File your income tax returns and keep these Do’s and Don’ts in mind

File on time and keep your documents safe even after filing in case your ITR is scrutinised later on

 

Income Tax News : The deadline for filing your income tax returns for the FY 2016-17 is the 31st July, 2018. It is, therefore, necessary that all taxpayers be aware of the essential dos and don’ts of tax filing so that they can avoid last-minute errors.

Take a look at our list below:

DO’s

1. Organize

It is important to keep your documents ready at the go. For filing, you will need all your old tax receipts, receipts of income and investments, Form 26AS, Form 16 etc. Keep these documents handy when filing for a quicker process; and also remember to keep them safe after you are done filling out the form online. You might need them in case your return is called out for scrutiny later.

2. Check your calculation

Go over your tax documents and do your calculations. Then, go over your math once again to ensure that all your calculations are correct. If you want help, you can always turn to an expert who will help you check your calculations and ensure accuracy. Besides, e-filing is highly recommended since that itself eliminates the chance of error. Those with income in excess of Rs 500,000 or those seeking a refund, must mandatorily e-file.

3. Report all your income

It is important to disclose all income that you earn from all sources, irrespective of whether the income is taxable or exempt. Not disclosing information can lead to legal consequences later on, and it would be wiser to be honest while filing.

4. Verify ITR after e-filing

After you have successfully e-filed your income tax return, you should e-verify your ITR-V via Netbanking, Aadhaar Card or through the EVC process on your mobile number and email. This is important because the IT department will start processing your returns post receiving the verification. Alternatively, you can sign and send the ITR-V to the CPC (via ordinary or speed post only). This has to be done within 120 days from the date of e-filing of tax return.

Read the Don’t List → Income Tax Return

Made a mistake while filing tax returns? Here’s how you can fix it

While filing these returns, there is always the possibility of an unintentional or arithmetic error or an omission of details creeping into the return.

Income Tax News : Every individual whose income exceeds the basic exemption limit of Rs 250,000 must file an income tax return. This limit is Rs 300,000 for those who are older than 60 years but less than 80 years, and Rs 500,000 for those who are more than 80 years old.

While filing these returns, there is always the possibility of an unintentional or arithmetic error or an omission of details creeping into the return. This could be because of lack of taxpayer’s knowledge in tax laws or can be attributed to insufficient information while filing the return.

In such a case, does the income tax law provide for correction of such mistakes? Yes, Income tax law does have a provision for correcting or rectifying such errors. This can be done by filing a revised return.

Revising the return of income

As per the law as it stands today, from the Assessment Year (AY) 2018-19, a return of income filed within the due date i.e. the original return of income (generally 31 July for individuals) or a return filed after the due date called the belated return, can be revised if a taxpayer discovers any omission or wrong statement in the return filed. Such revision has to be done before the end of the assessment year for which return was filed. For example, if a revision is required to be done for a return filed for Assessment Year 2018-19, such revision can be done anytime on or before 31 March 2019.

However, for returns filed prior to AY 2018-19, one has a time limit of 1 whole year form the end of an AY to file a revised return i.e for AY 2017-18 and prior years, a revised return could be filed anytime on or before 31 March 2019.

Another significant point to be noted is that the facility to revise a return filed late(belated return), is available only from AY 2017-18 onwards prior to which this was not possible.

→ Filing Tax Returns Mistake ←

SBI to hide PAN info on tax refund envelopes after activist raises concerns

Activist Batra wrote to Urjit Patel, alleging that SBI was violating its directions on ‘protection of customer’s information’ by sending crucial information.

Income tax News : State Bank of India will “redesign” its envelopes used to dispatch tax refund cheques of customers to cover their PAN and contact numbers, after an activist raised that the crucial personal information was visible to anyone which may result in misuse, the bank said.

The move comes nearly 16 months after activist Commodore (retd) Lokesh Batra raised the issue that the window envelopes used by SBI make it easy for someone to glance through permanent account number (PAN) and contact number of the tax payee and misuse it.

