Ticker

DoPT issues Gazette Notification for filing Lokpal Returns as on 31-3-2015 before 15-10-2015

Gazette Notification on Lokapal

FAQ issued by DoPT on Lokpal Declarations by CG Employees

FAQ-07072015.pdf

Electronic Filing of Income Tax Returns for 2015-16 Commences

 

Press Information Bureau

Ministry of Finance, Govt. of India.

Electronic Filing of Income Tax Returns for 2015-16 Commences; ITR 1-Sahaj, 2 and 2A can be Used by Individuals or HUF Whose Income Does not Include Income from Business;

ITR 4S – SUGAM can be Used by an Individual or an HUF Whose Income Includes Business Income Assessable on Presumptive Basis; Taxpayers Requested to E-File Their Returns Early to Avoid the Rush Closer to the Last Date of Filing.

The Income Tax Department has released the software for preparing the Income Tax Return forms 1- SAHAJ, 2, 2A and 4S- SUGAM for AY 2015-16. The e-filing of these return forms has been enabled on the e-filing website-https://incometaxindiaefiling.gov.in.

ITR 1-SAHAJ, 2 and 2A can be used by individual or HUF whose income does not include income from business. ITR 4S – SUGAM can be used by an individual or HUF whose income includes business income assessable on presumptive basis. The elaborate details of the persons who can use these forms are available in the instructions for filling the forms.

The facility for pre-filling of information for these return forms is available in the software for preparing the return forms. When the taxpayer exercises this option and just fills in his PAN, then personal information and information on taxes paid and TDS will be auto-filled in the form. Taxpayers are requested to use the return preparation software available free of cost under the ‘Downloads’ section on the home page of the Income Tax Department’s e-filing website-https://incometaxindiaefiling.gov.in. The use of Departmental software will ensure preparation of error-free returns thereby avoiding any need for future rectification due to data validation mistakes.

Taxpayers are requested to e-file their returns early to avoid the rush closer to the last date of filing.

DA to go up by 6% from July,2015 onwards for CG employees?

 Dearness Allowance for Central Government Employees with effect from July 2015 will be increased by 6% due to  two point increase in All India CPI (IW) for May 2015. With this the total DA will go up  to 119% from July,2015 onwards. 

Shri Najib Shah, IRS takes over as Chairman of CBEC from 1-7-2015 onwards

  Shri Najib Shah, IRS has taken over as the Chairman of CBEC w.e.f. 1-7-2015 onwards.  He is 1979 batch IRS (C&CE) officer.  The outgoing Chairman  Shri Kaushal Srivastava has been appointed as member, Appellate Tribunal for Forfeited Property (ATFP). 

          We welcome Shri Najib Shah and we do hope that under his able and dynamic stewardship, CBEC will march ahead and many problems besetting our cadre will be settled. 

National Mazdoor Conference Asks Seventh Pay Commission To Expedite Completion Of Its Report

National Mazdoor Conference (NMC) asked the Chairman of Seventh Central Pay Commission to expedite completion of its report on salaries, allowances and pensions of about 80 lakh of central government employees and pensioners.  “We urge upon the Chairman of Seventh Central Pay Commission to expedite completion of recommendations and get it finalised by the stipulated time so that there is no delay in its implementation in favour of both Centre and state government employees and pensioners,” National Mazdoor Conference (NMC) President Subash Shastri said.

 

In a memorandum sent to Justice Ashok Kumar Mathur (retd.), Chairman of the Seventh Central Pay Commission, Shastri appealed to recommend its report to state government as well, “So that the gap arising out of implementation of the Seventh Central Pay Commission recommendations does not mainly go against the interest of state government employees and pensioners.”  He also said that keeping in view the rising cost of living, the Pay Commission should effectively formulate strategies to deal with inflation. Shastri earlier said that the pay commission should submit their report to the Central Government at appropriate time, so that it will enable to implement its report from 1st January, 2016.

 PTI

CBEC To Popularise Settlement Commission For Resolving Tax Disputes

The Central Board of Excise and Customs (CBEC) has asked its officials to encourage assessees facing notices to get tax disputes expeditiously resolved through the Settlement Commission mechanism.

CBEC Chairman Kaushal Srivastav

CBEC Chairman Kaushal Srivastav

The directions issued by the revenue department to Chief Commissioners and Director Generals dealing with indirect taxes are aimed at encouraging voluntary compliance and greater use of the Settlement Commission.

 

“…It is directed that immediately after issuance of show-cause notice, a letter should invariably be written to the noticee informing him about the scheme of the settlement,” it said in a circular.

The Settlement Commission scheme, it said, has not yielded desired results even after more than 15 years of operation.

“It has been noticed that even after more than 15 years of operation of the scheme, cases through Settlement Commission have not yielded the desired results and very ‘minuscule’ percentage of all show cause notices issued are taken up by the assessee’s for settlement,” CBEC said.

According to it, one of the reasons for “not many assessee’s opting for the said scheme may be lack of awareness of the scheme among them”.

The objective behind the setting up the Settlement Commission was to create a channel whereby tax disputes can be settled “expeditiously and in a spirit of conciliation rather than prolonging them through adversarial attitude”.

PTI

Sudden and Sad demise of Shri Prakash Rao, Asst.Commissioner, Kakinada

Shri Prakash Rao, Asst.Commissioner working in Kakinada died of heart related problems this morning in Star Hospital, Hyderabad. 

Shri Prakash Rao joined in Vizag Zone from Hyderabad on rotational transer and got promoted as Asst.Commissioner there only  in last cadre restructuring. He was genial and friendly. The fact that he is no more is difficult digest.

May his soul rest in peace. Our deepest condolences to the bereaved family. 

