Release of E-filing of Income Tax Returns (ITR) and other forms
In pursuance of the Notification of the Income Tax Returns (ITR) for AY 2016-17 on March 31st, 2016, Central Board of Direct Taxes (CBDT)announces the release of electronic filing of ITRs 1 and 4S on its website https://incometaxindiaefiling.gov.in. Other ITRs will be e-enabled shortly.
Online filing of Appeal before Commissioner (Appeal) using newly notified Form 35 has been enabled for taxpayers mandated to E-file their returns using Digital Signature Certificate. Electronic Verification Code (EVC) option will be available shortly for other category of taxpayers. Reference may be made to Notification 11/2016 dated March 1, 2016 for the various categories of taxpayers required to file appeal online.
In pursuance of Notification No 93/2016 dated 16th Dec 2015, effective from 1April 2016, the following forms have been substituted by new forms and are now available for E-filing:
- Form 15CA -payments to a non-resident not being a company, or to a foreign company,
- Form 15CB-Certificate of an accountant,
- Form 15CC -Quarterly statement
Vide Notification No 3/2016 dated 14th Jan 2016, CBDT had substituted with effect from 1 April 2016, Forms 9A (Application for exercise of option under clause (2) of the Explanation to sub-section (1) of section 11 of the Income tax Act, 1961) and Form 10 (Statement to be furnished to the Assessing Officer/Prescribed Authority under sub-section (2) of section 11 of the Income tax Act, 1961). These forms can be filed online using Digital Signature Certificate on the Income Tax Department’s e-filing website. EVC option will be available shortly.
04-April-2016 16:35 IST
Statement by the Ministry of Finance on the story published in today’s Edition of Indian Express dated 4.4.2016
In the context of the commitment of the Central Government to bring-out undisclosed money both from abroad and from within the country, information brought-out by any investigative journalism is welcome.
In the past also based on the investigative journalism of ICIJ in 2013 in which the links of 700 Indian persons were shown to have business connection with off-shore entities, the Revenue Department, Ministry of Finance, Government of India has been able to identify 434 persons out of them as Indian residents. 184 persons out of these have also admitted their relationship with such off-shore entities/transactions. Although, in the previous report of ICIJ, information relating to the financial transactions/bank accounts was not available, the Government authorities have detected credit in the undisclosed foreign accounts of such Indian persons in excess of Rs.2,000 crores. 52 prosecution complaints under the provision of Income-Tax Act have been filed against offenders so far.
Similarly, in response to information received in 2011 from Government of France, relating to the bank accounts of 628 Indian persons in HSBC, Switzerland, a lot of progress has been made in the investigation by the Department. Out of the list, 569 persons have been traced. However, in the information received, details of HSBC amount were shown against 339 persons only. Out of 628, 214 were found not actionable on account of no balance or being non-residents or being non-traceable. Out of the remaining cases, assessments have been completed in 390 cases in which undisclosed income of Rs.5018 crore and tax demand of Rs.4584 crore has been raised. Also the concealment penalty of Rs.1213 crores has been levied in 157 cases. Also 154 prosecution complaints have been filed in HSBC cases. Based on the prosecution complaints of predicate offences, ED has also initiated investigation in 23 cases of HSBC and 20 cases of ICIJ expose of 2013.
The Government is committed to detecting and preventing generation of black money. In this context, the expose of Panama Papers will further help the Government in meeting this objective. As per the directions of Hon’ble Prime Minister given today, a special multi-agency group is being constituted today consisting of officers from Investigative Unit of CBDT, FIU and FT & TR division and representative of RBI. The group will monitor the flow of information in each one of the case. The Government will take all necessary actions as required to get maximum information from all sources including from foreign governments to help in the investigation process.
India is also concerned that there are countries in the world which are being used as tax havens because of which all other countries of the world suffer loss of tax. The recent initiative of Base Erosion and Profit Shifting (BEPS) will help India and other countries in checking this practice of tax-avoidance through such tax havens. India is also fully committed to the BEPS initiative.
In the past also based on the investigative journalism of ICIJ in 2013 in which the links of 700 Indian persons were shown to have business connection with off-shore entities, the Revenue Department, Ministry of Finance, Government of India has been able to identify 434 persons out of them as Indian residents. 184 persons out of these have also admitted their relationship with such off-shore entities/transactions. Although, in the previous report of ICIJ, information relating to the financial transactions/bank accounts was not available, the Government authorities have detected credit in the undisclosed foreign accounts of such Indian persons in excess of Rs.2,000 crores. 52 prosecution complaints under the provision of Income-Tax Act have been filed against offenders so far.
Similarly, in response to information received in 2011 from Government of France, relating to the bank accounts of 628 Indian persons in HSBC, Switzerland, a lot of progress has been made in the investigation by the Department. Out of the list, 569 persons have been traced. However, in the information received, details of HSBC amount were shown against 339 persons only. Out of 628, 214 were found not actionable on account of no balance or being non-residents or being non-traceable. Out of the remaining cases, assessments have been completed in 390 cases in which undisclosed income of Rs.5018 crore and tax demand of Rs.4584 crore has been raised. Also the concealment penalty of Rs.1213 crores has been levied in 157 cases. Also 154 prosecution complaints have been filed in HSBC cases. Based on the prosecution complaints of predicate offences, ED has also initiated investigation in 23 cases of HSBC and 20 cases of ICIJ expose of 2013.