Batra wrote to Reserve Bank of India (RBI) Governor Urjit Patel, alleging that SBI was violating its directions on ‘protection of customer’s information’ by sending crucial information about customers in “unsecured envelopes”.

“…this systemic failures by banks must be breaching the personal information of very large numbers of People. I had reported this matter at the highest level in SBI…, but as of now no one has even blinked…and breaching of people’s personal information is continuing,” he wrote to the RBI Governor on November 28.

He said he had been “pleading” with SBI at the highest level for the past 16 months to ensure compliance with RBI directions, but nothing has changed.

Click to Read → Permanent Account Number

How the Paradise Papers reveal the tension between rock stars and taxman

The brightest stars of the musical firmament have battalions of lawyers, managers and accountants to conduct their affairs.

“It’s one for you, 19 for me” ran George Harrison’s scabrous jibe at the “Taxman” in 1966, a bitter riposte to the 95% supertax that Prime Minister Harold Wilson’s Labour government had imposed on the very wealthy.

Although top rates of tax are now substantially lower across the developed world (under 50% in the UK and Australia), it’s hardly surprising that the latest international tax avoidance scandal – the Paradise Papers Case – should feature rock stars in its cast.

The leaked papers reveal Michael Hutchence’s estate tied up in offshore tax havens – to the possible exclusion of his surviving family. U2’s Bono has also been found to have used a firm in Malta to pay for a share in a Lithuanian shopping mall.

While they’re far from the only such cases, what distinguishes them in the public mind is the disjunction between public image and private affairs. These exposés throw into sharp relief the inconsistencies in romanticising rock. Free-sprited creativity is seen working hand-in-glove with the “suits”.

Sex and drugs and rock and roll, following Ian Dury’s coinage, might seem like a natural fit. Corporate-style tax avoidance and rock and roll less so. Rock has long railed against “The Man” on stage, but the current cases reveal a well-established and more specific hostility between stars and the taxman.

The grubby, druggy aesthetic of the Rolling Stones’ classic Exile on Main Street, recorded on the French Riviera, belied the fact that the eponymous banishment was in fact the band fleeing a tax bill and liabilities as residents in the UK. Bill Wyman recalled:

• We owed money to the Inland Revenue. There was no way could make enough money to get ourselves out of trouble, we’d be paying like 93% tax and there was no way we could earn enough to pay back what we owed.

Click here to Know → Paradise Papers Scandal

Tax evasion: Real estate coming under GST? Council to decide at Nov meet

Aadhaar could be made mandatory for buying international air tickets, cars

 

 

Real estate is often seen as one of the worst sectors in so far as tax evasion is concerned. To address this issue, the government might soon move to bring it within the ambit of goods and services tax (GST).

Finance Minister Arun Jaitley indicated this on Thursday while speaking at Harvard University in the US. The GST Council, at its November meeting in Guwahati, would consider covering the sector under the new indirect tax regime, Jaitley said.

While delivering a lecture on tax reforms in the country, he called the taxation system in India one of the least efficient in the world, with a very small tax base. He also hinted at making Aadhaar mandatory for buying a car or international air tickets in the future, taking a cue from the recent Supreme Court judgement.

The GST was rolled out on July 1, replacing a large number of indirect taxes with one unified tax of five rates. Petroleum, real estate, and alcohol were kept out of its ambit.



“The one sector in India where maximum amount of tax evasion and cash generation takes place and which is still outside the GST is real estate. Some of the states have been pressing for it. I believe that there is a strong case to bring real estate into the GST,” Jaitley said.

The stamp duty, which is outside the GST, has complicated the tax structure for real estate. A lot of states had opposed the inclusion of the stamp duty in the GST, as it was a source of revenue for them.
“Some states want; some do not. There are two views. Therefore, by discussion, we would try to reach one view,” he said.

A 12 per cent GST is levied on construction of a complex, building, or civil structure intended for sale, wholly or partly. However, land and other immovable property have been exempted from the GST. If real estate is brought under the GST, the final tax would be almost negligible, Jaitley added.

