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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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Budget 2016: Four-month window for domestic black money holders to come clean

Government on Monday came out with one time four-month compliance window for domestic black money holders to come clean by paying tax and penalty of 45% per cent.

“I want to give an opportunity to earlier non-complaint to move to the category of complaint. I propose a limited period compliance window for domestic tax payers to declare undisclosed income represented in any form of assets and clear up past transgression by paying tax at 30%, a surcharge at 7.5%, a penalty at 7.5% which is total of 45% of undisclosed income,” Finance Minister Arun Jaitley said.www.taxxcel.com

Unveiling the Budget for 2016-17, Jaitley said those declaring their assets will get immunity from prosecution.

“There will be no scrutiny or inquiry regarding tax in these declaration under Income Tax Act or Wealth Tax act and declarations will have immunity from prosecution. Immunity from Beneami transaction has been proposed subject to certain conditions,” he said.

The government plans to open the compliance window under the Income Tax Disclosure Scheme from June 1 to September 30 2016 with option to pay amount due within 2 months of declaration.

In the last Budget, the government had come out with similar compliance window for people holding undisclosed assets abroad.

He, however said that tax evasion will be “countered strongly”.

Capability of the tax department to detect tax evasion has improved because of enhanced access to information and availability of technology, the minister said.

Jaitley further said the surcharge levied on undisclosed income called ‘Krishi Kalyan Surcharge’ will be used for agriculture and rural economy.

“We plan to open window under the income tax disclosure scheme from June 1 to September 30, 2016, with option to pay amount due within two months of declaration.

“Our government is fully committed to removing black money from economy… We would like to focus all our resources to bringing back black money to the books,” Jaitley said.

Simplify Income Tax Return Filing Process-taxxcel

It is that time of the year when employees and individuals start contemplating whether taxes will have a positive or negative impact on their income, based on the Union budget presented by the Finance Minister on the last day of February.

In his last budget speech, Finance Minister Arun Jaitley had stated: “As and when my fiscal capacity improves, individual taxpayers will have a lot to look forward to.” This would generally tempt to build high expectations among individual taxpayers. However, this is going to be a difficult year considering the optimistic fiscal deficit targets.www.taxxcel.com

Considering the pressure that the Seventh Pay Commission has put on government coffers, it is possible that the budget focuses on increasing the revenue than granting tax cuts. Having said that, individual taxpayers, specifically the salaried employees, should not be on the government’s radar for increasing tax revenue.

Discussed below are few pointers that may have an impact from an individual’s perspective:

Basic exemption:

Use of Technology by Taxman has Reduced Malpractices: Jaitley

Finance Minister Arun Jaitley on Tuesday said the usage of technology by the Income Tax Department has reduced human interface between assessees and tax officers and helped eliminate malpractices.

The Central Processing Centre (CPC) in Bengaluru, which processes e-filed returns, has the capacity to handle about five lakh returns a day, he said.www.taxxcel.com

Finance Minister Arun Jaitley said CPC, Bengaluru has the capacity to handle about five lakh returns a day.

“Already about 3.6 crore returns have been processed through this medium (CPC) and 1.4 crore assessees have been notified of their refunds. Also, refunds have been given to them using this very medium,” Mr Jaitley said in the YouTube channel of the Finance Ministry.

The Income Tax Department has already started electronic tax assessment, under which queries are sent to assessees through e-mail.

Assessment Orders are also now available through the electronic medium, except in a few cases of scrutiny, he said.

“This has brought about a sea change in the functioning of the tax department. There has been electronic interface. There is no physical face-to-face with the Assessing Officer. This has hugely increased the level of convenience, this eliminates malpractices and is extremely assessee-friendly,” he said.

Finance Ministry alarmed at low I-T collections; asks taxmen to act quick

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Alarm bells have rung in the Finance Ministry after net direct tax collections are showing a 35 per cent shortfall with only two months left for closing of the financial year.

Concerned over this, the CBDT, has written to the Income Tax department to pull up its socks and step up the drive for collection of revenue.

In an urgent missive to the top brass of the department in the country, the Board has asked them to give their “highest priority” to get as much as they can on the regular tax front as it is showing a negative growth rate of ‘-10.44 per cent’ as compared to the corresponding growth of 17.25 per cent last year.

While the target for direct taxes collection this fiscal is Rs 7.98 lakh crore, the department has made a net collection of about Rs 5.21 lakh crore by January 31, thereby falling short, at present, by over 35 per cent to reach the target.

In his first general communication to the department, newly appointed Central Board of Direct Taxes Chairman Atulesh Jindal asked the department to tighten their belts after a Revenue Secretary Hasmukh Adhia raised a similar concern in a meeting recently.

