Aadhaar deadline for social benefits to be extended till Dec 31

Supreme Court will hear batch of petitions in Aadhaar-related matters in the first week of November

 

 

The Centre on Wednesday told the Supreme Court that they would extend till December 31, the deadline to furnish Aadhaar for availing the benefits of various social welfare schemes.

Attorney General K K Venugopal made the submission that the current deadline of September 30 has been shifted to December-end after some of the petitioners, who have challenged the government’s move to make Aadhaar mandatory for availing the benefits of these schemes, mentioned the matter before the court.

Senior advocate Shyam Divan, appearing for petitioners, told the apex court that a nine-judge constitution bench had recently declared right to privacy a fundamental right and now a batch of Aadhaar related petitions should be taken up for hearing by an appropriate bench.

When he referred to the September 30 deadline to give Aadhaar for availing these benefits, the Attorney General said the government would extend it to December 31.

“We (Centre) have said we will extend it to December 31,” Venugopal told the bench which also comprised Justices Amitava Roy and A M Khanwilkar.

The bench thereafter said that the batch of petitions on the Aadhaar issue would be taken up for hearing in the first week of November.

“Urgency is not there. The Attorney General is saying that it will be extended. It (petitions) will be listed in the first week of November,” the bench said.... Read Full Article

Last day to link PAN-Aadhaar? Decision on extending deadline today

The Aadhaar matter is before the Supreme Court with next date of hearing posted for November

 

 

The finance ministry is likely to decide tomorrow on whether to extend till year-end the deadline for linking PAN with biometric identifier Aadhaar, a source said on Wednesday.
The cut-off ends tomorrow. → Efiling Of Income Tax ←

The Aadhaar matter is before the Supreme Court with next date of hearing posted for November, and the deadline for Aadhaar linking for availing of social sector schemes has been extended till December-end.

"The government will decide tomorrow if the deadline for PAN-Aadhaar linking will be extended," the source said.

Section 139 AA (2) of the Income Tax Filing Act says every person with PAN as on July 1, 2017, and is eligible to obtain Aadhaar must intimate his Aadhaar number to tax authorities.

However, those categorised as non-resident Indians as per income tax laws, people who are not citizens of India, those above 80 years of age and residents of Assam, Meghalaya and Jammu and Kashmir had been exempt from the requirement.

The tax department had on July 31 stated that "unless a finding is made that Aadhaar is constitutionally not valid, tax return filers will need to link their PAN with Aadhaar by August 31, 2017".

Incidentally, December 31is also the deadline for people to link their bank accounts with Aadhaar. Tax filers however were allowed to file their annual income returns by August 5 without linking their Aadhaar with PAN. They were to just quote Aadhaar or acknowledgement number for ..... Read Full Article

99% of banned notes returned after demonetisation

RBI annual report says Rs 15.28 lakh cr of the junked currency came back, leaving only Rs 16,050 cr

 

 

The Reserve Bank of India (RBI) on Wednesday said it estimated that people had returned almost 99 per cent of the scrapped Rs 1,000 and Rs 500 notes after demonetisation, effectively putting a question mark over the government gaining handsomely by the unreturned money turning into a special dividend by the central bank.  → Income Tax Efiling ←

In its annual report, the RBI also said the face value of fake high-value notes was minuscule at Rs 41 crore.

The central bank said people had returned Rs 15.28 lakh crore of the Rs 15.44 lakh banned currency, or 98.96 per cent of the scrapped Rs 500 and Rs 1,000 notes, to the banking system.  → IT Return ←

“Subject to future corrections based on the verification process when completed, the estimated value of Specified Bank Notes received as on June 30, 2017, is Rs 15.28 lakh crore,” the annual report said.
The old notes came to the RBI either directly or from bank branches and post offices through the currency chest mechanism. → Tax Filing ←

Some of these notes were still lying in currency chests, the RBI said, adding it could only estimate the value of the notes and could not provide an accurate figure.

The RBI data showed the unreturned Rs 1,000 notes in March 2017 amounted to Rs 8,900 crore. The segregation of old and new Rs 500 notes were not that clear. The RBI incurred a cost of Rs 7,965 crore in printing notes in .... Read Full Article

It pays to be honest, I-T dept will go after evaders

He asserted that the government over the last 2-3 years has made tax evasion difficult

 

 

Finance Minister Arun Jaitley on Wednesday said the government will adopt a carrot-and-stick policy on taxation, saying post GST tax authorities will go after evaders whose invoices do not match tax payment. → Income Tax Return ←

He asserted that the government over the last 2-3 years has made tax evasion difficult that has come as a "rude shock" to many, and GST will help expand the direct tax base in line with increase in indirect tax collection.

