रोख व्यवहारांवर २ लाखांची मर्यादा

नवी दिल्ली : केंद्रीय वित्तमंत्री अरुण जेटली यांनी १ फेब्रुवारी रोजी सादर केलेल्या मूळ अर्थसंकल्पातील तरतुदीत सुधारणा करून रोखीच्या व्यवहारांवर तीन लाखांऐवजी दोन लाख रुपयांची कमाल मर्यादा घालण्याचा नवा प्रस्ताव सरकारने लोकसभेत मांडला आहे.

अर्थसंकल्पासोबत मांडलेल्या मूळ वित्त विधेयकात निरनिराळ्या प्रकारच्या तब्बल ४० दुरुस्त्या प्रस्तावित करणारे विधेयक जेटली यांनी मंगळवारी लोकसभेत मांडले. विरोधकांनी अशा प्रकारे विविध दुरुस्त्यांची मोट बांधून एकच सुधारणा विधेयक मांडणयास विरोध केला. मात्र, लोकसभा अध्यक्ष सुमित्रा महाजन यांनी विरोधकांनी उपस्थित केलेले तांत्रिक आक्षेप अमान्य केले आणि वित्तमंत्र्यांनी सुधारित वित्त विधेयक मांडण्यास अनुमती दिली.

या ४० दुरुस्त्यांपैकी एक दुरुस्ती रोखीच्या व्यवहारांवर कमाल मर्यादा घालण्याशी संबंधित आहे. मूळ वित्त विधेयकात ही मर्यादा तीन लाख रुपयांची प्रस्तावित करण्यात आली होती. आता ही दोन लाख रुपयांची करण्याचे प्रस्तावित आहे. या सुधारित मर्यादेचा भंग करून जेवढ्या जास्त रकमेचा रोखीचा व्यवहार केला जाईल, तेवढाच दंड आकारण्याची तरतूद यात आहे, असे महसूल सचिव हसमुख अढिया यांनी टिष्ट्वट करून स्पष्ट केले.

हे सुधारित वित्त विधेयक संसदेत मंजूर झाल्यावर, रोखीच्या व्यवहारांवरील दोन लाख रुपयांची कमाल मर्यादा येत्या १ एप्रिलपासून लागू होईल.

या ४० दुरुस्त्यांमध्ये कंपनी कायदा, कर्मचारी भविष्य निर्वाह निधी कायदा, परकीय चलन नियमन कायदा, 'ट्राय' कायदा व माहिती तंत्रज्ञान कायदा अशा विविध कायद्यांमध्येही काही सुधारणा करण्याची तरतूद आहे. याचा वित्त विधेयकाशी काही संबंध नाही. या दुरुस्त्याही वित्त विधेयकात घुसडून सरकार त्या 'मनी बिल' म्हणून मागच्या दरवाज्याने मंजूर करून घेऊ पाहात आहे, असा आक्षेप तृणमूल काँग्रेस, बिजू जनता दल व क्रांतिकारी समाजवादी पक्ष यासारख्या विरोधी पक्षांच्या सदस्यांनी घेतला. (लोकमत न्यूज नेटवर्क)

Aadhaar must to file I-T returns and apply for PAN card; cap on cash transaction lowered to Rs 2 lakh

The government decided on Tuesday tofrom Rs 3 lakh to Rs 2 lakh, and make Aadhaar number mandatory for filing income tax returns and applying for a PAN card.

The decisions were part of amendments moved to the finance bill, which puts into effect the Budget proposals.

The had proposed cash transactions of more than Rs 3 lakh value be banned but the finance bill tabled on Tuesday lowers the ceiling, said revenue secretary, Hasmukh Adhia.

"The difference between demonetisation and this is that the former is used to destroy the stock of black money while the ban will prevent the future flow of black money.

This limit will also reduce the quantum of cash transactions in the economy" Adhia had told HT.

To ensure a deterrent, the penalty for violation is equivalent to the amount transacted.

The amendments also make Aadhaar must for tax returns and PAN applications beginning July 1. Aadhaar enrolment number while filing ITR could also be accepted. Failing to declare Aadhaar may lead to PAN being deemed invalid.