Read the Full Article → Real Estate under GST

I-T dept to investigate DSS chief Ram Rahim's properties

The court ordered to scan both movable and immovable assets

Punjab and Haryana high court on Wednesday directed IT Return Department and the Enforcement Directorate (ED) to conduct investigations into the residences of Dera Sacha Sauda leader Gurmeet Ram Rahim Singh.

 

The Punjab and Haryana high court ordered to scan both movable and immovable property.  → Income Tax News ←

Speaking to media Navkiran Singh, legal professional of the petitioner informed that, "officials of the IT dept and ED were given the freedom that during case they want to have a look at any files they could have a look at them within the Accountant general (AG) office Haryana."

 

"The high court also requested court Commissioner who searched all of the premises of Dera to deliver a copy of the document to the authorities of India too," he added.

The court was listening to a Public interest Litigation (PIL) filed by Ravinder Dhull regarding losses took place throughout Haryana violence which evoked after sentencing of the self-proclaimed god Ram Rahim.

"They (Investigative agencies) will look at if there is any violation of any income tax act, income tax provisions or this kind of offences which falls inside the prevention of cash laundering act, Singh said.

 

The court has additionally ordered for the constitution of two tribunals within the matter, one for Punjab and..... Read Full Article

I-T action on USV India puts spotlight on pharma marketing code, tax rules

Tax sleuths raid firm's premises in Mumbai, Nagpur, and Rajkot; USV denies violation of any regulations

The income tax department raid on drug maker USV India on costs of paying off doctors to prescribe its drugs has placed the spotlight on government norms on moral advertising practices and tax rules.

The times of India stated on Tuesday that the Income tax Return department had unearthed a nexus among the pharmaceutical company and medical doctors and had raided USV's premises in Mumbai, Nagpur, and Rajkot. USV confirmed the raid however denied violation of any guidelines.

 

Pharmaceutical industry executives expressed surprise over I-T raids on a drug maker, while some professionals said the problem will be purely tax-related — regarding the remedy of expenses for tax calculation. Deviating from its earlier stance, the income Tax Appellate Tribunal had in January allowed drug company PHL Pharma to claim a deduction on charges of Rs 23 crore, attributable to travel and accommodation for seminars and subscription of journals for medical doctors, among other things.

The income tax filing departmental action, but, has brought to the fore a draft policy to curb freebies and payments to doctors. A mandatory code for pharmaceutical marketing practices has been putting fire for the past numerous months. The department of pharmaceuticals' plan to introduce the code under the essential Commodities Act has faced competition from the law ministry and the industry.

The draft code proposed with the aid of the government goals to regulate unethical marketing practices and prohibits pharmaceutical agencies from giving presents, cash, and other benefits to doctors. in addition, under the code, companies are barred from extending hospitality, like hotel, or arranging trips for docs. The draft proposes consequences and revocation of product approvals in.... Read Full Article

Govt to widen tax base, asks I-T dept to add 12.5 mn filers in FY18

A new I-T return filer is defined as a person who has not filed return in the previous years but is liable to do so under the law

The Income Tax department has been tasked to add 12.5 million new return tax filers within the current financial year as part of the authorities's plan to widen the tax base within the country.

 

The central Board of Direct Taxes (CBDT), that makes policy choices for the I-T department, has directed the taxman to adopt "targeted efforts to significantly increase the tax base in the current economic year of 2017-18."

The target, the CBDT directive accessed via PTI said, is to add 12.five million new I-T return filers.

 

 

A new Tax filing is described as a person who has no longer filed return in the previous years however is liable to do so under the regulation. The taxman has to add such entities and get them to do the filing of their I-T returns.

The Hyderabad & the Pune areas of the department had been given the highest targets to add 12,80,000 & 11,80,000 new filers respectively.

They're followed by Chennai with 10,47,000 new filers & Chandigarh at 10,41,000 new filers.

→ Efiling of Income tax ←                       → Income Tax Efiling ←

The plan to widen the tax base within the country was also discussed and finalised for the duration of the recently concluded 'Rajswa Gyansangam' conference of top I-T officers held right here.

