घोषित संपत्ति से मेल नहीं खाने पर 2.5 लाख से ज्यादा की रकम जमा करने पर टैक्स और पैनल्टी

सरकार ने बुधवार रात आगाह किया कि बड़े नोटों का चलन बंद करने के बाद उन्हें जमा कराने की 50 दिन की छूट की अवधि में 2.5 लाख रुपये से अधिक की नकद जमा के मामलों में यदि आय घोषणा में विसंगति पाई गई तो कर और 200 प्रतिशत जुर्माना भरना पड़ सकता है. राजस्व सचिव हसमुख अधिया ने ट्विटर पर यह जानकारी दी.

 

घोषित संपत्ति से मेल नहीं खाने पर 2.5 लाख से ज्यादा की रकम जमा करने पर टैक्स और पैनल्टी

उन्होंने कहा,”10 नवंबर से 30 दिसंबर 2016 की अवधि में हर बैंक खाते में 2.5 लाख रुपये की सीमा से अधिक की सभी नकदी जमाओं की रपट हमें मिलेगी.” अधिया ने कहा,”आयकर विभाग इन जमाओं का मिलान जमाकर्ता के आयकर रिटर्न से करें. उचित कार्रवाई की जा सकती है.” खाताधारक द्वारा घोषित आय और जमाओं में किसी तरह की विसंगति को कर-चोरी का मामला माना जाएगा.
अधिया ने कहा कि उन छोटे कारोबारियों, गृहिणियों, कलाकारों व कामगारों को चिंतित होने की जरूरत नहीं है जिन्होंने कुछ नकदी बचाकर घर में रखी हुई है. उन्‍होंने कहा कि इस तरह के लोगों को आयकर विभाग की जांच आदि के बारे में चिंतित होने की जरूरत नहीं है.

उन्होंने कहा,’ऐसे लोगों को 1.5 लाख या दो लाख रुपये तक की छोटी जमाओं को लेकर चिंतित होने की जरूरत नहीं है क्योंकि राशि तो कराधान योग्य आय के दायरे में नहीं आती. इस तरह की छोटी जमाओं वाले खाताधारक आयकर विभाग से किसी तरह के उत्पीड़न की चिंता नहीं करें.’ लोगों द्वारा आभूषण खरीदे जाने के बारे में उन्होंने कहा है कि जवाहरात खरीदने वालों को पैन नंबर देना होगा.

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बैंक अकाउंट में 2.5 लाख रुपए से अधिक जमा करवाने पर क्या होगा?

मोदी सरकार द्वारा 500-1000 रुपए के नोटों को अमान्य घोषित करने के बीच कहा गया है कि यदि आपके पास इन नोटों समेत नकदी है तो आप उसे बैंक में अपने खाते में जमा करवा दें. ऐसे में घर में रखे हुए आपके 500 और 1000 रुपए के अब बैन हो चुके नोट भले की किसी भी प्रकार की सेवा या वस्तु की खऱीददारी करने में काम न आएं लेकिन आप इन्हें बैंक के अपने खाते में जमा करवा सकते हैं.

बैंक अकाउंट में 2.5 लाख रुपए से अधिक जमा करवाने पर क्या होगा? बता रहे हैं एक्सपर्ट

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अब यहां ध्यान देने योग्य बात यह है कि जिस बैंक में आपका खाता है, वहां आप जितना चाहे उतना नकद जमा करवा लें लेकिन इन नोटों को जमा करवाने की 50 दिन की छूट की अवधि है. इसमें आप यदि 2.5 लाख रुपये तक की नकदी जमा करवाते हैं तो पेनल्टी नहीं लगेगी. लेकिन यदि आप इस राशि से अधिक की नकद जमा करवाते हैं तो आपको स्पष्ट तौर पर इस धन का सोर्स बताना होगा. यदि इस आय घोषणा में विसंगति पाई गई तो न सिर्फ इस अमाउंट पर 30 फीसदी टैक्स लगेगा बल्कि इस पर 100 फीसदी से लेकर 300 प्रतिशत का जुर्माना भी लग सकता है.

यदि आपकी आय का स्रोत स्पष्ट नहीं है और/या आप यह साबित नहीं कर पाते हैं कि यह किस वित्तीय वर्ष की है, तो आपको इस जमा पर तीस फीसदी टैक्स देना पड़ सकता है. इस पर पेनल्टी का प्रावधान भी है. इनकम टैक्स की धारा 271 1 (सी) के मुताबिक, 100 फीसदी से लेकर 300 फीसदी तक पेनल्टी का प्रावधान है. यह पेनल्टी आपके द्वारा जमाए करवाए गए अमाउंट पर लगे टैक्स पर लगेगी. यहां यह स्पष्ट कर दें कि यह पेनल्टी आपके द्वारा जमाए करवाए गए अमाउंट पर नहीं है, बल्कि उस पर लगे टैक्स पर है.