"Even in the case of GST now, we are just having the initial voluntary compliance today going on. When the matching of bills takes place, whether that voluntary compliance is fair and to what extent will become clear," he said while speaking at a book launch event organised by Wolters Kluwer. → Income Tax ←

"The experiment of first 1-2 months will demonstrate to assessees that today the mantra as far as taxation is concerned is 'it pays to be honest'. The queries will only be addressed to those whose vouchers don't match," he added.

Under the Goods and Services Tax (GST), which was rolled out from July 1, in order to claim the benefit of input credit, businesses have to disclose the volume of transaction in the form of an invoice. → Income Tax Department ←

"You need to be reasonable in your rates, you need to be reducing the compliance burden as far as procedures are concerned, you need to use more technology in order to ensure the physical contact between the assessee and the assessing authority is minimised. But at the same time you need to carry the stick if somebody still tries to evade the law," Jaitley warned.... Read Full Article

Over 1.9 million file GST returns

GSTN hopes number will double by deadline

 

As many as 19,42,354 taxpayers have till Wednesday filed IT return for July under the new goods and services tax (GST) regime. Officers of the GST Network (GSTN), responsible for the information technology (IT) backbone of the GST, said they hoped 2.8 million more would do so by the deadline in the next two days.

Those who have filed returns constitute over 22 per cent of total assessees (8.7 million) under the GST regime. However, of the 8.7 million assessees, 2.2 million are yet to complete the migration process to the new indirect income tax regime.

The GSTN, also managing the tax filing apparatus, has geared up the income tax return network to handle the rush, its Chairman Navin Kumar said. A last-minute rush caused the GSTN portal to crash last week, forcing the government to extend the deadline by five days to August 25.

Those who wish to claim transitional input tax credit can file returns by August 28.

Sudhir Singh, MD of Marg ERP, a solution provider for GST returns, said over 1.9 million filers was not really a big number, but the numbers would swell by the deadline. He added that his clients were finding it difficult to file returns....Read Full Article

No escape for firms as tax information pours in from other countries

India has tax information exchange agreements with 130 countries 

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on Wednesday said that the tax exchange agreements with other countries was resulting in information pouring in at a fast pace, thus there was no escaping for the multi-national companies (MNCs) from fair tax filing.

"We have got wide (tax) information from countries. We have agreements with 130 countries. It's like a global hub. Information on tax transparency is coming at a fast pace. It is a thing of past that any information can be hidden," Chandra said here at the 14th International Tax Conference organised by Associated Chambers of Commerce and Industry of India (Assocham).

"Each company/MNC thus should believe in fair taxation," he added.

Referring to the Panama Papers disclosures, he said that the information has been received on it from various countries. → Income tax Filing ←

Finance Minister Arun Jaitley earlier had said that in some cases of Panama Papers details have been received and criminal proceedings will be carried out.

"In cases of which we are receiving details, we send notices, assess their income tax filing details and raise tax demand. According to the law, criminal proceedings are also carried out. In HSBC and now in Panama Papers, the proceedings will be carried out. In some cases details are received. It is now a disincentive and a risky business," Jaitley had said in the Lok Sabha on ..... Read Full Article

I-T dept may lower withholding tax for foreign firms having income in India

They are required to withhold taxes on payment to another party and deposit that tax with the govt

 

The income tax department is open to lowering the withholding tax rate for foreign companies which have income in India, a senior official said on Wednesday.

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra also urged firms and MNCs operating in India to pay their due share of taxes and said adequate safeguards have been put in place to ensure that anti-abuse provisions like GAAR are not misused.

He also asked industry experts to come forward with suggestions on withholding tax. →Efiling Of Income Tax ←

"I would like to be informed in which areas the TDS (tax deducted at source) is high so that we can think of reducing that also. We are absolutely open to any suggestions which can make the life of a genuine taxpayer easy," he said speaking at an International Tax Conference organised by Assocham here.

Foreign entities having income in India, as well as domestic companies, are required to withhold taxes on any payment to another party and deposit that tax with the government. Companies usually have to withhold taxes interest, royalties or fees paid for technical services.

Assocham Chairman National Council on Direct Taxes Rahul Garg said the tax department issues refunds to the tune of Rs 40,000-60,000 crore every year and hence the industry chamber has suggested a relook of the withholding tax scenario .....Read Full Article

Shah Rukh Khan gets tax relief on Dubai villa

Tribunal upholds actor's claim that it was gift

 

 

A Dubai villa owned by Shah Rukh Khan was out of the tax ambit, the Income Tax Filing Appellate Tribunal (I-TAT) has ruled.

Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
Since the villa was gifted in the assessment year (AY) 2008-09, it was tax free, ruled the I-TAT. The I-T Act was amended in October 2009 to include any gift valued more than a certain amount to be taxable.