“The gross collection grew only by 8.13 per cent. Chairman CBDT needs to ask all Commissioners to achieve their target,” Jindal wrote to his Principal Chief Commissioners quoting Adhia.

“In the area of net direct tax collections, the present growth rate is not encouraging if compared with the preceding financial year. The net collections as on January 31, 2016 stand at Rs 5,21,853 crore indicating achievement of 65.40 per cent of budget estimates with a growth rate of 10.87 per cent. Looking at the overall minor head-wise growth rate, it is seen that except TDS all other minor heads are having a growth rate which is less than the growth rate of immediately preceding year at this time of the year,” he said.

The main cause of concern in this regard, the CBDT boss said, is the “decline in the regular tax collection which is showing a negative growth rate of (-) 10.44 per cent as compared to the corresponding growth of 17.25 per cent last year.

“This suggests that either regular demand has not been raised due to non-completion of scrutiny assessments or adequate efforts are not being made to collect the arrear demand. This is being seen as matter of concern by the government,” he said.www.taxxcel.com

Not only govt, MNCs too responsible for tax rows: Raghuram Rajan

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Blaming multinational corporations squarely for tax controversies, Reserve Bank Governor Raghuram Rajan said their indulgence in avoidance and evasion results in prolonged legal battles.

Addressing the issue of tax havens, Rajan wondered aloud as to what makes a bulk of intellectual property reside in Cayman Islands, quipping that no one has seen scientists in so large numbers in the Caribbean isles.

“Occasionally, there is government excess, but they are not the only ones who commit excesses,” he said, delivering the 13th Nani Palkhivala lecture on ‘Strengthening the free enterprise in India’ in Mumbai.

“Multinational corporations complain all the time of excessive demand about excessive taxation, but it is also true that MNCs across the world tend to find tax avoidance and sometimes tax evasion as an appropriate technique and therefore, there is a constant fight between governments and MNCs,” he said.

In remarks that come within a week of Prime Minister Narendra Modi assuring all retrospective taxation such as the infamous Vodafone case being an issue of the past, Rajan said the movement on taxation within the country has been “positive and in right direction”.

“The movement has been positive and in right direction, including the great debate on retrospective taxation which has allowed us to clarify our thinking on this issue and the government has stated its position very clearly on the way forward.”

The academic-turned central banker said he hopes that the Bankruptcy Code gets passed in the upcoming Budget session of Parliament. The code will help facilitate credit for both large enterprises as well as smaller ones which have suffered the most under laws like the Sarfaesi Act.

“It would make it much easier for the smaller firm to get credit and also allow the large firm to get credit because now there is a way for the lenders to recover the money in the Bankruptcy Code,” he said.

Rajan said the government is also working on a plan to have unique IDs for businesses on the lines of the ambitious Aadhar programme for individuals, which will help establish credit histories and make it easier for the better-behaved firms access credit.

“The government is in the process of creating a unique firm ID, the same way as Aadhaar, which will help us identify firms and who is the promoter and thereby get a sense of the antecedents of firms that will give credit histories, which will allow banks to lend to them,” Rajan said.

He called the notion giving credit to smaller businesses for job creation in the economy as a “myth”, saying it is the large-scale firms alone which do the task effectively.

Welcoming the government’s Start-Up India plan, he said there is a need to have a large number of smaller firms which are growing to become big businesses, and one should avoid creating a tendency where the entrepreneur prefers to remain small.

The RBI Governor said it is essential to evolve into a place where money does the talking rather than other elements like one’s caste or religion, and added that businesses should also stop looking for special dispensations.

Stressing on the need for skilling people, he said “capitalism starts at the age 21” and one should not force children to undergo excessive competition before that.

Rajan said he is very optimistic about India of the present, despite the many problems it faces, saying “we have always found our way to fight the ills and emerge stronger”.

“Yes, we have our weaknesses and our excesses, but our democracy is self-correcting, and even while some institutions weaken, others come to the fore. India’s is a dynamic society, ever changing, ever rejuvenating,” he said.

Speaking before Rajan, former RBI board member Y H Malegam flagged the growing instances of trouble caused by fringe elements which are threatening the very idea of India, comparing it with the situation where a little man is causing a long shadow during what looks like a sunset.

Rajan quipped, “Even though little men cast long shadows at sunset, the sun does rise in our country.”

“In the spirit of what Palkhivala (the late eminent jurist) said, India always seems to find a way, perhaps not quickly, perhaps not linearly, but eventually in due course.”