आपके अमाउंट के टैक्स पर कितनी पेनल्टी बनती है यह इनकम टैक्स ऑफिशल्स के ‘विवेक’ व अन्य कारकों पर निर्भर करेगा. हालांकि नोटबंदी के बाद सरकार की ओर से इस बाबत कोई खबर लिखे जाने तक नया नोटिफिकेशन जारी नहीं किया गया है और उपरोक्त जानकारी उसी नियम के मुताबिक है जोकि पहले से लागू है.

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Banks To Report Deposits Over Rs 2.5 Lakh In 50-Day Window

Moving quickly to plug loopholes, the Income Tax Department has asked banks to report all cash deposits exceeding Rs 2.5 lakh during the 50-day window provided to tender the now-defunct 500 and 1000 rupee notes.

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Image result for 1000 500 note

Previously, banks were required to report to the I-T Department only when cash deposits in an account exceeded Rs 10 lakh in one full year.

But in view of apprehensions that large number of illegal or black money may sought to be converted into white during the window provided till December 30, the Revenue Department has issued fresh set of instructions, a top official said.

“The attempt will be not to harass honest citizens who are free to tender all of their legal, old high-denomination currency savings in their bank accounts and get new ones,” he said.

But the window provided to them will also be not allowed to be misused, he said, adding that the Income Tax Department is keeping a close eye on all high-value deposits.

Those depositing large amounts of unaccounted money will have to face the consequences under tax laws, which provide for a 30 per cent tax, 12 per cent interest and a 200 per cent penalty.

Earlier in the day, the Finance Ministry came out with newspaper advertisements assuring people that their hard earned money is safe and that depositing junked Rs 500/1,000 notes of up to Rs 2.50 lakh in bank accounts will not be reported to the tax department.

It also cautioned people against depositing the money of unknown people in their own accounts or falling prey to cheats, thugs and rumour mongers.

Besides, the ministry said, farm income continues to remain tax free and can be easily deposited in bank.

Small businessmen, housewives, artisans, workers can also deposit cash in their accounts without any apprehensions, it added.

“Deposits up to Rs 2.50 lakh will not be reported to the Income Tax department. There will be no harassment or investigation. All honest citizen need not worry. Farmers’ income is tax free and can be easily deposited in bank,” the ministry said in newspaper ads.

In its biggest crackdown ever on black money, the government on Tuesday night announced demonetisation of Rs 500 and Rs 1,000 notes and asked people holding such notes to deposit them in their bank accounts.

Since yesterday, people have been thronging banks amid concerns over exchanging and depositing the scrapped high denomination currency.

People can deposit defunct Rs 500/1,000 notes in their accounts till December 30, 2016, without any limit.

Restrictions have been imposed on withdrawal limit and people can withdraw up to Rs 10,000 per day or Rs 20,000 per week. This limit will be reviewed after few days.

Besides, old notes worth up to Rs 4,000 can be exchanged at any bank or post office till November 24, 2016, by showing photo ID proof.

ATMs can be used to withdraw up to Rs 2,000 a day per card till November 18 and Rs 4,000 from November 19 onwards. This limit too will be reviewed subsequently.

The ministry also advised people to make payments using cheques, demand drafts, debit or credit cards and electronic fund transfers and there is no restriction on such transactions.

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CBDT halves refunds issue timeline to 15 days for this fiscal

Concerned over the rising cases of refund-related grievances of the tax-paying public, CBDT Monday issued fresh directions to the Income Tax Department asking it to process all such cases, pending this fiscal, within 15 days instead of the stipulated 30 days.www.taxxcel.com

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“In view of the large volume of pending refunds which are subject to proceedings under section 245 and the timeline of 30 days for responding to the notice allowed to the assessee and the same time period allowed to the assessing officer to confirm or correct the demand, it is taking too long for the demand to be verified and the refunds to be issued, leading to rise of grievances.

“With a view to clear the pendency of refunds which are subject to verification under section 245, it has been decided that the timeline of 30 days for the assessee and the assessing officer may be reduced to 15 days with regard to the notices issued under section 245 to be issued in the balance period of the current financial year,” an order issued by CBDT said.

This is a one-time measure to clear the backlog of refunds and accordingly the reduced timeline of 15 days shall be valid only till March 31, 2016, it said.