An I-T officer assessing Khan’s 2008-09 income had revised it to Rs 144.17 crore against Rs 126.31 crore declared by him. The difference of Rs 17.9 crore was the value of the villa.

The assessing officer had contended the value of the property was the “professional receipts” taxable under Section 28 (iv) of the Efiling Of Income tax Act, 1961.

Khan, in a letter on November 11, 2010, denied rendering any professional services to Nakheel PJSC. He said Sultan Ahmed Bin Sulayem, a senior executive of the company and his friend, had gifted him the villa. Khan also said there was no contractual agreement.

The assessing officer had argued that a major source of Khan’s income was endorsing products and performing in stage shows. In 2008-09, the actor had charged Rs 6.5-8 crore for each endorsement. He said the Nakheel PJSC was using the actor’s image to endorse its Palm Project since 2004 on its official website and other media.

Khan had visited the project in 2004 and 2005, and had taken part in an annual day celebration there in 2007, said the ... Read Full Article

IT says no inconsistency in estimates of taxpayers after demonetisation

Clarification comes after there was a mismatch in figures shared by PM Modi and Eco Survey-II

 

 

The income tax filing department on Friday put to rest the controversy over the so-called inconsistency in the estimates of the number of taxpayers added after demonetisation.

The inconsistency was reported because Prime Minister Narendra Modi mentioned in his Independence Day speech that an additional 5.6 million people filed personal income tax returns from April 1 to August 5 in 2017, as compared to 2.2 million people in the same period last year.

Earlier, Volume 2 of the Economic Survey mentioned that around 5,40,000 new taxpayers were added post-demonetisation. Also, the country's finance minister, Arun Jaitley, had stated in May that around 9.1 million taxpayers have been added to the tax net as a result of action taken by the Income Tax Department. → Efiling of Income Tax ←

Moreover, in a reply to an unstarred question in the Rajya Sabha earlier this month, it was stated that around 33,00,000 new taxpayers have been added to the tax net following the Centre's demonetisation drive.

In a statement, the department clarified that there is no inconsistency in the data provided by the government in these statements as these are in different contexts and for different time periods.

It said the Prime Minister's speech referred to the increase in the number of e-filed personal income tax returns (ITRs) that were filed between April 1 and August 5, this year over the ITRs filed in the corresponding period of earlier years...Read Full Article

10,000 property deals under I-T scanner

The tax dept is expected to launch Project Insight next month to make evasion even tougher

 

 

The income tax department has identified over 10,000 individuals who have bought properties but have not paid tax.

Part of the second round of Operation Clean Money, the tax department is examining property transactions worth over Rs 1 crore. The department has roped in four global data mining companies to profile taxpayers and map their transactions.

“We have identified cases where people have bought property but have not paid taxes. These cases are across the country. More than 10,000 people have come under scrutiny,” said a tax official. → Income tax efiling ←

The department is also investigating if these properties are benami holdings. The government has identified cases based on the income declared by individuals.

“We are following a non-intrusive approach, relying solely on the data mined. Notices have been sent out. Many firms and companies have also been identified, taking the number of cases higher than 10,000,” the official added.

The probe will be widened to examine property transactions of less than Rs 1 crore.

By next month, the tax filing department is expected to launch Project Insight in collaboration with L&T infotech, which will make evasion even tougher. It will collate information from various sources and profile people using their PAN details....Read Full Article

Supreme Court's verdict on Triple Talaq: Highlights

Following are the highlights

Following are the highlights of the Supreme Court's majority verdict in triple talaq matter:

• The practice of 'triple talaq' is against the basic tenets of the Holy Quran and violated the Islamic law Shariat.
• 'Triple talaq' was "manifestly arbitrary" as the marital tie could be broken "whimsically" by a Muslim man.
• Justice Kurian Joseph said it was extremely difficult to agree with the CJI that triple talaq has to be considered integral to the religious denomination in question and that the same is part of their personal law.
• These views were shared by Justices R F Nariman and U U Lalit who were part of the majority in their own verdict.
• Since 'triple talaq' is instant and irrevocable, there was no scope for reconciliation between the husband and wife.
• 'Triple talaq' was held to be violative of fundamental rights under Article 14 (right to equality) of the Constitution.
• Justice Joseph said the Holy Quran is the "first source of law" and pre-eminence has to be given to it.
• Justice Nariman said 'triple talaq' is only a form of Talaq which is permissible in law, but at the same time stated to be sinful by the Hanafi school which tolerates it.

Read Full Article

Micromax Canvas Infinity with 18:9 screen, Android 7.0 launched at Rs 9,999

The device shall go on sale exclusively on Amazon India starting September 1

Micromax Informatics Ltd, a home-grown electronics company, has launched ‘Canvas Infinity’ smartphone with 18:9 aspect display ratio at Rs 9,999. The Amazon India exclusive device will go on sale starting September 1 and the registration begins from August 22 onwards.