The move is likely to roil activists who say the Aadhaar programme - the enrolment to a national database with biometric information such as fingerprints and iris scans - is meant to be voluntary, as declared by the SC in September last year.

"Aadhaar has been optional for ITR for a few years. The challenge will be for foreign nationals who pay taxes in India. We will have to see the amendment to understand its implications," said Kuldip Kumar, leader, personal tax at PwC India. The amendment, however, says the government will specify exemptions for mandatory Aadhaar rule.

The finance bill carries an unprecedented 40 amendments, according to PTI, and will also impact other laws such as RBI act and representation of people act. Political parties hit out at the tweaks, saying they were being done as 'backdoor entry'.

The finance bill is classified as a money bill, which does not require bicameral approval and can be approved by the Lok Sabha alone where Prime Minister Narendra Modi's BJP has a majority.

The limit on cash transactions is in keeping with recommendations of the Special Investigation Team (SIT) on black money.

In addition to this limit, the Income Tax Act prohibits making or accepting payment of an advance of Rs 20,000 or more in cash for purchase of immovable property. PAN is also mandatory for any purchase of above Rs 1 lakh.

Pay income tax, apply for PAN using mobile app soon

New Delhi:In step with government's digital India drive, the Income Tax department is developing an app that will soon allow assessees to pay taxes or apply for PAN using smartphones.

Finance Minister Arun Jaitley

The department is also working on a project to issue PAN to assessees within minutes by way of e-KYC authentication using Aadhaar, a move that will help bring more people under the tax net by making it easier for people to get Permanent Account Numbers.

"The app concept is at a preliminary stage. The app will enable assessees to pay taxes online, apply for PAN or track tax returns. Pilot project will be undertaken after getting approval from the Finance Ministry," an official said.

Aadhaar-based e-KYC facility would allow individuals or entities wanting to apply for PAN to verify details such as date of birth or address by way of biometric identification using thumb impressions.

So far, more than 111 crore Aadhar numbers have been issued. The unique identification number is being used for getting a new SIM card, for opening bank accounts, transfer of subsidies and also for biometric based digital payments under Aadhaar Enabled Payment System.

As per the government estimate, every year 2.5 crore people across the country apply for PAN cards. There are currently more than 25 crore PAN cardholders in the country.

Government has made PAN quoting mandatory for cash withdrawals of Rs 50,000 and cash purchase of above Rs 2 lakh.

Beginning January 1, the tax department has started issuing newly designed PAN cards that have added security features to make them tamper-proof and with contents written in both Hindi and English.

PTI

10 Transactions that will be reported to the IT department

The Central Board of Direct Taxes (CBDT) made it mandatory for a banking company or a cooperative bank to report high value transactions. The CBDT has also set up an e-platform for the purpose of effecting such reporting. The following transactions will be reported as per the latest notification from the tax department. 

1. Banks have to report cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and fixed deposit) of a person. 
2. Fixed deposits other than renewals of a person aggregating to Rs 10 lakh or more of a person in a financial year have to be also reported.
3. Cash payments of Rs 1 lakh or more for credit card bills have to be reported. Also to be reported is payment of Rs 10 lakh or more made by any mode (including cheque or wire transfer) to settle credit card dues in a financial year.
4. The tax department also reiterated its November 2016 instruction asking banks to report all cash deposits of Rs 2.5 lakh or more made in one or more accounts of a person during November 9 to December 30, 2016.
5. For current accounts, banks have to report deposits of Rs 12.5 lakh or more during the period. After demonetisation of old 500 and 1,000 rupee notes, the government had allowed the junked currency to be deposited in bank accounts during a 50-day window ending December 30, 2016.
6. Cash deposits during April 1, 2016, to November 9, 2016 in any account that are reportable should also be intimated to the tax authorities by January 31, 2017, the notification said.
7. Companies or institutions have to report receipt from any person an amount aggregating to Rs 10 lakh or more in a financial year for acquiring bonds or debentures.
8. A similar limit is also set for reporting purchase of mutual funds units or buyback of shares.
9. Purchase of foreign exchange including travellers cheque and a forex card aggregating to Rs 10 lakh will have to be reported to tax authorities.
10. Property registrars will have to report to tax authorities purchase or sale by any person of immovable property for an amount of Rs 30 lakh or more

Modified norms to lower taxes of small traders by 30%: FM

New Delhi: Finance Minister Arun Jaitley today said the government's decision to tweak the presumptive income norms would reduce the tax liability by up to 30 per cent for those small traders opting for digital transactions.