A senior official said this is possibly the first time that the department has been issued such directions vis-a-vis clearance of refund cases and the timeline to issue refunds has been reduced to 15 days.

Central Board of Direct Taxes Chairman Atulesh Jindal has himself approved the order, he added. The order pertains to refunds pending till the 2015-16 financial year.

As part of its aim to ease refunds, CBDT had sometime back directed the IT department to take “urgent” steps and resolve by March-end tax demand disputes worth over Rs 16,000 crore of more than 1.49 lakh taxpayers.

The directions pertain to notices issued by the taxman to a number of assessees under section 245 of the IT Act for 2015-16 fiscal where the latter have contested the demand raised and have emailed their response to the CPC.

An official data had said an outstanding amount of Rs 16,590.22 crore is locked in disputes as 1,49,321 individuals or entities have raised objections to demands made by taxmen.

“As many of these cases are time-barred by March 31, 2016, the jurisdictional assessing officers may be impressed upon to examine the response of the taxpayers urgently and take appropriate action in respect of such demand entries..,” the CBDT had said in a recent order.

The Board, in this regard, had earlier asked its Bengaluru-based Central Processing Centre (CPC) to take a step-by-step action in these cases within one month.www.taxxcel.com

The Board had said that when a taxpayer contests a demand, the CPC should issue a reminder to the AO concerned about the contention of the assessee, asking them to either confirm or make appropriate changes to the demand within 30 days.

“In case no response is received from the jurisdictional AO within the stipulated period of 30 days, CPC would issue refunds without any adjustment,” the CBDT order had said.

The delay in processing and issuance of IT refunds had also attracted the attention of Prime Minister Narendra Modi last year and, after a review of the subject, he had directed the CBDT to resolve these issues promptly.

IT dept launches e-appeal filing system

In yet another step aimed at reducing human interface between taxman and the taxpayer, the Income Tax department today operationalised a facility for e-filing of the first appeal before a tax officer.

IT dept launches e-appeal filing system

The department said the facility of filing the appeal form, like filing Income Tax Returns (ITRs), can be done using a digital signature from now on, while the Electronic Verification (EVC) facility for the same using the Aadhaar, mobile number and email id will be activated soon on the official web portal of the tax department —http://incometaxindiaefiling.Gov.In/.

The existing two-page document used for this, called ‘Form No. 35’, has been re-formatted by the department recently so that it can be electronically uploaded on the e-filing portal of the department.

In the new e-form, an applicant or taxpayer seeking appeal against an Assessing Officer’s order has been given an avenue to append ‘Statement of Facts’ in 1,000 words as also furnish the grounds of appeal in another 100 words.

Documentary evidence can also be appended to the new form by an assessee using the electronic internet-based facility.

The IT department has four stages of appeal mechanism for the assessees to put forth their grievance beginning with the Commissioner of IT (Appeals), the Income Tax Appellate Tribunal (ITAT), the High Court and finally the Supreme Court.

The new form is applicable for the CIT (Appeal) fora and those taxpayers who file e-returns will be eligible to use this new facility.

In view of launch of this facility and activation of a select category of ITRs today, the taxman has asked filers to “update their profile and select higher security option to secure their e-filing account” created over the portal.www.taxxcel.com

The systems wing of the department will soon roll out detailed procedures for taxpayers to begin using this facility, a senior official said.

“Electronic filing of appeal along with the documents relied upon before CIT (Appeals) will remove human interface, reduce paperwork and decrease the transaction cost for the taxpayer. It would ensure consistent and error-free service as validations will be in-built, resulting in fewer deficient appeals. Online filing will also facilitate fixation of hearing of appeals electronically.

“The new format for filing of appeals is more structured, objective, systematic and aligned with the current provisions of the Income Tax Act,” the Central Board of Direct Taxes had earlier said.

With these changes, it had said, the “burden of compliance on the taxpayers in appellate proceedings will be significantly reduced.”

File your taxes safely: Income Tax Department tells you how

The Income Tax Department has from time to time issued advisories regarding the need to avoid phishing emails and to carefully protect the passwords, OTPs and not share them with others.

In order to ensure that taxpayers are able to secure their E-filing account against any fraudulent attempts, the Income Tax Department has introduced a new facility called the ‘E-filing Vault’. In order to use this facility, taxpayers can log in to their E-filing Account and under their profile page select E-filing Vault ‘higher security’.www.taxxcel.com

Taxpayers can then select to login with any one or multiple options of the higher security methods namely — Using Aadhaar linkage to generate OTP, login through Net-Banking or login using Digital Signature Certificate (DSC).