The smartphone sports 5.77-inch HD screen of 1440 x 720 pixels resolution in 18:9 ratio for enhanced viewing experience and expanded horizontal view to accommodate more content. The device features compact body and has a screen to body ratio of 83 per cent.

On camera front, the handset features 13-megapixel rear camera with 5-element lens that supports auto-scene detection and super pixel technology. There is a 16 MP front camera that offers real time bokeh effect, which blurs the background and sharpens the focus on the object. The front camera also features real time image preview, which allows horizontal scrolling of previously clicked pictures without leaving the camera interface.

The Micromax Canvas Infinity is powered by Qualcomm Snapdragon 425 processor coupled with 32 internal storage, expandable via microSD card, and 3 GB RAM. The smartphone houses 2,900 mAh battery, which the company claims to offer standby time of 420 hours, talk time of 20 hours, music playback of up to 22 hours and video playback of up to 6 hours....Read Full Article

Note ban attacked black money, raised tax base: PM in I-Day speech

Said GST led to a 30% cut in travel time by trucks but didn't mention contraction in July IIP

 

 

Prime Minister Narendra Modi, from the ramparts of the Red Fort, rolled out statistics to defend demonetisation, while skipping mention of a lower dividend by the Reserve Bank of India (RBI) as a pitfall of this move.

In his Independence Day speech, Modi implicitly took on critics for blaming his government for not generating jobs, saying the MUDRA scheme is making youth a provider of jobs.

He said the goods and services tax (GST) has led to a 30% cut in travel time by trucks, but did not refer to the transitory problems that have led to a contraction of the Index of Industrial Production (IIP) and Purchasing Managers’ Index (PMI).

He recalled that the first task of his dispensation was to constitute a special investigative team to underscore his government’s stance on corruption.

“I want to tell the countrymen proudly that we have confiscated black money worth Rs 1.25 lakh crore. The culprits would be brought to book and forced to surrender,” he said.

He said demonetisation, which followed the government’s earlier anti-black money stance, has achieved several milestones. → Income tax efiling ←

“The hidden black money has been brought into the formal economy. According to the research conducted by outside experts, about Rs 3 lakh crore that had never come into the banking system before, has been brought into the system after demonetisation,” he said.

More than Rs 1.75 lakh crore deposited in banks is under scanner. Black money worth Rs 2 lakh crore had to be deposited in banks and this system has forced them to be accountable, he added.

The number of new taxpayers efiling  of income tax (I-T) returns from April 1 to August 5 - the extendable deadline for filing tax returns - is 5.6 million, while in the same period last year, only 2.2 million filed returns.... Read Full Article

More shell firms found: PAN deactivation jolt for tax evaders in stock market

High-value transactions of more than Rs 50,000 and above require PAN details

 

 

Of the 1.1 million permanent account numbers (PAN) that the government deactivated last month, income-tax (IT return) sources say a majority were duplicates and were being used to open share-trading and demat accounts, transact on the stock markets, and operate in shell firms.

The I-T department has discovered one individual could have five to seven PAN cards, each with a slightly different spelling of the holder’s name.

According to I-T officials, such people, who have been identified as small- and medium-sized stock brokers, sub-brokers and their clients, have evaded taxes.

They could have evaded so by using one card for filing income tax return, and others for investing in financial instruments or making high-value transactions, said a senior tax official.

High-value transactions of more than Rs 50,000 and above require PAN details. During demonetisation, PAN was required to be quoted in the case of cash deposits of more than Rs 2 lakh in savings accounts.

Sources said that the income tax department had used data analytics to track down evaders by collecting information such as common addresses, mobile numbers, and emails to establish the relationship among multiple PANs.

The exercise is continuing since demonetisation, at the time of which the department matched the databases of third parties such as banks and financial institutions with its own database and other details like know your customer (KYC), tax deducted at source (TDS), and payments made overseas. This is how it got a comprehensive profile of taxpayers.

A senior tax official said the department identified the link between PAN holders through their business associations, assets and associated transactions, and compliance history in the various databases....Read Full Article

Soon, I-T dept to file criminal prosecution against Lalu's family members

Prosecution to be in connection with I-T dept's probe into land deals worth Rs 1,000 crore

The Income Tax (I-T) Department will soon file a prosecution complaint against some family members of Rashtriya Janata Dal (RJD) chief Lalu Prasad, including his daughter Misa Bharti, in connection with its probe into land deals worth Rs 1,000 crore, officials privy to the investigation said.

 

They said the agency will file the complaint in a competent court against at least six family members of Lalu, against whom it recently slapped charges under the new and stringent anti-benami assets act.
Some of them, including Bharti and her husband Shailesh, may also be summoned again for further questioning in the case, they said.