Finance Minister Arun Jaitley today said the government's decision to tweak the presumptive income norms would reduce the tax liability by up to 30 per cent for small traders who go for digital transactions.

He said in the Budget for 2016-17, small traders and businessmen, with turnover of up to Rs 2 crore who did not maintain proper accounts, were presumed to have earned 8 per cent income or profit for tax purposes. But if they use digital mode of payments, their income will now be presumed to be 6 per cent of the turnover and not 8 per cent.

"So he will get a significant tax benefit. The object is if you do transactions using digital mode then you can pay less tax. It is a tax incentive to support digitisation of the economy. And if we calculate it, then some traders would get over 30 per cent tax advantage if he transacts through digital mode," Jaitley told reporters here.

Under the existing Section 44AD of the Income-Tax Act, 1961, in case of certain assessees (an individual, HUF or a partnership firm other than LLP) carrying on any business having a turnover of Rs 2 crore or less, the profit is deemed to be 8 per cent of the total turnover for taxation.

"...It has been decided to reduce the existing rate of deemed profit of 8 per cent under section 44AD of the Act to 6 per cent in respect of the amount of total turnover or gross receipts received through banking channel/digital means for the financial year 2016-17," the Central Board of Direct Taxes (CBDT) had said yesterday in a notification.

The decision has been taken to achieve the government's mission of moving towards a less cash economy and to incentivise small traders/businesses to proactively accept payments by digital means, the CBDT said.

Following decision to demonetise old Rs 500/1,000 notes, the government has taken several measures to encourage digital payments to promote less cash economy.

PTI

I-T dept cautions taxpayers against sharing user ID, password

New Delhi: The Income Tax Department has warned taxpayers against sharing their user ID and password with any unauthorised person, saying they too will be liable to face consequences for misuse of their confidential information.

Sushil Chandra Chairman of CBDT, the nodal national agency responsible for administering Income Tax department.

In an advisory to taxpayers, the department's TDS (Tax Deducted at Source) Centralised Processing Cell (CPC) told assessees that their "user ID and password are the most sensitive information, misuse of which can lead to tampering of confidential TDS-related information, your own sensitive data and deductee-related confidential information".

It further said that "if a password is hacked or stolen, it can result in information security breach, leading to undesirable consequences, including privacy violations".

It asked taxpayers to exercise caution in use of log-in credentials at TRACES, which should not be disclosed to any unintended or unauthorised individual. "If shared, the person using login credentials shall also be liable to consequences," it added.

TDS Reconciliation Analysis and Correction Enabling System (TRACES) helps easy filing of tax deducted at source (TDS) or tax collected at source (TCS) correction statements by deductors/collectors and related functionalities.

The taxman asked users to secure their password with at least eight characters in length and a combination of lower case, upper case, numeric and special characters.

"Do not write your password on notepads or the whiteboard at your desk," it cautioned.

"Keeping sensitive information such as passwords in e-mails, folders and files in the computer can be risky. If the e-mail or computer account is hacked, then the perpetrator could misuse the passwords, steal money from your bank accounts, misuse your e-mail account or credit/debit card to access sensitive information from your machine," it said.

It has also asked users not to use the same password for different accounts. "Using the same password for more than one account is similar to carrying one key that unlock your house, car, office and safety deposit box. One lost key could let a mischievous unauthorised user unlock all doors," the department warned.

It went on to advise against sharing log-in credentials as also using the login credentials of any person other than the authorised one appointed by the deductor for carrying out any activity on TRACES.

"You are requested to similarly treat Digital Signature Certificate with utmost security, as the user ID and password on TRACES," it said.

PTI

Deposits by individuals,entities to be dealt as per law: Finance Ministry

Finance Minister Arun Jaitley.

