Posts Tagged ‘Income Tax’

CBDT releases Direct Tax Statistics

Advertisement

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

Download Central Government Employees News iOS App . Click here Cg News for iPhone, iPad & iPod Touch app to download in your device.
Stay updated on the go with CENTRAL GOVERNMENT NEWS App. Click here Cg news for Phones app to download it for your device.

Be the first to comment - What do you think?  Posted by admin - October 22, 2018 at 5:37 pm

Categories: Income Tax   Tags: , , , ,

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

Be the first to comment - What do you think?  Posted by admin - September 25, 2018 at 8:54 am

Categories: Income Tax   Tags: , , , ,

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

Be the first to comment - What do you think?  Posted by admin - August 30, 2018 at 10:56 am

Categories: Income Tax   Tags: , , , , ,

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/

Be the first to comment - What do you think?  Posted by admin - August 14, 2018 at 2:57 pm

Categories: Income Tax   Tags: , ,

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

Categories: Income Tax   Tags: , ,

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

 

Be the first to comment - What do you think?  Posted by admin - at 1:50 pm

Categories: Income Tax   Tags: , , ,

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

Be the first to comment - What do you think?  Posted by admin - July 26, 2018 at 7:26 pm

Categories: Income Tax   Tags: , , , ,

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

Be the first to comment - What do you think?  Posted by admin - July 23, 2018 at 6:55 pm

Categories: Income Tax   Tags: , , ,

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

Be the first to comment - What do you think?  Posted by admin - July 16, 2018 at 4:49 pm

Categories: Income Tax   Tags: , , , ,

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

Be the first to comment - What do you think?  Posted by admin - July 12, 2018 at 9:50 pm

Categories: Income Tax   Tags: , ,

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

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

Categories: Income Tax   Tags: , , , , ,

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

Be the first to comment - What do you think?  Posted by admin - April 6, 2018 at 4:42 pm

Categories: Income Tax   Tags: , , ,

Clarification regarding applicability of standard deduction to pension received from the former employer

Standard Deduction Applicable for Pensioners – Clarification

Ministry of Finance
Clarification regarding applicability of standard deduction to pension received from the former employer

The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 2018 has amended Section 16 of the Income-tax Act, 1961(“the Act”) to provide that a taxpayer having income chargeable under the head “Salaries” shall be allowed a deduction of Rs 40,000/- or the amount of salary, whichever is less, for computing his taxable income. Accordingly, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of Rs 40,000/- or the amount of pension, whichever is less, under Section 16 of the Act.

Earlier, the representations were received seeking clarification as to whether a taxpayer, who receives pension from his former employer, shall also be eligible to claim this deduction.

Source: PIB

Be the first to comment - What do you think?  Posted by admin - April 5, 2018 at 4:40 pm

Categories: Pension   Tags: , , , ,

Dress Code prescribed for Income Tax Employees

Dress Code prescribed for Income Tax Employees

OFFICE OF THE PRINCIPAL CHIEF COMMISSIONER OF INCOME TAX, DELHI
C.R.BUILDING, L.P.ESTATE, NEW DELHI-110002
Phone No.011-23379596/23379245; FAX 011-23378668

 F.No.PrCCIT/Admin/2017-18/02

Dated: 02.03.2018

Office Order

Reg: Dress Code prescribed for Income Tax Employees

The Income Tax Department strives to maintain a workplace environment that is well functioning and maintain high standard of conduct and decorum. As part of that effort, the Department requires employees to maintain a neat, clean and formal appearance that is appropriate for the workplace setting.

It if often seen that a large number of employees, especially the younger members of the department come dress casually for the office, which is unexpected of them.

All the Officers/Officials/ staff members should be attired in appropriate, formal, clean, modest and decent clothes. Casual and party attire should be strictly avoided during appearance in office. Any staff member who does not meet the attire, will be subject to corrective action and may be asked to leave the premises to change clothing.

This issues with the prior approval of the competent authority.