The Tax filing department had served notices of attachment of assets in June to Lalu, his wife and former Bihar chief minister Rabri Devi, son and former Bihar Deputy CM Tejashwi Yadav, daughters Chanda and Ragini Yadav, MP daughter Bharti and son-in-law Kumar.

The Income tax filing department had attached about a dozen plots and buildings in Delhi and Bihar including a farm house and land in the Palam Vihar area, a residential building in the upmarket New Friends Colony area of south Delhi, nine plots on a 256.75 decimal land area in Phulwari Sharif area in Patna, where a shopping mall was being constructed, among few others in the same area in Bihar's capital.

The department has said these alleged benami assets bear a "deed" value of about Rs 9.32 crore but the taxman has estimated their current market value at Rs 170-180 crore...Read Full Article

Rs 13,715 cr undisclosed income detected, 126 bn taxpayers added in FY17

After demonetisation, the taxman launched Operation Clean Money to clamp down on unaccounted money

 

 

The income tax department detected undisclosed income of Rs 13,715 crore through surveys in 2016 -17, Minister of State for Finance Santosh Gangwar said on Tuesday.

Also, as many as 126 billion new taxpayers were added in the last financial year, he said in a written reply in the Rajya Sabha.

Last financial year, the income tax department conducted searches at 5,102 premises of 1,152 groups during which undisclosed income of Rs 15,496 crore was admitted.

"During the same period, 12,526 surveys led to the detection of undisclosed income of Rs 13,715 crore," Gangwar said.

He said a total of 196 billion income tax returns were filed between November 9, 2016, to March 31, 2017, compared with 163 billion returns filed during the same period of 2015- 16.

In a separate reply, Gangwar said that during phase one of 'Operation Clean Money' launched on January 31, about 18,00,000 persons were identified whose cash transactions did not match their tax profiles.

More than 9.27 lakh responses were received giving information on 13,33,000 accounts, involving cash deposits of around Rs 2.89 lakh crore, he said.

To fight the menace of black money, the government had on November 8, 2016, demonetised old 500 and 1,000 rupee notes and asked holders of such notes to deposit the same in bank accounts.....Read Full Article

Get ready to file first returns before Aug 20: GST chief tells companies

Navin Kumar said, 'We are working on the assumption that 50% of the people will come on last day'

 

 

Millions of companies in India are still not ready to file their first IT return under the new Goods and Services Tax (GST) ahead of 20 August deadline, a top official told Reuters, urging them not to leave things to the eleventh hour.

Navin Kumar, chairman of the GST Network, also said barely half of the 34 service providers accredited to help firms bulk-file invoices online had received approval to go live.

Yet he gave an assurance that the huge IT back end that is designed to crunch up to 3 billion invoices a month and calculate companies' taxes would be stable, even if there is a last-minute rush to file. → Efiling Of Income Tax  ←

"It will not crash," he told Reuters in an interview. "We are working on the assumption that 50 per cent of the people will come on the last day."

Billed as India's biggest-ever tax reform, the GST has replaced a slew of federal and state levies. It has also cleared barriers between India's 29 states, uniting its 1.3 billion people into a common market for the first time.   → Income Tax Efiling ←

Yet the complexity of the tax - which has main rates of 5, 12, 18 and 28 per cent and multiple exceptions - has raised concerns that companies will struggle to comply and file their monthly returns on time.

Even before the GST filings kick in, business surveys showed both the services and manufacturing sectors contracting at their fastest rate in years, heralding a likely dip in indirect tax revenues.......Read Full Article

Over 93 million PAN cards linked with Aadhaar so far; last date is Aug 31

About 3 crore linkages were done in June and July

 

 

More than 9.3 crore Permanent Account Numbers (PAN) have been linked with Aadhaar, a senior Income Tax Department officer said.

Of the total PAN-Aadhaar seeding, which is nearly 30 per cent of the total about 30 crore PAN holders, about three crore linkages were done in June and July.

"By August 5, which was the last date for filing Income Tax Returns (ITRs), over 9.3 PAN-Aadhaar linkages have been registered by the I-T department," he said...→ Tax Filing ←

According to the officer, the tally is expected to grow as the Central Board of Direct Taxes (CBDT), the policy-making body of the department, has already extended the last date for linking the two unique numbers till August 31.

The government had madethe PAN-Aadhaar linking mandatory for filing ITR and obtaining a new Permanent Account Number (PAN) from July 1.

The CBDT has said that for the purpose of income tax filing of returns (by August 5), it would be sufficient to quote Aadhaar or acknowledgement number of having applied for Aadhaar, on the e-filing website of the department.

"The actual linking of PAN with Aadhaar can be done subsequently, but any time before August 31, 2017," the CBDT had said.