New Delhi: Finance Ministry today clarified that old currency deposits in bank accounts by any entity will be monitored and each case will be dealt as per law applicable in that case.

Amid reports that deposits by political parties is exempted from Income Tax, a Finance Ministry spokesperson said, "Any individual, or anybody including political parties, organisation can deposit any amount of old currency notes in their respective accounts but that does not mean it would be exempted for Income Tax Act automatically. Each case will be dealt as per law applicable in that case".

PTI

No New Exemption to Political Parties from Income Tax: Arun Jaitley

As controversy arose over the Income Tax Act provision about granting exemption from income tax to political parties, finance minister Arun Jaitley issued a statement on Saturday night clarifying that this provision is 35-year-old. Following is the text of his statement:

“Political parties have not been granted any exemption post demonetisation and introduction of Taxation Laws (Second Amendment) Act, 2016 which came into force on 15th December, 2016.

Income & Donations of political parties fall under the purview of Section 13A of the Income Tax Act 1961 & there is no change in its provisions. In this era of instant outrage, a 35-year-old law is presented as a new law being passed by the NDA Government.

I implore all journalist friends to be fully outraged against any step of the government, if it is not against corruption. But in equal measure, I would also implore them to do adequate research before jumping the gun.

Under Section 13A of IT Act 1961, Political parties have to submit audited accounts, income & expenditure details and balance sheets.

Post demonetisation, no political party can accept donations in 500 and 1000 rupee notes since they were rendered illegal tenders. Any party doing so would be in violation of law.

Just like anyone else, political parties can also deposit their cash held in the old currency in banks till the 30th of December provided they can satisfactorily explain the source of income and their books of accounts reflect the entries prior to 8 November.

If there is any discrepancy in the books or records of political parties, they are as liable to be questioned by the Income Tax authorities as is anyone else. They enjoy no immunity whatsoever.

There is no question of sparing anyone, and the political class is no exception. In fact PM Modi is setting a new example of propriety in public life, by asking all MPs & MLAs of BJP to submit their bank account details post demonetization. We would like to urge the other parties to do the same and prove their intentions against corruption.”

Source: business-standard 

CBDT warns of penal action if ITR ‘drastically’ changed

New Delhi: In a stern warning to assesses trying to misuse the provision of revising I-T returns, CBDT today said those "drastically" altering the forms to revise income will face scrutiny and penal action.

Sushil Chandra Chairman of CBDT, the nodal national agency responsible for administering Income Tax department.

It said that post demonetisation announced on November 8, some taxpayers may misuse this provision to revise the return filed by them for the earlier assessment year for manipulating income with an intention to show the current year's undisclosed earnings in the earlier filing.

"The provision to file a revised return... Has been stipulated for revising any omission or wrong statement made in the original return of income and not for resorting to make changes in the income initially declared so as to drastically alter the form, substance and quantum of the earlier disclosed income," CBDT said in a statement.

The Central Board of Direct Taxes (CBDT), the policy making body of the income tax department, further said if the department notices any manipulation in income in previous year's ITR (income tax return), it will conduct scrutiny.

"Any instance coming to the notice of the I-T department which reflects manipulation in the amount of income, cash-in-hand, profits etc and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty and prosecution in appropriate cases as per provision of law," it said.

Under the Section 139(5) of the I-T Act, a revised ITR can only be filed if any person who has filed a return discovers any omission or any wrong statement therein.

PTI

CBDT warns of penal action for any drastic revision in ITR

New Delhi: In a bid to prevent laundering of black money, the tax department today warned of penal action against those filing "drastically" revised income tax returns by including bank deposits made post-demonetisation.

Sushil Chandra CBDT Chairman

After the November 8 abrupt demonetisation announcement, the government had allowed depositing of scrapped 500 and 1000 rupee notes in bank accounts.

But a provision of the income tax act that allows assessees to file a revised return or declaration of income for previous years is being misused by some to include the hereto undeclared wealth and escape by paying a maximum of 30 per cent tax instead of 50 per cent of total on such deposits.