Once this has been done, any future attempt to login will require the additional check of OTP using Aadhaar or the taxpayers will have to login using net banking or login using DSC. By using this facility, taxpayers can prevent anyone from logging in even if in the past they shared the user id and password.

The dual factor authorization ensures higher degree of security compared to the simple user ID and password.

Similarly, taxpayers can also select how their password can be reset. Once the taxpayer has selected reset password using any one or multiple options of the higher security methods namely ? Using Aadhaar linkage to generate OTP, Login through Net-Banking or Login using Digital Signature Certificate (DSC), then no other person will be able to reset taxpayer?s password even if the secret answer or E-filing OTP etc is known.

Additional EVC options using ATM, Bank Account Validation or Demat Account Validations are shortly going to be introduced and these options will also be available for the higher level of security for login as well as resetting of password.

Income Tax Department strongly advises all taxpayers to use a strong password (combination of at least one uppercase, one special character and one numeral) and select the E-filing Vault option to add an additional layer of security to the their E-filing Account to login and resetting of password.

Taxpayers’ grievances: CBDT allots quota of complaints to monitor, track to top brass

The new initiative has come after Prime Minister Narendra Modi recently held a meeting on the subject on March 23.


 

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According to high priority to issues related to taxpayers’ grievances, CBDT has brought a new mechanism where top officers of the IT department have been allotted a specific quota of complaints to monitor and track, from their origin to successful resolution.

The new initiative has come after Prime Minister Narendra Modi recently held a meeting on the subject on March 23 under the Centralised Public Grievance Redress and Monitoring System portal where he expressed the view that “high-level monitoring of public grievances is necessary”.

Following the prime minister’s instructions, a senior official said, the Central Board of Direct Taxes has ordered that all members of the Board and officers in the ranks of Principal Chief Commissioner and Principal Directors General will “personally examine” 10 grievances each, every week.

Similarly, all Chief Commissioners, Principal Commissioners and Commissioners of Income Tax will individually monitor 20 and 30 grievances respectively, every week.

The overall assessment and resolution status of the grievances compiled for a month will be forwarded to the CBDT by the first week of the succeeding month which will be subsequently sent to the Prime Minister’s Office and

Department of Administrative Reforms and Public Grievances for review, they said.

The official said the measure will not only ensure accountability in effective grievance redressal but also give a clear and real-time picture of the subject.

CBDT has also recently created a new structure in the IT department to exclusively deal with taxpayers’ grievances and complaints related to delay in issue of refunds, problems in filing tax returns among others.

Aadhaar, net banking-based I-T e-filing appeal system activated

Income Tax department has activated the Aadhaar and net banking-based e-filing verification system for taxpayers to file the first appeal before a tax officer, on similar lines of online ITR filing.
Income Tax department has activated the Aadhaar and net banking-based e-filing verification system for taxpayers to file the first appeal before a tax officer, on similar lines of online ITR filing.
In order to reduce the interface between taxman and the taxpayer, the department has recently operationalised the maiden facility on its official e-filing portal.
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“One EVC can be used to validate one form of the assesse irrespective of the assessment year. The EVC will be stored against the assesse PAN along with other verification details. The EVC will be valid for 72 hours or as otherwise specified,” a notification in this regard said.

The Electronic Verification Code (EVC) works by way of generating a personalised OTP by using the Aadhaar database or the net banking identity of a filer or entity. The OTP is subsequently sent to the personal email id or mobile phone of the filer for validation and subsequent process of filing.

The facility of filing the appeal form, like filing Income Tax Returns (ITRs), can also be done using a digital signature on the official web portal of the tax department — http://incometaxindiaefiling.gov.in/.

The existing two-page document used for this, called ‘Form No. 35’, has been re-formatted by the department recently so that it can be electronically uploaded on the said e-filing portal.

In the new e-form, an applicant or taxpayer seeking appeal against an Assessing Officer’s order has been given an avenue to append ‘Statement of Facts’ in 1,000 words as also furnish the grounds of appeal in another 100 words.

Documentary evidence can also be appended to the new form by an assess using the internet-based facility.

The IT department has four stages of appeal mechanism for the assessees to put forth their grievance beginning with the Commissioner of IT (Appeals), the Income Tax Appellate Tribunal (ITAT), the High Court and finally the Supreme Court.

The new form is applicable for the CIT (Appeal) fora and those taxpayers who file e-returns will be eligible to use this new facility.

In view of launch of this facility and activation of a select category of ITRs last week, the taxman had also asked filers to “update their profile and select higher security option to secure their e-filing account” created over the portal.