It had also cautioned taxpayers that ITRs would not be processed "until the linkage of Aadhaar with PAN is done".... Read Full Article

Aadhaar now mandatory to identify deceased while registering death

The new rule is said to be applicable starting October 1, 2017.

 

 

According to the latest guidelines, the families of a deceased will now have to produce his/her Aadhaar number for establishing his/her identity in order to register the death and proceed with the norms to obtain a death certificate.

The new rule is said to be applicable starting October 1, 2017.

On June 10, the Supreme Court had ruled that from July 1 onward, every person eligible to obtain Aadhaar card must quote their Aadhaar number or their Aadhaar Enrolment ID number for filing of Income Tax Returns as well as for applications for Permanent Account Number (PAN).

Following this, the apex court pronounced its order on mandatory requirements of Aadhaar card for Income Tax Return (I-TR).

The Income Tax Department has stepped up its efforts to encourage people to link their PAN with Aadhaar.

On July 12, the top court decided to constitute a five-judge bench to hear whether there is a right to privacy or not.  → Tax Filing ←

The matter was mentioned before a bench comprising of Chief Justice J.S. Khehar and Justice D.Y. Chandrachud, which said its five-judge Constitution Bench will hear Aadhaar-related matters.....Read Full Article

Missed the ITR deadline? Here's what you need to do next

Filing returns after the due date can have repercussions even if there are no pending liabilities

Income Tax Filing (I-T) returns on time is every taxpayer’s responsibility and there are several benefits extended to the individual for the same. On the other hand, filing returns after the due date can have repercussions for the taxpayer even if there are no pending tax liabilities. However, if you have missed the deadline, you can file a belated return.

 

What is a belated return?

A belated IT return can be filed after the due date but before the end of the assessment year. Belated returns have to be filed within one year from the end of the relevant financial year. Hence, if you need to file your return for financial year 2015-16, the assessment year will be 2016-17 and the belated return can be filed by March 31, 2017. Similarly, if you must file your return for financial year 2016-17, you must do so by March 31, 2018 — the end of assessment year 2017-18.

The procedure to file a belated return is the same as Income tax efiling the return within the due date. Log into your e-filing account on the I-T department’s website, select the applicable ITR form and assessment year, and proceed. For example, if you are filing the return for financial year 2015-16, select assessment year 2016-17.

Consequences of filing late returns

Over 1 million PANs deactivated: How to check if your card is still working

More than one million permanent account numbers (PANs) were deleted or de-activated by the government, in a move to check fake identities. Reportedly, as on July 27, 11,44,211 duplicate PANS have been identified, said Indian Express. PAN is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person.

As per government rules, a person cannot be registered with more than one PAN number. The Indian Express reported that the Income Tax Department also detected fake PAN cards which were allotted to non-existing individuals or to people who have submitted false information about themselves.

How to check if your PAN is still active

1. Visit the Income Tax e-filing portal - www.incometaxindiaefiling.gov.in
2. On the homepage, under the ‘Services’ tab, click ‘Know your PAN’
3. The website will take you to a new page where you will be asked to enter - name, gender, date of birth, registered mobile number and click ‘Submit’.
4. Enter the OTP or one-time password received on the registered mobile number and click on Validate.
5. If your PAN is valid, it will show as ‘Active’ under the remarks column....Read Full Article   → Efiling Of Income Tax ←

IT raids Karnataka minister D K Shivakumar's houses; seizes Rs 10 cr

Congress claimed that the raids were an attempt to terrorise its Gujarat MLAs ahead of state polls

 

 

Income Tax Department officials on Wednesday raided Karnataka Power Minister D.K. Shivakumar's residences and a private resort outside Bengaluru where 44 Gujarat Congress legislators are housed and said Rs 10 crore in cash have been seized.

The taxmen's searches stoked a major political row as the development echoed in Parliament and triggered cries of foul play by the Congress.

"Our state Investigative Wing is conducting searches at the residence of a Karnataka Minister (Shivakumar) and the room he is staying at a resort (Eagleton) near Bengaluru where some MLAs from another state (Gujarat) are put up," Income Tax efiling Joint Commissioner S. Ramesh said in a statement in Bengaluru.

The searches were conducted under Section 132 of the Income Tax Act as an evidence-gathering exercise in compliance with statutory requirements, he said.

The searches were believed to have been conducted at Shivakumar's houses in Bengaluru and Delhi. Officials said Shivakumar's aide and his driver have been detained for questioning.
"The Efiling of Income Tax officials seized over Rs 10 crore during the raids at over 39 places in Delhi and Bengaluru," an IT official told IANS.