"The provision to file a revised return... Has been stipulated for revising any omission or wrong statement made in the original return of income and not for resorting to make changes in the income initially declared so as to drastically alter the form, substance and quantum of the earlier disclosed income," the Central Board of Direct Taxes (CBDT) said.

In a statement, the CBDT said that since November 8, some taxpayers may misuse this provision to revise the return filed by them for the earlier assessment year for manipulating income with an intention to show the current year's undisclosed earnings in the earlier year's filing.

The CBDT, the policy making body of the income tax department, further said if the department notices any manipulation in income in previous year's ITR (income tax return), it will conduct scrutiny.

"Any instance coming to the notice of the I-T department which reflects manipulation in the amount of income, cash-in- hand, profits etc and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty and prosecution in appropriate cases as per provision of law," it said.

Under the Section 139(5) of the I-T Act, a revised ITR can only be filed if any person who has filed a return discovers any omission or any wrong statement therein.

Post demonetisation, the government has come out with a scheme giving tax dodgers another chance to come clean by paying 50 per cent of tax on junked currency deposited in banks post demonetisation.

The Pradhan Mantri Garib Kalyan Yojana (PMGKY) provides for 50 per cent taxes and surcharge on declarations of unaccounted cash deposited in banks. Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for four years.

PTI

Service tax waived for online train ticket booking till December 31 -- PTI

Service tax has been waived to incentivise cashless transactions through online booking.

New Delhi: Train tickets booked through the IRCTC website will become cheaper from tomorrow till the end of the year as the government has waived service tax to encourage cashless transactions in the wake of the demonetisation exercise.

Service tax will not be levied on tickets booked through the IRCTC website from November 23 to December 31, said a senior Railway Ministry official.

Rs 20 is levied as service tax on Sleeper and Rs 40 on AC classes for booking tickets through IRCTC.

Service tax has been waived to incentivise cashless transactions through online booking, the official added.

PTI

GST Bill gets Prez nod

NEW Delhi: The much-awaited Goods and Services Tax (GST) now becomes a law with President Pranab Mukherjee giving his nod to the bill after 16 states ratified it.

Finance Minister Arun Jaitley (C) arrives to attend a meeting with the finance ministers of the states on the Goods and Services Tax (GST) issues in New Delhi July 3, 2014.

The government plans to roll out the new indirect tax regime from April 1, 2017. GST, the biggest tax reform since Independence, will create uniform market for seamless movement of goods and services with one tax rate.

With the President giving his assent to the bill, the government will notify the GST Council. Union Finance Minister will head the Council, which will comprise state Finance Ministers.

The GST Council will decide on the tax rate, cess and surcharges which are to be subsumed and also decide on the goods and services which would be exempted from the purview of the new indirect tax regime.

The states and the Centre are working overtime and talking to stakeholders to draft the Central GST, State GST and Integrated GST laws, which are to be passed in the Winter Session of Parliament in November.

The CGST and IGST will be drafted on the basis of the model GST law. The states will draft their respective State GST (SGST) laws with minor variation incorporating state-based exemption. The IGST law would deal with inter-state movement of goods and services.

Inputs with Agencies

‘One nation one tax’ will eliminate corruption: FM Jaitley on GST

New Delhi: As the government gears up for a fresh push to get the long-pending GST law passed, Finance Minister Arun Jaitley today said the 'one nation, one tax' regime will reduce the taxation levels and also eliminate corruption.

Finance Minister Arun Jaitley today delivering the 1st Dr A P J Abdul Kalam Memorial Lecture, in New Delhi.

Stressing that India cannot afford the kind of spectrum or coal mines controversies of the past, he said: "This whole idea of one nation one tax is extremely important for India, in not only reducing the level of tax but also for providing an ease (of doing business) and eliminating any forms of corruption".

He said India cannot afford to have an indirect tax system where one is taxed at every point.

Jaitley was delivering the 1st Dr A P J Abdul Kalam Memorial Lecture at India Islamic Cultural Centre here.

The proposed Goods and Services Tax (GST) will subsume most of the indirect taxes. Government has listed the Constitutional Amendment Bill for introduction of GST in Rajya Sabha for consideration and passage next week.

The Finance Minister further said India will need all forms of investments.

