sent to the email id of all taxpayers. Based on this, taxpayers can calculate the amount of tax they will have to pay for their various incomes and fill up the online form appropriately.

The online calculator helps in calculating taxes from bonuses and incentives, income from assets like house, capital gains, business, profits from trade, and agricultural income.

Launching of the online calculator is part of the Government’s efforts to encourage and simplify tax payment processes.

Tax Calculator as per Union Budget 2014-2015.

Income Tax Calculator 2014-15

Be the first to comment - What do you think?  Posted by admin - July 19, 2014 at 5:52 pm

Categories: General news, Income Tax, IT Exemption   Tags: , , , ,

Income Tax Department Cautions the Public about Phishing Emails

Income Tax Department Cautions the Public about Phishing Emails

The Income Tax Department has asked the general public to not fall prey to the fraudulent emails that are being circulated regarding new tax guidelines.

In its press release dated 15.07.2014, the Income Tax Department has said the following – A number of taxpayers have received emails advising them to download the updated information regarding the payment of income tax. The emails originating from “incometaxindia.gov” are false and fraudulent. This entity is not related to the Income Tax Department in any way.

The Income Tax Department does not send any such emails or notifications from Yahoo or Gmail Ids. Taxpayers are cautioned against replying to such mails, providing any information requested in such mails or downloading any file or visiting any website mentioned in them. If you have received such an email, kindly log in to the Income Tax Department’s website and refer the “Report phishing” section.

For any further information and clarification, the Income Tax Department has advised the users to refer their website, www.incometaxindia.gov.in.

Source: CGEN.in
[http://centralgovernmentemployeesnews.in/2014/07/income-tax-department-cautions-the-public-about-phishing-emails/]

Be the first to comment - What do you think?  Posted by admin - July 18, 2014 at 10:02 am

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