(Divya Vashishta)
Deputy Commissioner of Income Tax, (Hqrs.) (Admn.)
New Delhi.

Source: Confederation

dress-code-for-income-tax-employees

Be the first to comment - What do you think?  Posted by admin - April 4, 2018 at 8:53 am

Categories: Employees News   Tags: , , ,

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

Categories: Income Tax   Tags: , , , ,

Exemption of Transport Allowance and Medical Reimbursement from Income Tax – NC JCM Staff Side

Exemption of Transport Allowance and Medical Reimbursement from Income Tax – NC JCM Staff Side

National Council Staff Side Secretary writes to Finance Ministry regarding the exemption of Transport Allowance and Medical Reimbursement from Income Tax

Shiva Gopal Mishra
Secretary

Ph: 23382286
National Council (Staff Side)
Joint Consultation, Machinery
For Central Government Employees
13-C, Ferozshah Road, New Delhi – 110001
E.Mail : nc.jcm.np@gmail.com

No.NC/JCM/2018

Dated: February 2, 2018

Hon’ble Finance Minister,
Ministry of Finance,
(Government of India),
North Block,
New Delhi

Respected Sir,

Sub: General Budget 2018-19

We hope that, standard deduction, up to Rs.40,000 in the Budget (2018-19) announcement, was provided to give some relief to the salaried class, but at the same time, there is serious resentment in the salaried class in general and the Central Government Employees in particular because of non-enhancement of limit of the Income Tax.

We were hopeful that, in this budget, the Central Government would provide Income Tax exemption, if not Rupees Five Lakh, definitely Four Lakh, but nothing has been done, which has resulted in desperation in the Government Employees. Moreover, Education Cess has been increased from 3% to 4%, which will further put additional tax burden on the salaried class. In such a situation standard deduction given by the government will definitely not going to help to any salaried employees.

Not only the above, Transport Allowance and Medical Reimbursement, used to exempt earlier, have also been stopped in this budget, has given another blow to the salaried class.

Since there is all-round resentment in the salaried class, it would be in all appropriateness if the Income Tax Exemption is enhanced to minimum Rupees Four Lakh.

Sir, Government Employees are also very eagerly awaiting for improvement in the Minimum Wage and Fitment Formula as well as announcement of the Guaranteed Pension to the employees covered under the National Pension System(NPS). These also need to be given top priority to keep industrial peace among the Government Employees.

It is also requested that, Transport Allowance and Medical Reimbursement, almost exempted from the Income Tax, should also remain exempted from the Income Tax, to give some relief to the government employees in distress.

With Kind Regards

Sincerely yours
sd/-
(Shiva Gopal Mishra)
Secretary(Staff Side)
National Council(JCM)

Source: NCJCM

Be the first to comment - What do you think?  Posted by admin - February 7, 2018 at 2:00 pm

Categories: 7CPC   Tags: , , , , ,

Employees thank Prime Minister for allowing standard deduction of Rs 40,000

Employees thank Prime Minister for allowing standard deduction of Rs 40,000

Ministry of Personnel, Public Grievances & Pensions
Delegation of DoPT employees calls on MoS (PP) Dr Jitendra Singh

Employees thank Prime Minister for allowing standard deduction of Rs 40,000

A delegation of officials of Department of Personnel and Training (DoPT), called on the Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh here today. The officials thanked the Government led by Prime Minister Shri Narendra Modi for incorporating their issues in the Union Budget presented by Finance Minister Shri Arun Jaitley yesterday.

The delegation was led by the DoPT Secretary Shri Ajay Mittal. The members thanked the Government for allowing them a Standard Deduction of Rs 40,000 p.a. for salaried individuals on income tax in lieu of the existing transport allowance and reimbursement of medical expenses. They also thanked the Government for taking various other welfare measures for the employees in the last three years.

Dr Jitendra Singh said that this is for the first time that a Government has acknowledged the contribution of the salaried class which is contributing the bulk of income tax collections throughout the country and accordingly, certain exemptions such as standard deduction of Rs 40,000 has been announced specifically for this class.