Finalisation of 7th CPC expedited

7th CPC  has informed in its official webiste  7cpc.india.gov.in that  it has completed all discussions with Organisations, Federations, and Groups which represent Central Government Employees and Defence Services. 7CPC has further reported that it is in the process of finalisation of 7th Pay Commission report.

So, any future requests  made by any organisation for interaction with 7th Pay Commission will not be allowed

The full text  of 7th Pay Commission’ note in its official website is as follows

“Further to the memoranda received  from a variety of Organisations, Federations, Groups representing civil employees in the Government of India as also from the Defence Services, the Commission has had fruitful and wide ranging discussions on relevant issues with all stakeholders. Such interactions  have now been concluded. Valuable inputs  have been received and the work of compilation and finalization of the report is underway, so that the Commission completes its task in the time frame given to it. Accordingly, any future requests for meeting with the Commission will not be entertained.”

 

So lets hope CPC submits its report at the earliest and its recommendations will be implemented w.e.f. 1-1-2016 onwards. 

Source: 7th Pay Commission

Simplified Income Tax Returns released – ITR-1, ITR-2, ITR-2A – Most of Salaried Employees to file ITR-1 or ITR-2A

Salaried class  with no capital gains to file either ITR-1 or ITR-2A

IT Dept.has released Income Tax Returns which will have to be filed by Income Tax Assessees on or before 31st August 2015.

Income Tax Returns for the year 2014-15 (Assessment Year 2015-16) were originally notified in the month of April 2015. However, on representations from income tax payers for certain complications in the filing of Income Tax Returns, Govt came forward to revise ITRs after simplifying those.

Consequently, Income Tax Department has released ITR-1, ITR-2, ITR-2A, and ITR-4S now after simplification.

No major change in ITR-1

ITR-1 will be applicable to Salaried Employees having Income or loss from only one house property and without Capital Gains

ITR-2A for Salaried Class with out Capital Gains and more than one House Property

ITR-2A will have to be filed by Salaried Employees who have income or loss from more than one house property and without Capital Gains.

ITR-2 is meant for Salaried Employees who have income or loss from more than one house property and having Capital Gains.

From the Instructions for filing of Income Tax Returns released by IT Department along with ITR, it could be concluded that Majority of Salaried Employees will be covered by ITR-1 and ITR-2A as number of Salaried Employees who have Capital Gains will be very minimal.

Common Instructions for Filing ITR for the Year 2014-15 (Applicable to ITR-1, ITR-2 and ITR-2A)

1. Applicable for  IT Assessment year 2015-16 i.e., Financial Year 2014-15.

2. Income Tax  Return Form can be filed with the Income-tax Department in any of the following ways, –

(i)   by furnishing the return in a paper form;

(ii)  by furnishing the return electronically under digital signature;

(iii) by transmitting the data in the return electronically under electronic verification  code;

(iv) by transmitting the data in the return electronically and thereafter  submitting the verification of the return  in

Return Form ITR-V;

3. From the assessment year 2015-16 onwards any assessee (other than an  individual  of the age of 80 years or more at any time during the previous year) having a refund claim in the return or having total income of more than five lakh rupees is required to furnish the return in the manner provided at 5(ii) or 5(iii) or 5(iv).

4. Where the Return Form is furnished in the manner mentioned at 5(iv), the assessee should print out two copies of Form ITR-V.  One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office  Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.

5. No document (including TDS certificate) should be attached  to this Return Form.  All such documents enclosed  with this Return Form will be detached and returned to the person filing the return.

6. While filing Paper ITR (Manual filing of ITR) filling out the acknowledgement – ITR-V is neccessary. Only one copy of ITR-V is required to be filed.

Instructions for filing ITR-1

Who can use ITR-1 ?

ITR-1 is to be use by an individual whose total income for the assessment year 2015-16 included:

a) Income from Salary / Pension; or

b) Income from One House Property (excluding cases where loss is brought forward from previous years); or

c) Income from other sources (excluding winning from Lottery and income from race horses)

NOTE : When income  of another   person  like spouse, minor  child, etc. is to be clubbed  with the  income  of the  assessee,   this  Return Form can be used only if the income  being  clubbed  falls into the above  income categories.

 Who cannot use ITR-1 ?

ITR-1 can not be used  by on individual   whose  total  income  for the assessment   year  2015-16  includes:-

a) Income from  more than  one house  property;   or

(b) Income from Winnings  from lottery  or income from  Race horses;  or

(c) Income  under  the  head  Capital  Goins e.g.,  short-term    capitol  gains  or long-term   capital gains from sale of house,  plot, shopes  etc.; or

(d) Agricultural income  in excess of Rs. 5,000;  or

(e) Income from  Business or Profession;   or

(f) Loss under the  head  “Income  from other  sources” ; or

(h) Any resident having any asset outside India ; or

(i) Any Resident having income from any source outside India.

Instructions for filing ITR-2A

Who can use ITR-2A ?

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-

(a)   Income from Salary / Pension; or

(b)  Income from House Property; or

(c)   Income from Other Sources (including Winning from Lottery and Income from Race Horses).

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

Who cannot use ITR-2A ?

This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes,-

(a)   Income from Capital Gains; or

(b)  Income from Business or Profession; or

(c)   Any claim of relief/deduction under section 90, 90A or 91; or

(d)  Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or

(e)   Any resident having income from any source outside India.

Instructions for filing ITR-2

Who can use ITR-2 ?

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-

(a)   Income from Salary / Pension; or

(b)  Income from House Property; or

(c)   Income from Capital Gains; or

(d)  Income from Other Sources (including Winning from Lottery and Income from Race Horses).

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

Who cannot use ITR-2 ?

This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes Income from Business or Profession.