"About Rs 7.5 crore was seized in Delhi and Rs 2.5 crore in Bengaluru," ....... Read Full Article

If you are an NRI filing tax returns in India, this checklist is a must

NRIs applying for tax refunds have to share foreign bank account details

 

 

India's overseas population is the largest in the world with 16 million people. Most non-resident Indians (NRIs) have bank accounts, investments in shares/bank deposits, house property and other assets in India and are required to file IT return in India by 31 July 2017.

Here are the certain check points from NRIs perspective, which they should consider while filing their tax returns in India.

Determination of their residential status in India
It is important for NRIs to ascertain their residential tax status in India depending upon their period of stay for a particular financial year (1 April to 31 March). This is a pertinent check point as the global income of an individual who is a resident of India is taxable and in the case of non-residents, only their income from sources in India is taxable. → Tax Filing ←

It may be pointed out that residency test under the Foreign Exchange Management Act (FEMA) is different from the test given under the Income Tax Act and the same is not relevant for tax purpose.

Under the Income Tax Return Act, an Indian citizen who leaves India for an employment purpose, or an NRI who visits India, can stay for up to 181 days without losing his non-residential status in India. The day of arrival, as well as the day of departure, is considered as stay in India.

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• Changes in the return of income for AY 2017-18
• Quoting of Aadhar card number not mandatory for NRIs in their return
• Details of assets and liabilities to be furnished in schedule AL of the ITR for AY 2017-18
• Recent CBDT clarification on optional reporting of details of one foreign bank account by the non-residents in refund cases
• Obligation to file return income in case of exempt long-term capital gain 
• Availing benefit under the Double Tax Avoidance Agreement (DTAA)
• Certain aspects that need to be taken care of while finalising the Indian tax returns

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IT recovers Rs 5 cr from Karnataka minister managing Gujarat Congress MLAs

They said only the minister's room in the resort was searched and not of the MLAs from Gujarat

 

 

The Income Tax Department Tuesday conducted searches at multiple properties related to Karnataka Energy minister D K Shivakumar, who was overseeing the stay of 44 Congress MLAs from Gujarat at a resort near Bengaluru, in connection with a tax evasion case.

IT officials said Rs 5 crore cash was recovered from the Delhi residence of the minister, who has been taken to his house in Bengaluru from the resort by the IT team.

Officials privy to the early morning raids said I-T sleuths reached the Eagleton resort near here to question the minister, who was staying at the resort for the night.

The minister, was in charge of the 44 MLAs lodged there, to keep the flock together for preventing the BJP from allegedly "poaching" on them, was at the resort when the search took place, IT officials said.  → Income tax Efiling ←

As the raids on the resort triggered angry reactions from the Congress, the IT department said the resort is not being raided.

They said only the minister's room in the resort was "searched" and not of the MLAs from Gujarat. → Efiling Of Income Tax ←

"The search team has no concern with the MLAs and there has been no contact with MLAs and the search team," the deparment said in a statement.

The department is also investigating charges of alleged role of money power and huge transfer of illegal funds for these polls...... Read article Source

NDTV case: Don't take coercive step, HC to I-T dept on Rs-428 cr demand

No coercive step against NDTV on Rs-428 cr I-T demand: HC



The Delhi High Court on Tuesday directed the Income Tax department not to take any coercive step against media house New Delhi Television (NDTV) in connection with a Rs 428- crore demand raised by the authority.

A bench of justices S Muralidhar and Pratibha M Singh said it was "satisfied" that there was a prima facie case in favour of NDTV.

The court also issued notice to the IT return department and sought its reply on the television channel's plea challenging the demand order of July 26 and a show cause notice of the same day. The notice was issued for failure to pay the amount in time.

Senior advocate Harish Salve, appearing for NDTV, contended that the July 26 order was "without jurisdiction" and based on "piecemeal assessment".

Pulling up the tax authority for issuing the demand order and the notice, the bench noted that the time given for deposit of the amount was 'immediately now' which appeared to be an "over enthusiastic step" and "on the face of it illegal".

"How can you pass penalty order when no time has been given for payment of the amount which was determined on July 26," the court asked the I-T department.....Read  Article Source

IT raids Karnataka minister's home, Bengaluru resort housing Gujarat MLAs

The raids started at 7 am this morning, Congress lawmaker N Ravi's house raided too

 

 

Income Tax Filing (IT) sleuths on Wednesday began conducting raids at the official residence of Karnataka Power Minister D K Shivakumar and at Eagleton Golf resort near Bengaluru where 44 Congress lawmakers from Gujarat are staying.

"Yes, raids are underway at the Minister's house and the resort. Our teams have gone to search the places," a senior tax officer told IANS on condition of anonymity.
Raid was also being conducted at the house of Congress lawmaker N Ravi in the city's southern suburb.  → Tax Filing ←

The raids took place at minister's residence in Kanakapura, Sadashivanagar and at rooms of Congress Party MLAs in the resort.