Shri Singh said that the Finance Minister also deserves to be lauded for having addressed the other issues of various sections and regions of the country. He also expressed happiness at the announcement of Rs 10,000 crore as “Fishery Fund” which will also benefit the people in Northeast. Bamboo Mission has a special significance for Northeast and the announcement made by the Finance Minister is a vindication of the Union Government’s continued commitment to the development of the remote regions. He said that the senior citizens faced the issues of late-age illness, lack of caretakers for help and financial constraint. He said that this has been taken care of by exemption of the interest on bank account from income tax up to Rs.50,000, enhancement of the health insurance amount up to Rs.50,000 and hike in medical expenditure. The budget is common man friendly and addresses issues of all sections, he added.

Source: PIB

Be the first to comment - What do you think?  Posted by admin - February 3, 2018 at 12:31 pm

Categories: Employees News   Tags: , ,

Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000

Ministry of Finance
Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000

Pradhan Mantri Vaya Vandana Yojana extended up to March 2020

Existed limit on investment under PMVVY enhanced to Rs 15 lakhs

With the objective of providing a dignified life to senior citizens, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, announced significant incentives for senior citizens.

Presenting the General Budget 2018-19 in Parliament here today, the Finance Minister said that the exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000/- to Rs. 50,000/- and TDS shall not be required to be deducted on such income, under section 194A. This benefit shall be available also for interest from all fixed deposits schemes and recurring deposit schemes.

The Finance Minister also announced raising the limit of deduction for health insurance premium and/ or medical expenditure from Rs. 30,000/- to Rs. 50,000/-, under section 80D. All senior citizens will now be able to claim benefit of deduction up to Rs. 50,000/- per annum in respect of any health insurance premium and/or any general medical expenditure incurred.

Further, the Finance Minister proposed raising the limit of deduction for medical expenditure in respect of certain critical illness from Rs. 60,000/- in case of senior citizens and from Rs. 80,000/- in case of very senior citizens, to Rs. 1 lakh in respect of all senior citizens, under section 80DDB.

These concessions will give extra tax benefit of Rs. 4,000 crores to senior citizens.

In addition to tax concessions, the Finance Minister proposed to extend the Pradhan Mantri Vaya Vandana Yojana up to March 2020 under which an assured return of 8% is given by Life Insurance Corporation of India. The existing limit on investment of Rs. 7.5 lakh per senior citizen under this scheme is also being enhanced to Rs. 15 lakh.

PIB

Be the first to comment - What do you think?  Posted by admin - February 1, 2018 at 5:04 pm

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

Tax Return Preparer (Amendment) Scheme, 2018

Amendment in Eligibility Qualification, Age, Fee and Remuneration for Tax Return Preparer (TRP)

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 19th January, 2018

 

G.S.R. 44(E). In exercise of the powers conferred by sub-section (1) of Section 139B of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the Tax Return Preparer Scheme, 2006, namely:-

Short title, commencement and application.
1. (1) This Scheme may be called the Tax Return Preparer (Amendment) Scheme, 2018.

(2) It shall come into force from the date of its publication in the Official Gazette.

 

2. In the Tax Return Preparer Scheme, 2006 (hereinafter referred to as the said Scheme), for paragraph 3, the following paragraph shall be substituted, namely:-

“3. An individual, who holds a bachelor degree from a recognised Indian University or institution, or has passed the intermediate level examination conducted by the Institute of Chartered Accountants of India or the Institute of Company Secretaries of India or the Institute of Certified Management Accountants of India, shall be eligible to act as Tax Return Preparer”.

 

3. In the said Scheme, in paragraph 4,
(1) for clause (i), the following clauses shall be substituted, namely:-

“(i) It shall invite application from persons,-

(a) having requisite educational qualifications specified in paragraph 3 or having appeared in the final year examination of the qualifying examination; and

(b) who is not below the age of twenty one years or more than forty-five years as on the 1st day of October of the year immediately preceding the date on which applications are invited.