“Electronic filing of appeal along with the documents relied upon before CIT (Appeals) will remove human interface, reduce paperwork and decrease the transaction cost for the taxpayer. It would ensure consistent and error-free service as validations will be in-built, resulting in fewer deficient appeals. Online filing will also facilitate fixation of hearing of appeals electronically.

“The new format for filing of appeals is more structured, objective, systematic and aligned with the current provisions of the Income Tax Act,” the Central Board of Direct Taxes had earlier said.

With these changes, it had said, the “burden of compliance on the taxpayers in appellate proceedings will be significantly reduced.”

 

Tax sops for small I-T payers, hike in super-rich surcharge

It has hiked the surcharge by 3% on earnings above Rs 1 crore, levied a pollution cess on petrol, diesel cars and SUVs, among others.
The Union Budget for 2016-17 on Monday has offered sops for small and marginal income tax payers. www.taxxcel.com


It has hiked the surcharge by 3% on earnings above Rs 1 crore, levied a pollution cess on petrol, diesel cars and Sports Utility Vehicles (SUVs) and has offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45%.
Presenting his third Budget, Finance Minister Arun Jaitley has also proposed a ‘Krishi Kalyan’ cess of 0.5% on all taxable services to improve agriculture and reduction of duties on project imports for the cold room for cold chain, refrigerated containers and a number of other items.

Cigarette and tobacco products will become costlier with the hike in excise duty by 10 to 15%.

While the revenue loss on direct taxes will be Rs 1,060 crore, Jaitley’s indirect tax proposal will mobilise an additional Rs 20,670 crore. The net revenue gain will be Rs 19,610 crore.

Income Tax Expectations From Arun Jaitley

Finance Minister Arun Jaitley will present the Budget for 2016-17 on February 29. The salaried class has a lot of expectations from the Budget. Increase in the personal income tax exemption limit and a higher deduction limit on home loan interest are among the common ones, say analysts.

Budget 2016: Income Tax Expectations From Arun Jaitley

“Considering the increase in cost of living, the current basic exemption limit of 2.5 lakh should be raised to Rs. 3 lakh. Also going forward increase in basic exemption limit could be linked to the rate of inflation and be raised every year automatically,” says Neha Malhotra, executive director of taxation at Nangia & Co, a tax advisory firm.

The salaried class also wants the deduction limit under Section 80C to be raised further, say experts.

“The Section 80C limit of Rs. 1.5 lakh hasn’t been revised since FY 2014-15. It may see an increase this year. Possibly, the government may look at adding some saving products and increasing the limit to Rs. 2 lakh,” says Preeti Khurana, chief editor of Cleartax.in.

Currently, Section 80C is too cluttered, say experts, with a large number of instruments qualifying for deduction under the section. Employee Provident Fund, which is a mandatory contribution for a salaried person, is also eligible for deduction under the section, consuming a major portion of the Rs. 1.5 lakh limit. Therefore, people especially in the higher income group are unable to claim deductions for other 80C-linked investments.

“80C deduction should be linked to the income level – higher income taxpayers should be given higher limit for deduction i.e. a slab for tax deductions based on the income” adds Neha Malhotra of Nangia & Co.

Experts also feel that the infrastructure bonds should be reintroduced, both to provide an extra deduction to the salaried class and help the government raise funds for infrastructure projects.

“To encourage savings for infrastructure development, the infrastructure bonds may be reintroduced with a sub-limit ofRs. 25,000,” says Anil Rego, CEO and founder of Right Horizons.

Also, given the high property prices, the deduction for the home loan interest part under Section 24B part should be raised further, experts say.

“The current limit of Rs. 2 lakh is low considering the costs involved in cities like Mumbai, where the houses are priced at a crore and above,” says Ms Malhotra of Nangia & Co.

The huge delays by the builders in giving possession are adding to the cost of buying a property further. Therefore, experts believe that the government should relax the rules related to home loan interest exemption.

As per the current income-tax rule under Section 24B, the buyer can claim the deduction on the entire interest paid during the construction period in five equal installments only after the completion of the construction of the property. It further says that if the construction of the property is not complete within three years, the borrower can claim only claim Rs. 30,000 per year of the pre-construction interest. The government should relax the norms, say experts.

Also, there are certain sections whose deduction limits have not been revised for a long time and are far below the actual cost that people incur. These needs to be increased, believes experts.

“Medical allowance of Rs. 15,000 per annum, education allowance of Rs. 100 per month per child and hostel allowance of Rs. 300 per month per child are too low considering the actual costs involved and have not been revised for a very long time, ” says Ms Malhotra.