The raids started at 7 am this morning and are still underway.

Shivkumar was in-charge of hospitality for all CongressGujarat MLAs staying in Bengaluru.
"As the searches are on, we cannot give details now. We are not authorised to brief media about such things. Our officers will brief," added the official.

A representative of Eagleton Golf Resort declined to confirm if income tax return department raids were conducted in the 35 deluxe rooms where the Gujarat Congress MLAs have been staying since Saturday.

The Congress legislators were flown to Bengaluru from Ahmedabad and lodged in the posh resort at Bidadi, about 30 km from here, ostensibly to prevent the BJP from poaching them ahead of the August 8 Rajya Sabha by-poll in ....Read Full Article

Step by Step guide for filing tax returns

Have you filed your ITR? 5th August 2017 is the last day to file your tax returns

Have you filed your tax returns? Hurry now! Before the day ends, all individuals have to file tax returns for 2016-17 fiscal or assessment year 2016-17. An official of the income tax department on Sunday said that the last date for filing ITRs will not be extended.

Here is how you can file your ITR online, Follow these steps:

1. Create your e-filing account on the Income Tax Filing website and register yourself. gistration will be completed by clicking activation link sent via email and providing one-time password (OTP) received on the mobile. Click on the 'Registered user' if you have already registered yourself on the website. Download the Form 26AS and Form 16. Form 26AS is a consolidated tax statement which summarises the amount paid against each PAN number.

 

2. Next, select the relevant form and assessment year for which the return has to be filed. Here taxpayer can pick his address either from the PAN database, from previously filed return or fill in new address. The department here asks you whether you want to digitally sign your return. If selected 'Yes', you are required to upload your signature which needs to be pre-registered at the income tax website.

 

3. Click on the 'Submit' button and the website will redirect you to the page for filling the form selected by you.

 

4. ITR V will be generated. Sign the ITR V in blue ink and send it to the Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru by ordinary post or speed post within 120 days.

 

5. Check your emails for an acknowledgement of the receipt. You will also receive an SMS on your mobile number acknowledging the receipt.

 

In case you are still confused, you can visit ClearTax website and seek assistance from CAs or file it online. Here are the steps

Aadhaar-PAN linking deadline extended to August 31

ITR to be processed after Aadhaar-PAN linking, says CBDT

 

 

In a last minute decision, the government today extended the deadline for filing Income Tax Returns (ITRs) and linking Aadhaar with the Permanent Account Number (PAN) of taxpayers.
While ITRs can now be filed by August 5, the Aadhaar-PAN linking can be done till August 31.

The government had made mandatory the linking of the two databases for income tax efiling ITRs from July, 1 this year.
The Central Board of Direct Taxes (CBDT) issued a statement saying the dates have been extended on receipt of complaints from "some taxpayers" that they were unable to log on to the e-filing website of the Income Tax department.

There were also complaints that the assessees were unable to link Aadhaar with PAN because their names were mentioned differently in the database relating to the two documents, the CBDT, the policy making body of the IT Return department, said.

A senior tax filing department official said the decision was taken after a meeting of senior officers of the revenue department and CBDT was held in the finance ministry today to "ease out the panic situation".

"For the purpose of e-filing return, it would be sufficient as of now to quote Aadhaar or acknowledgement number for having applied for Aadhaar in the e-filing website.

"The actual linking of PAN with Aadhaar can be done subsequently, but any time before August 31, 2017," the CBDT said..... Read Full Article

 

Relax! You can file ITR by Aug 5 and link Aadhaar to PAN by Aug 31

Last minute inundation and heavy logging on site of e-filing portal led to the decision

 

 

The Income Tax Department on Monday extended the deadline for efiling of income tax returns by five days till August 5 after complaints were received that assessees were not able to submit returns.

Besides, the department also eased the time frame for linking of PAN with Aadhaar to August 31. In the meantime, the assessees can simply quote Aadhaar number or acknowledgement number of application for Aadhaar.

"In view of the difficulties faced by taxpayers, date for efiling of Income Tax returns for FY 2016-17 has been extended to 5th August, 2017," the department tweeted.

The last minute inundation and heavy logging on the official website of the e-filing portal of the department led to the extension.

Assessees, particularly those have some discrepancies in the name or year of birth or any other data between their Aadhar and PAN cards, were not able to submit returns. Besides, the site was also reported to be crashed in between.

"Some people for whom PAN and Aadhaar data was not matching had problems and could not file income tax return," Neeru Ahuja of Deloitte and Haskins said.

The department said there are some complaints that the taxpayers are not being able to log on to the e-filing website or not being able to link Aadhaar with PAN because of different names reflected in PAN and Aadhaar database....Read Full Article