The CBDT, in an official statement, had stated during the conference "techniques of tax base were discussed in detail with unique focus on verification of data accumulated during demonetisation and statement of financial transactions(SFT).... Read Full Article

Cafe Coffee Day raids: Income tax dept detects Rs 650 cr concealed income

Searches concluded with the group's officials admitting to concealed income exceeding Rs 650 crore

 

 

The Income Tax Department raids on Cafe Coffee Day (CCD) retail chain since Thursday found Rs 650 crore concealed income from the documents seized, said an official on Sunday.

"Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai and Chennai have revealed concealed income of over Rs 650 crore," a senior tax official told IANS here.

The search and seize operations, which began on September 21, concluded on Sunday evening in the offices of the group involved in coffee, tourism, IT Return and other areas.

"The searches concluded with the group's officials admitting to concealed income exceeding Rs 650 crore and the detection of undisclosed income, which is expected to be a much higher figure," said another tax filing official in an e-mail to IANS.

The offices and residence of CCD's founder-owner V G Siddhartha and its other officials in Bengaluru, Chikkamagaluru, Hassan and Mysuru across Karnataka were also searched during the last four days. Siddhartha is the elder son-in-law of former External Affairs Minister S M Krishna, who was also Chief Minister from 1999 to 2004 but earlier this year left the Congress to join the Bharatiya Janata Party.

"There are a number of other issues, including violations of other statutes on which there is no disclosure but relevant evidence has been found. These will be pursued effectively as part of our investigation," added the official in.... Read Full Article

One nation, one tax: Nearly 3 million GST returns filed in August

Almost half came on final day; Network chief says system stood up to huge test and all glitches would be soon resolved

 

 

As many as 2.97 million assessees have filed the summary input-output return under the new goods and services tax (GST) for the month of August (‘GSTR 3B’), much less than the 4.6 million that came for the month of July.

As many as 46 per cent of filers — 1.37 million — submitted Income tax return on Wednesday, the deadline for doing so.

However, the July returns had risen after an extension of five to eight days was given to assessees, depending on whether they wanted to claim input tax credit for pre-GST stocks or not. The GST Network (GSTN), the entity handling the information technology backbone for the new structure, is hopeful that return filing would equal the tally of July.

→ Income Tax Filing ←  → Income Tax efiling ←

Even if the same number of filers are there for the month of August as in July, proportionately it would be much less. This is so because there were only 5.95 million registrations under the GST in July, excluding those opting for the composition scheme. Now, a little over nine million businesses have registered under the GST. Of this, around one million was for the composition scheme; these may file quarterly returns.

Taxes to the tune of Rs 95,000 crore were collected in the maiden month of the roll-out. The central GST (CGST) and state GST (SGST) laws mandate an interest levy at 18 per cent for delayed payment of tax. And, Rs 100 a day will be levied for... Read Full Article

Discrepancies in income? Assets of 7 MPs, 98 MLAs don't add up

These lawmakers include seven Lok Sabha members and 98 members of state assemblies

The Income Tax Department on Monday informed the Supreme Court that there are 105 lawmakers in whose case the verification of declaration of assets have revealed discrepancies in their assets and their known sources of income.

These lawmakers include 7 Lok Sabha members and 98 members of state assemblies and their names came as the outcome of the verification of the list compiled by the Association of Democratic Reforms.

The Income Tax Department made the disclosure to the apex court in its affidavit filed in response to a direction by the bench of Justice J. Chelameswar and Justice S. Abdul Nazeer issued last week in the course of the hearing of a PIL by NGO Lok Prahari seeking to know the sources of the income of the lawmakers contributing to the increase in their assets and also that of their spouse and dependent children. → Tax ←

Besides this, the NGO which has also been joined by the ADR has made several other prayers including declaration of contracts of the candidate, his wife and dependent children with the government and its agencies.

The matter will come up for hearing on..... Read Full Article

All eyes on black money: I-T even looking into FY11 cash deposits, realty purchases

I-T dept may order reassessment if no response is given or the response is found to be unsatisfactory

 

Cash deposits made even before the Modi government's demonetisation drive that began in November last year are under the income tax (I-T) department's scanner, reported the Economic Times on Thursday.