(ia) It shall require that the application under clause (i) shall be accompanied by a fee of two hundred and fifty rupees, and failing which the application shall be invalid.”.

 

(2) for clause (v), the following clauses shall be substituted, namely

“(v) It shall enrol the persons who qualify the test for enrolment for each training centre separately.

(va) It shall not enrol any person under clause (v), unless –

(a) he makes a deposit of an amount of seven hundred and fifty rupees, which shall be nonrefundable; and

(b) he produces a proof of having passed the qualifying examination as specified in paragraph 3″.

 

(3) clause (ix) shall be omitted.”.

 

4. In the said Scheme, in paragraph 9, for sub-paragraph (1), the following sub-paragraphs shall be substituted,
namely:-

 

“(1) The Board may authorise the Resource Centre or the Partner Organisation to disburse to a Tax Return preparer, the following amount, namely:-

 

(a) five per cent. of the tax paid on the income declared in the return of income for First Eligible Assessment Year which has been prepared and furnished by him;

 

(b) three per cent. of the tax paid on the income declared in the return of income for the Second Eligible Assessment Year which has been prepared and furnished by him;

 

(c) two per cent. of the tax paid on the income declared in the return of income for the Third Eligible Assessment Year which has been prepared and furnished by him.

 

(1A) The amount of disbursement for any eligible person in relation to an eligible year shall not exceed,-

 

(a) five thousand rupees in case of First Eligible Assessment Year;
(b) three thousand rupees in case of Second Eligible Assessment Year; and
(c) two thousand rupees in case of Third Eligible Assessment Year.”.

 

[Notification No. 04/2018/F.No. 142/16/2010 (SO)-TPL(Part)]

Dr T.S.MAPWAL, Under Secy.

 

Note : The Tax Return Preparer Scheme, 2006 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide notification number S.O. 2039(E), dated the 28th November, 2006 and last amended vide notification number S.O. 2819(E), dated the 22nd November, 2010.

 

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

Original Link: Click here

Be the first to comment - What do you think?  Posted by admin - January 24, 2018 at 8:54 pm

Categories: Income Tax   Tags: , , , , ,

Form No. 16 for Pensioners : Issue Certificate of Tax Deducted in Form 16 to the Pensioners

Form No. 16 for Pensioners : Issue Certificate of Tax Deducted in Form 16 to the Pensioners

Clarifications regarding use of Form No. 16 for pensioners where pensioners are drawing their pensions through banks – CBDT Circular No.761, dated 13.1.1998

1184. Clarifications regarding use of Form No. 16 for pensioners where pensioners are drawing their pensions through banks

1. The attention of the Board has been drawn to certain difficulties being faced by pensioners drawing their pensions through banks where the tax deduction at source certificate in the prescribed Form No. 16 is

some-time denied to them on the ground that no employee-employer relationship exists between the banks and the pensioner. At times, objections have also been raised by the banks on the premise that Form No. 16 relates to deductions from salaries and not from pensions. In other cases, the certificates have been denied on the ground that the bank was not aware of any other income which the pensioner may have had.

2. The matter has been considered by the Board. It is hereby clarified that :—

(a) as per section 17(1)(ii) of the Income-tax Act, 1961, the term ‘salary’ includes pension;

(b) once tax has been deducted under section 192 of the Income-tax Act, 1961, the tax-deductor is bound by section 203 to issue the certificate of tax deducted in Form 16. No employee-employer relationship is necessary for this purpose;

(c) the certificate in Form No. 16 cannot be denied on the ground that the tax deductor is unaware of the payees’ other income.

3. These clarifications may be brought to the notice of all concerned, especially the banks in your region.

Circular : No. 761, dated 13-1-1998

Be the first to comment - What do you think?  Posted by admin - January 11, 2018 at 9:47 pm

Categories: Pension   Tags: , , , ,

Next Page »