"Now investment from private sector ... will come only if India becomes best possible investment destination. For that India has to get rid of corruption, India has to have a quicker decision making process, India has to have business environment which is extremely easy," he said.

He also said that despite easing foreign investment process, there are delays at states level.

"... every time we delay a project, every time we put hurdles, you create an adverse environment where you lose jobs, ancillary units, and revenue which sends a bad picture of India to other future investments," Jaitley said.

PTI

Government extends last date for filing tax returns to Aug 5

New Delhi: The last date for filing income-tax returns has been extended to August 5.

Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31. But in view of the day-long strike at public sector banks, the deadline has been extended to August 5.

For Jammu and Kashmir, the deadline will be August 31 in view of the ongoing turmoil in the state.

"In view of today's bank strike and disturbance in J&K, the due date of IT return filing is being extended," Revenue Secretary Hasmukh Adhia said in a tweet today.

For assessees across India liable to file I-T returns by July 31, the deadline is extended up to August 5, he said.

"For assessees in J&K, this date has been extended to August 31," the secretary added.

PTI

I-T department to consider March 31 for senior citizen eligibility

New Delhi: While considering the higher exemption limit of tax liability for senior and very senior citizens, a person will be considered to have attained a particular age on March 31 if his or her birthdate is a day later on April 1, the CBDT today said.

Atulesh Jindal, chairman of the CBDT

The Central Board of Direct Taxes (CBDT) issued a clarification on the issue, relying on a Supreme Court ruling of 1986, as it directed all its Assessing Officers (AOs) to henceforth "ascertain the age while computing tax liability of a taxpayer falling in individual category, being an Indian resident" by the new ruling.

"The CBDT...Hereby clarifies that a person born on April 1 would be considered to have attained a particular age on March 31, the day preceding the anniversary of his birthday. In particular, the question of attainment of age of eligibility of being considered a senior/very senior citizen would therefore be decided on the basis of above criteria," it said.

The Board said the apex court, while giving the said ruling, had observed that "while counting the age of the person, whole of the day should be reckoned and it start from 12 O' clock in the midnight and he attains the specified age on the preceding, the anniversary of his birthday."

The I-T department, for tax returns filing purposes, considers 60 years of age for a person to be considered senior citizen and 80 years for very senior citizen.

While no income tax is to be paid by senior citizens up to annual income of Rs 3 lakh the same limit for very senior citizens is Rs 5 lakh.

PTI

Cabinet approves changes to GST Constitutional Amendment Bill

New Delhi: The Cabinet today approved the amendments to the Goods and Services Constitutional Act. The GST bill, intends to convert 29 states into a single market through a new indirect tax regime.

State finance ministers in a meeting with the finance minister Arun Jaitley on Tuesday had agreed to not including the GST rate in the Constitution.

The amendments were taken up by the Cabinet after FM Jaitley's assurance to state FM that the government will include in the Bill the mechanism of compensating states for all the loss of revenue for 5 years.

However, the Select Committee of the Rajya Sabha had recommended 100% compensation for the likely loss of revenue during that period.

Post the amendments, the Centre will now constitutionally guarantee states against any loss of revenue from the GST subsuming all indirect taxes, including VAT, in the first five years.

The Cabinet, headed by PM Modi, decided to include in the Constitutional Amendment bill that any dispute between states and the Centre will be adjudicated by the GST Council, which will have representation from both the Centre and states.

Among the amendments approved include the abolishment of 1 per cent additional tax levy which was demanded by the Opposition parties led by the Congress.

It also approved the compensation for states for five years instead of the earlier 'up to' five years as proposed in the draft GST bill.

The Cabinet also dropped a 1 per cent manufacturing tax.

The empowered council of state finance ministers in a meeting with the finance minister Arun Jaitley on Tuesday had agreed to not including the GST rate in the Constitution.

The amendments approved will now isolate the Congress which has been demanding the inclusion of the GST rate in the Constitution.

The other demands of including GST rate in the statute and a Supreme Court judge-headed dispute resolution body has not been accepted. It remains to be seen if meeting of its demands halfway will persuade the Congress to support the legislation.