According to the financial daily, income tax efiling sleuths have gone as far back as financial year 2011 in their hunt for suspicious cash deposits and sought explanations from the depositors in question. Further, the I-T department has sent notices to home buyers where the declared value of the purchase was found to be lower than the prices that prevailed in past transactions in that area.

In fact, according to the financial daily, income tax filing authorities have classified cases from FY11 as high priority since they would become time-barred soon. In case the tax sleuths don't receive a response regarding the cash deposits under their scanner or the response is not found to be satisfactory, they can order a reassessment.

According to the report, the I-T department has asked individuals and entities involved in the transactions in question to provide their permanent account numbers and the returns they filed for the financial year in question. → Efiling of Income Tax ←

The move comes at a time when the I-T department is moving ahead with concluding investigations into high-risk category individuals suspected of evading taxes. In an interview with Livemint, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said that his department would conclude its investigations into the financial dealings of close to 100,000 individuals who were suspected of tax evasion... Read Full Article

Rs 2.89 lakh cr deposited post note ban by 0.97 mn people under I-T radar

I-T says 14,000 properties of over Rs 1 crore each under scrutiny as owners have not filed returns

 

 

The Income Tax Department (ITD) today said that about 14,000 properties worth over Rs 1 crore each are under its scrutiny as their owners have not filed income returns.

Using data analytics, 13.33 lakh accounts of some 9.72 lakh persons with unusual cash deposits of around Rs 2.89 lakh crore was identified and response sought.

The resource was captured "within a short span of 3-4 weeks," the statement said, without saying how many of them were genuine deposits and how many were unaccounted money. → Income Tax Filing ←

It also did not give details of tax collected on unaccounted money.

The Operation Clean money has since moved into the next phase that "includes enforcement actions in high risk cases, taxpayer engagement through a dedicated website in medium risk cases and close monitoring in low risk cases.

"The exercise has also unearthed large number of persons and clusters having suspect transactions. These include about 14,000 properties of more than Rs 1 crore each where persons have not even filed Income Tax Return.

"The investigations are in progress," the statement said.

The high, medium and low risk cases have been identified through the use of advanced data analytics, including integration of data sources, relationship clustering and fund tracking.... Read Full Article

Govt extends deadline for linking PAN and Aadhaar to December 31

The deadline for linking PAN with Aadhaar previously was August 31

 

 

The government has extended the deadline for linking income tax PAN with Aadhaar by four months to December 31.

The previous deadline was August 31.  → Efiling Of Income Tax ←

Recently, the deadline for Aadhaar linking to avail oneself of social sector schemes had been extended till December-end.

Section 139 AA (2) of the Income Tax 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.

→ Tax Filing ←       → Income Tax Efiling ←

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 deadline for linking PAN with Aadhaar previously was July 31, but was extended to August 31.... Read Full Article

Now, an Instagram post of your new car, watch may lead taxmen to your door

The dept will analyse mismatches in income declarations and spending patterns to trace tax evasion

 

A photo of your shiny new luxury car on Instagram or a costly watch on Facebook may lead the taxman to your door as the tax department from next month will begin amassing virtual information to trace black money.

'Project Insight', likely to be launched next month, will use big data analytics to match information from social media sites to deduce mismatches between spending pattern and income declaration. → IT Return ←

The tax department will analyse mismatches in income declarations and spending patterns to trace tax evasions and black money, an official said.

The government has also made linking of PAN with Aadhaar mandatory to get a 360-degree view of a person's income and assets.

The income tax department had last year signed a pact with L&T Infotech for implementation of Project Insight, which is designed to strengthen the non-intrusive information driven approach for improving tax compliance.

"Currently beta testing is on and the integrated platform for Project Insight should be launched by next month," the official told PTI.

Project Insight has been initiated by the income tax department for data mining, collection, collation and processing of such information for effective risk management with a view to widen and deepen the tax base..... Read Full Article

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