The Government is committed to detecting and preventing generation of black money. In this context, the expose of Panama Papers will further help the Government in meeting this objective. As per the directions of Hon’ble Prime Minister given today, a special multi-agency group is being constituted today consisting of officers from Investigative Unit of CBDT, FIU and FT & TR division and representative of RBI. The group will monitor the flow of information in each one of the case. The Government will take all necessary actions as required to get maximum information from all sources including from foreign governments to help in the investigation process.
India is also concerned that there are countries in the world which are being used as tax havens because of which all other countries of the world suffer loss of tax. The recent initiative of Base Erosion and Profit Shifting (BEPS) will help India and other countries in checking this practice of tax-avoidance through such tax havens. India is also fully committed to the BEPS initiative.
Income Tax dept issues refunds worth ₹1.17 lakh crore in 2015-16-Hindu Business Line
In an effort to improve its taxpayer-friendly image, the Income Tax department has issued refunds worth ₹1,17,000 crore in 2015-16.
“This figure is likely to further increase as banks reconcile the accounts,” the Finance Ministry said on Monday.
The total number of refunds issued rose 47 per cent to 1.61 crore (of over ₹100) in 2015-16.
The Centralised Processing Centre (CPC) in Bengaluru issued refunds of ₹37, 870 crore in an automated manner of which 67 per cent were issued within 30 days.
PM Modi steps in: Income Tax, RBI panel to probe Panama Papers trail-Indian Express-05.04.2016
"PM Modi has himself requested that this matter be investigated... I think it's a healthy step that this kind of exposes are being made," Finance Minister Arun Jaitley said, reacting to The Indian Express story
“The Government is committed to detecting and preventing generation of black money. In this context, the expose of Panama Papers will further help the Government in meeting this objective…The Government will take all necessary actions as required to get maximum information from all sources including from foreign governments to help in the investigation process,” the Ministry said.
04-April-2016 17:51 IST
PM to launch 'Stand Up India' Initiative at Noida tomorrow
The Prime Minister, Shri Narendra Modi, will launch the Stand Up India initiative at Noida tomorrow.
The initiative will promote entrepreneurship among the Scheduled Castes, Scheduled Tribes, and Women, by facilitating loans in the range of Rs. 10 Lakhs to Rs. 100 Lakhs. Each branch of a scheduled commercial bank shall facilitate at least two such loans. A web portal will also be launched for the initiative, to enable online registration and support services.
The Prime Minister will flag-off 5100 e-rickshaws on the occasion. He will interact with the beneficiaries, besides inaugurating a Kaushal Vikas Kendra (Skilling Centre).
*SALARIED EMPLOYEES TO SUBMIT PROOF FOR LTA, HRA CLAIMS*
The CBDT (Central Board of Direct Taxes) has introduced a new form (Form 12 BB) for claiming tax deduction towards LTA, LTC, HRA & interest paid for home loans. The new form mandates people to furnish proof of travel while claiming LTA, LTC, and details of landlord in case of HRA claims. Let us understand this in detail:-
*Why this Rule?*
The main reason behind introducing this rule is to plug the loopholes under tax laws by tightening the entire procedure for claiming these tax exemptions. This becomes more important because there was no standard or prescribed format until now for filing these declarations. And in the Budget 2015, the Finance Act had already introduced Section 192(2D) of the Income Tax Act mandating employers to collect all necessary evidences, but the rules and form were yet to be prescribed. The same has been done now.
*What is this form about?*
The declaration needs to be filed for claiming deductions in a prescribed form i.e. Form 12 BB as set up under rule 26C.
*What is the obligation on the Employer?*
Earlier the employers were not under any statutory obligations for collecting bills or other proofs in order to prove the fact that their employees have actually utilized the money they are claiming towards these claims.
But, the current amendment with the introduction of this rule will now make all the employers obligated to collect all the relevant information in the prescribed format apart from collecting the proof of evidence, before they can allow the respective benefits under various tax benefits to the employees.
Details needed to furnish LTA, LTC and HRA claims
The circular as issued by the government has not specified the documents required to be submitted for claiming deductions but the existing documents that employees used to provide should hold good. Following are the documents which are required to claim these benefits:-
*HRA:*
As per the notification issued by the government, a person claiming HRA (Housing Rent Allowance) for over Rs. 1 lakh needs to furnish name, address and PAN i.e. Permanent Account Number of the landlord, apart from giving the rent receipts. With this the government can start tracking the fraudulent claims and can also verify whether the rent received by the landlord has been duly disclosed in their tax-return.
*LTA/LTC:*
To claim LTA (Leave Travel Allowance) or LTC (Leave Travel Concession), people need to provide the evidence of expenditure, and submit boarding pass and tickets for claiming LTA or LTC.
*Housing Loan:*
To claim deduction on the interest on a housing loan, people need to provide PAN of the lender and their name and address.
*Deductions u/s Chapter VI-A*
People need to submit relevant proof for claiming deductions under chapters VIA(A) and VI-A that cover Sections 80C, 80CCC, 80CCD, 80E, 80G, 80TTA. Sections 80CCC, 80CCD and section 80C allow a deduction of Rs. 1.5 lakhs on specified investments.
*What will be the impact of this new Rule?*
The new rule and the forms will make it really easy for both the taxpayer and the employer because it brings standardization which will help employees and employers both. Moreover from the government's point of view, the new format will ensure collection and maintenance of information, and will assist them in streamlining their assessment process and curb the malpractice of fake claims.
*When will this rule come into effect?*
The rules will be applicable from June 1, 2016.
No comments:
Post a Comment