With states on board and the Cabinet approving the amendments, the government hopes to get the long-pending Bill passed in the ongoing monsoon session of Parliament.

According to Nomura, the expected timeline for the passage of GST is by August 12 and there is a 60 per cent probability for this, a PTI report said.

"We believe a constitutional amendment that allows for a goods and services tax (GST) is more likely than not to be passed during the ongoing Monsoon Session of parliament (July 18-August 12)," Nomura was quoted by PTI.

The GST was supposed to be implemented from April 1, 2016 but strong opposition from Congress led to the delay.

There is, however, talk of mentioning the GST rate in one of the two supporting legislations that need to be passed after the Constitution is amended, a move that may pacify the Congress.

The Bill has already been passed by the lower house of Parliament and awaits the passage from the Upper House. It requires two-third vote to get passed from both the houses. Once the Upper House approves the legislation, the amended Bill will have to go back to the Lower House again for approval.

PTI

PAN-TAN for corporates in a day; PAN for taxpayer using Aadhaar

New Delhi: For greater ease of doing business in India, the CBDT today said it has put in place new protocols which will ensure that corporates are allotted PAN and Tax Deduction Account Number (TAN) within a day.

"The process of getting a PAN or TAN has been fast-tracked for all category of taxpayers," Atulesh Jindal, chairman of the CBDT said.

Interacting with reporters here, Central Board of Direct Taxes (CBDT) Chairman Atulesh Jindal said the Income Tax department had recently introduced the facility for corporates allowing them to apply for TAN using digital signatures, while individuals can now get a new PAN through Aadhaar-based e-signature facility which will reduce the effective time in allotment of the unique I-T department issued number by half.

"CBDT has agreed to seamless exchange of data with Ministry of Corporate Affairs to ensure that upon incorporation of a company by MCA the PAN and TAN number are allotted within a day. The process of getting a PAN or TAN has been fast-tracked for all category of taxpayers," he said.

Jindal said the new measures are specifically aimed to ensure "ease of doing business in the country" and help taxpayers in getting PAN quickly.

"The PAN number has been made the unique business identifier for all different categories of businesses not only for assessees of the Income Tax department but also for other organisations.

"We have taken certain steps for easing the allotment of the PAN number and the process has been made totally digitised. Besides this, the corporate assessees who are filing applications on e-biz platform and the corporate who is coming to us for allotment of PAN, now such a corporate can file such an application online using the digital signature. No physical document is required to be attached along with the application," he said.

The CBDT boss said for normal taxpayers and those in the non-corporate category, these processes have also been digitised.

"They (taxpayers) can also file the application without any annexure using digital signature. Besides that, we have also introduced another facility, a convenient facility for those who do not have digital signature. They can file using Aadhaar-based e-signature facility," Jindal said while talking about processes that will be available to individuals seeking a PAN.

As many as 20 central government services including industrial licence and employer registration have been integrated with the e-Biz platform, in a move aimed at improving ease of doing business.

The e-biz project has started with the objective of providing government services through a single-window portal.

About a crore Aadhaar numbers have been linked with the I-T department issued Permanent Account Number (PAN) on the e-Biz portal till now.
A senior I-T official said the e-signature needed for obtaining PAN using Aadhaar can be obtained in a one-time fashion by a taxpayer and it will cost around Rs 5-7.

"These measures will simplify things. In this e-biz portal we have prioritised everything. The time that is being cut is with regard to the submission of the physical documents for obtaining PAN or TAN by any category of taxpayer, whether corporate or individual," the official said.

He said the department, over the last few years, has weeded out over 11 lakh duplicate PANs and the possibility of issuing two PANs to one person is remote now.

Talking about direct tax collections, which registered a growth of 24.79 per cent to Rs 1.24 lakh crore during April- June period mainly on account of early advance tax mop-up, Jindal acknowledged that these numbers are "not the actual indicator" of revenue collections.

He said Tax Deducted at Source (TDS) collections is showing a growth of more than 16-17 per cent at present.

"Only concern for us today is the corporate sector collection. That is not up to the mark. Personal income tax has shown a very good growth," he said.

Jindal said the tax department is "very very serious" about increasing the tax base for which it is using non-intrusive methods and technology.

