Blog

2016

Union Railways Minister Suresh Prabhu on Thursday presented his second Railway Budget in Parliament.

Here are some of the key points:

  • Three pillars of change: New source of revenues, new norms and new structures
  • Operating ratio in 2016-17 92 percent (90 percent in 2015-16)
  • Capital Expenditure in 2016-17 at Rs 1.21 lakh crore
  • Savings through efficient operation in 2015-16 at Rs 8,720 crore

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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.

2016

Fiscal Deficit

What is Fiscal deficit?

  • Fiscal deficit is essentially the difference between what the government spends and what it earns.
  • It is expressed as a percentage of GDP
    Fiscal Deficit = Total Government Expenditure – Total Government Revenue

Reasons for Fiscal Deficit

  • Government spending, inflation and lower revenue are among some of the main factors that point to fiscal deficit.

2016
  • Commercial Tax Department earlier had made it mandatory to pay Tax through ONLINE method for dealers whose Total Yearly Tax payment exceeds Rs. 10 lakh.
  • Commissioner of Commercial Tax vide public circular no. Gujka/vat-86/15-16/Ja.178/153 Dt. 06/01/2016 has revised Tax Payment limit. Revise Tax Payment limit would be Rs.50000/- and this circular will be effective for December’15 (and onward) monthly/Quarterly Tax Payment.
  • The Monthly/Quarterly Tax Limit of Rs.50000/- will include payable Tax + Interest + Penalty.
  • Earlier Commercial Tax Commissioner has passed Circular wherein it is informed that if dealers has paid Tax manually than respective jurisdiction officer will not issue acknowledgment of receipt of Manual Tax Paid Challan.

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.

Financial Management