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2016
  • During the tax-filing period of 2015, the Income Tax Department inched a step closer to taking the entire e-filing procedure paperless and thoroughly online. This was achieved by launching a facility of electronic verification of returns electronically filed through the Income Tax e-filing portal.
  • Multiple sources helped a tax filer generate the 10-digit alpha numeric e-verification code (EVC) in July 2015. One could generate it through net banking, using Aadhar card or even through the bank’s ATM channel. So far, 52.72 lakh returns have been e-verified of which 40.53 lakh returns were e-verified using Aadhar card during the year as per data provided by the www.incometaxefiling.gov.in website.
  • This month the Central Board of Direct Taxes has added two more ways of e-verifying the returns filed electronically.

Archive


2016
  • All tax arrears below Rs 5,000 will be written off, sparing almost two-thirds of the over 1.9 crore taxpayers who have been slapped demands, in a move that would allow tax officers to focus on bigger cases that would yield revenue.
  • The tax collection machinery is getting more focused. All tax arrears below Rs 5,000 will be written off, sparing almost two-thirds of the over 1.9 crore taxpayers who have been slapped demands, in a move that would allow tax officers to focus on bigger cases that would yield revenue.
  • The futility of going after persons/entities who have little to pay up as arrears is evident from the fact that the total tax demand placed on over 1.2 crore taxpayers facing demands for Rs 5,000 or less is just Rs 1,445 crore. This is just 0.19% of the estimated total arrears of Rs 7.5 lakh crore from all taxpayers.

2016

Rules regarding quoting of PAN for specified transactions amended

Press Information Bureau

Government of India

Ministry of Finance

15-December-2015 19:59 IST

Rules regarding quoting of

PAN for specified transactions amended

  • The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. Persons who do not hold PAN are required to fill a form and furnish any one of the specified documents to establish their identity.

2016
  • The CBDT has issued Circular No. 22/2015 dated 17.12.2015 pointing out that in CIT vs. Alom Extrusions Ltd, [2009} 185 TAXMAN 416 (SC), the Apex Court has held that the amendments made in section 43B of the Act by way of deletion of the second proviso and amendment in the first proviso are curative in nature and should be retrospectively applicable from 1.04.1988.
  • It is noted that the Supreme Court has further held that by deleting the second proviso to section 43B of the Act and amending the first proviso, the contribution to welfare funds have been brought at par with the other duty, cess, fee, etc.

2016
  • Fresh out of college when a person sets on the path of his / her career, he is on a different plane where he suddenly enjoys complete financial freedom on one hand and an anxiety about how to make the earned money work best for his future.
  • Although initially owing to the low-income scales that he receives, there is not much income tax cutting from the hard-earned money.
  • However a small amount of planning can help in saving a huge amount of taxes in the future.

2016

Form 6 - disclosure of Foreign Assets

  • Form 6 is a form used to declare the undisclosed foreign earnings and foreign assets of an individual while filing the tax returns.
  • This form comes under Section 59 of the Black Money Act which makes it mandatory to disclose any undisclosed foreign income and assets.
  • This form is very simple to fill. Let’s try to evaluate the contents of the form so that it becomes easy for us while filing our Tax Returns.

Financial Management