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Friday, July 31, 2015

Online Facilities For Income Tax Payers

31-July-2015 16:25 IST

Several Measures taken by the Government to Simplify Tax Payment and Stautory Filings; Online Application for Allotment of Pan and Tan; Online Payment of Taxes etc


With a view of minimize the cost of compliance of the taxpayers, the Central Board of Direct Taxes (CBDT) has taken several measures to make tax payment and statutory filings simple and convenient for the taxpayer, including-

· Online application for allotment of Permanent Account Number (PAN) and Tax-Deduction Account Number (TAN)

· Single page challan for payment of tax through authorized banks.

· Online payment of taxes.

· Online viewing of tax credits.

· Online filing of return f income and return of TDS.

· Centralized processing of returns and electronic intimation of orders.

· Direct credit of refunds upto a limit to the nank account of taxpayer through ECS and sending of refunds vouchers by refund banker to the taxpayer directly.

· Online filing of rectification application.

· Facility of Tax Return Preparers to assist the taxpayer in preparing his return of income or TDS.

· Establishment of Aayakar Seva Kendra (ASK) Centres in various locations to provide a single window service delivery platform.

These facilities have already substantially mitigated the problems of the taxpayers by reducing the time and effort required for discharging their statutory obligations and by minimizing the need to visit the Income-tax office. Moreover, streamlining of tax collection process is done on an on-going basis as part of revenue management.

To facilitate the taxpayers and to provide end-to-end e-enabled services, the Income Tax Return for A.Y. 2015-16 can be verified electronically.

A taxpayer may verify his return through Internet Banking or through Aadhaar based authentication process.

For the convenience of small taxpayer having total income of Rs. 5 lakhs or below without any claim of refund, facility for generating Electronic Verification Code (EVC) has also been provided on the E-filing website of the Department. Ins uch cases EVC will be sent to the registered email ID and mobile number of the taxpayer.

Person using this facility will not be required to submit a signed paper copy of ITR-Verification Form (ITR-V) to CPC Bengaluru.

In case a taxpayers is unable to electronically verify the ITR using the EVC for any reason, then, the signed copy of ITR-V may be sent within the specified time of 120 days to CPC Bengaluru by ordinary post or Speed Post.

Details regarding e-verification are available in Notification 2/2015 issued on 13th July 2015 at http://incometaxindia.gov.in/news/evc notification-13-07-2015.pdf.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.



31-July-2015 16:23 IST
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 Notified; Specify the Form and Manner in Which Declaration of Undisclosed Foregin Assets to be made
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 have been framed and notified on 2nd July, 2015 vide Notification No. 58/2015. The Rules inter-alia specify the form and manner in which declaration of undisclosed foreign asset is to be made. Rules also provide the method of determination of fair market value of different types of assets e.g., bullion, jewellery, artistic work, shares and securities, immovable property, bank account etc.

Central Government has, vide Notification No. 57/2015, notified 30th of September, 2015 as the date on or before which a person may make a declaration in respect of an undisclosed asset located outside India and the 31st of December, 2015 as the date on or before which a person shall pay the tax and penalty in respect of the undisclosed asset so declared.

A declaration under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) may be made before designated tax authority n Form 6 which may also be filed on-line. Where the declaration is found to be in accordance with the provisions of section 71 (d) of the Act, the declarant is required to pay the requisite tax and penalty on the assets eligible for declaration latest by 31.12.2015 and intimate the designated tax authority. After the intimation of payment by the declarant, the designated tax authority will issue an acknowledgement of the accepted declaration within 15 days of such intimation of payment of tax and penalty by the declarant.

As per Section 67 of the Act, 2015, the contents of the declaration shall not be admissible in evidence against the declarant in any penalty or prosecution proceedings under the Foreign Exchange Management Act, 1999.

Suggestions, questions and representations from various persons have been received in respect of provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. These have been considered and accordingly an explanatory circular (Circular No. 12 of 2015) and a clarificatory circular (Circular No. 13 of 2015) in the form of Frequently Asked Questions (FAQ) have been issued.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.
31-July-2015 16:28 IST
Impact of Greece Crisis on Indian Economy
The Greece debt crisis is not likely tohave any direct impact on the Indian economy. There could be some indirect effects on trade flows depending on how European economies perform in the future.

The Indian financial markets have been stable and movements in equity markets have been orderly and in line with the economic fundamentals. In view of the fresh bailout agreement reached between Greece and its creditors, the prospects of stock market volatility looks unlikely in the near future.

Macroeconomic outcomes in India remains strong and provides the required resilience to cope with the external shocks. Adequate foreign exchange reserves are there to manage the volatility that may arise in the exchange rate from such external stocks.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.

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