He said with the help of a special electronic project called Non-filers Management System (NMS) to identify non-filers or stop-filers, the I-T department has identified over a crore taxpayers and collected Rs 6,000 crore in taxes last year.

"We get information from various sources and under different heads under the NMS and we are making this system more robust," the CBDT chief added.

PTI

How can your bank account with internet banking facility can be hacked?

How can your bank account with internet banking facility can be hacked?  1. Hacker accesses your name and date of birth from Facebook. 2. With these details he goes to the Income Tax site and updates them. From there he obtains the Pan card and mobile numbers. 3. Then he gets a duplicate Pan card made. 4. After this he lodges a mobile theft complaint in a police station.  5. With the duplicate Pan card he gets another Sim card from the mobile company. 6. Through internet banking he is now ready to access your account.  7. He goes to the site and uses the forgot my password option. 8. Now he easily gets past other options and gets the Internet banking pin on his Sim card. This information was issued by the Cyber Cell Police recently. All those who use Net Banking are requested to edit Facebook profile and delete the birth date and mobile number as a safety measure.  Forwarded as received.  Posted by: BHARAT BHUSHAN GHAI <BBGHAI@GMAIL.COM>

Income tax department to establish over 60 taxpayer centres across country

New Delhi: The Income Tax department will establish over 60 facilitation centres — Aaykar Seva Kendras — this fiscal from Goalpara in Assam to Neemuch in MP as part of efforts to widen the taxpayer base and reach a maximum number of people who need help in doing business with the taxman.

The ASKs help a person in conducting their personal and business operation with the department ranging from obtaining a new Permanent Account Number (PAN) to filing Income Tax Returns (ITRs) apart from other income tax related subjects.

As per a blueprint prepared in this regard, the Central Board of Direct Taxes has authorised creation of 65 such ASKs at locations like Goalpara and Morigaon (Assam), Siliguri and Haldia (West Bengal), Dharmapuri (Tamil Nadu), Haridwar and Rishikesh (Uttarakhand), Hardoi and Lakhimpur Kheri (Uttar Pradesh), Dahod and Porbandar (Gujarat), Neemuch and Mandsaur (Madhya Pradesh), Jajpur and Puri (Odisha) and Rewari and Sonepat in Haryana.

"These are few of the prominent places where the ASKs are planned to be created within 2016-17 financial year that ends on March 31 next year. There are many more cities in one state where an ASK will come up. This is a priority project for the CBDT and the Income Tax department," a senior official said.

The effort is to reach more and more people so that they can get their PAN made, understand taxation issues and also those under the tax bracket do not have to travel far to get their issues resolved, he added.

CBDT has also asked the field offices of the department to constitute local teams under the range heads for speedy creation of these centres.

A typical ASK is headed by a I-T department officer and has all public facilities under one roof for hassle-free operations for a taxpayer.

A number of ASKs are currently operational in prominent cities and towns in the country.

PTI

Black money window: I-T department creates special tab on website

New Delhi: The Income Tax department has created a special zone on its official website to showcase country-wide activities being done by it to popularise the one-time black money compliance window that will complete its first month in operation soon.

Prime Minister Narendra Modi

A 'dashboard' has been hosted on the official web portal of the department --www.Incometaxindia.Gov.In-- and it chronicles all activities initiated by the department, the Central Board of Direct Taxes and the Finance Ministry to make the Income Declaration Scheme (IDS) successful.

The four-month IDS got operational on June 1 and will be in force till September 30. The declarant will have to pay a total of 45 per cent in tax and penalty by November this year and the government has ensured that such entities will have immunity from prosecution.

Under the new tab on the website, the department has also put messages and speeches made by Prime Minister Narendra Modi, Finance Minister Arun Jaitley and other senior officials in connection with the IDS, even as it goes on to chronicle news stories and tally of sessions being held by taxmen across the country to popularise the scheme.

IDS was announced by the government with an aim to flush out black money from the domestic economy.

The IDS will apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to financial year 2015-16 or earlier.

Declarations under IDS can either be made online on the official e-filing website of the tax department or before various regional Principal Commissioners of I-T department.

 

TST