Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile.

ITD has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its resources. The information in respect of these cases is being made available in the e-filing window of the PAN holder (after log in) at the portal https://incometaxindiaefiling.gov.in. The PAN holder can view the information using the link “Cash Transactions 2016” under “Compliance” section of the portal. The taxpayer will be able to submit online explanation without any need to visit Income Tax office.

Email and SMS will also be sent to the taxpayers for submitting online response on the e-filing portal. Taxpayers who are not yet registered on the e-filing portal (at https://incometaxindiaefiling.gov.in) should register by clicking on the ‘Register Yourself’ link. Registered taxpayers should verify and update their email address and mobile number on the e-filing portal to receive electronic communication.

A detailed user guide and quick reference guide is available on the portal to assist the taxpayer in submitting online response. In case of any difficulty in submitting on line response, help desk at 1800 4250 0025 may be contacted.

Data analytics will be used to select cases for verification, based on approved risk criteria.  If the case is selected for verification, request for additional information and its response will also be communicated electronically. The information on the online portal will be dynamic getting updated on receipt of new information, response and data analytics.

The response of taxpayer will be assessed against available information. In case explanation of source of cash is found justified, the verification will be closed without any need to visit Income Tax Office. The verification will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

The taxpayers covered in this phase should submit their response on the portal within 10 days in order to avoid any notice from the ITD and enforcement actions under the Income-tax Act as also other applicable laws.

PIB

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The finance ministry seems better placed now after demonetisation to decide on raising allowances as recommended by the 7th Pay Commission.

With the dust at least partly settled over demonetisation and the subsequent disruption at the finance ministry, there seems to be renewed cheer among Central government employees of a decision on allowances as recommended by the 7th Central Pay Commission (CPC). Two developments in this regard are worth taking note of, even as Budget 2017 is about a month away.

As has been reportedly earlier, the second amnesty scheme for tax defaulters – Pradhan Mantri Garib Kalyan Yojana, 2016 – estimated to net the Modi government a substantial amount, the financial outgo of Rs 1,02,100 crore no longer seems to be a hurdle.

However, the note ban decision and the spate of activities that followed the decision about raising allowances to the back burner made employees restive.

Now they hope the government will quickly move on the issue that involves about 47 lakh Central government employees and 53 lakh pensioners, of which 14 lakh employees and 18 lakh pensioners are from the defence forces.

While a website claiming to represent bureaucrats said that the finance ministry is likely to pay the enhanced allowances (possibly along with arrears) after Budget 2017 in February, another said that employees have sought a meeting with the ministry to resolve the issue at the earliest.

“Government is very pleased to pay the higher allowances to its employees after Budget. The acute cash crunch in banks and ATMs that prevailed for a month following the demonetization move of the government has eased from January 1, as the daily withdrawal limit from ATMs has been increased from Rs 2,500 to Rs 4,500. Hence, the Finance Ministry felt it would be wiser to announce of higher allowances after Budget,” the Sen Times quoted a senior finance ministry official as saying.

Another significant development is a communication by the staff side National Council of the Joint Consultative Machinery (JCM) seeking an early redressal of the issue.

“Almost four months have passed (since September 1, 2016 meeting) without any outcome. All the Central Government Employees are quite agitated as well as are having mental agony because allowances of the VII CPC, have not been implemented. You are therefore, requested to fix-up a meeting of the Committee on Allowances, at an earliest to resolve the issues placed in the memorandum of the Staff Side(JCM) on various allowances,” the letter read.

The CPC examined 196 allowances and gave its recommendations on abolishing or raising some of them while recommending others to be subsumed with other perks. It had proposed 138.71 percent hike in HRA and 49.79 percent for other allowances, while submitting its voluminous report in November 2015.

The Budget for the financial year 2017-18 is likely to be presented on February 1 by Finance Minister Arun Jaitley.

Source: ibtimes.co.in

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Raigad (Maharashtra): Prime Minister Narendra Modi on Saturday articulated that demonetisation is only short term pain for long term gain, adding that the present regime would not shy away from taking difficult decisions that are in the interest of the country.

“Demonetisation is only short term pain for a long term gain. We will continue with sound economic policies to ensure India’s bright future in the long run,” he said.

Speaking at the inaugural function the National Institute of Securities Markets (NISM) in Raigad, Prime Minister Modi said that India is being seen as bright spot and to see how far India has travelled one should look back to 2012-13 when the currency was falling sharply.

“India has earned a good name for its well regulated securities markets,” Prime Minister Modi said.

The Prime Minister Modi also expressed the view that public investment has increased in the last three years and progress has been made in ease of doing business.

“Constitutional amendments on GST that remained pending for years has been passed and the long awaited GST will soon be a reality,” he said.

“For financial markets to function successfully, participants need to be well informed,” he added.

Prime Minister Modi further said that those who profit from financial markets must make a fair contribution to nation-building through taxes.

Highlighting the progress made by the Indian economy the Prime Minister said, ” SEBI should work for closer linkage between spot markets like e-NAM and derivatives markets to benefit farmers. The country has made progress and improved the ease of doing business as foreign direct investment(FDI) has now reached record levels.”

The Prime Minister asked stock markets to raise capital in innovative ways for projects in agriculture.

“Government is very keen to encourage start-ups as stock markets are essential for the start-up ecosystem,” he added.

Earlier, Prime Minister Modi arrived in Raigad to inaugurate the new campus of the National Institute of Securities Markets in Panvel.

During his one-day-visit to the state, the Prime Minister will also lay the foundation stone for the grand memorial of Maratha warrior king Chhatrapati Shivaji Maharaj on an island in the Arabian Sea off Mumbai and a metro project in Pune.

ANI

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State Bank of India will grant special leave of two days to its employees as reward for having taken additional stress since November 8 when demonetisation was announced.

Employees would be able to avail this leave any time until March 2018, said SBI Chairman Arundhati Bhattacharya in Mumbai on Wednesday.

“Our employees will get rewarded, I am sure. We are looking into what can be done. We have already given overtime wherever it is due.”

On the issue of new currency notes being diverted by some bank employees, Bhattacharya clarified that in any system there would be a few bad examples.

She observed that such incidents of Rs.100-200 crore being diverted to a select few had created doubts in the minds of people. The banking sector had dispensed Rs.7 lakh crore worth of money in the system during this period. But those who are guilty of such malpractices will be dealt in accordance with law, she said.

Bankers have been going about their job silently and without being given credit for implementing such a challenging task, she said.

They had been putting in late hours and many could not go home in the initial few days, she said.

The SBI chief said that there were checks and balances in place but if checks were tightened further, banks would not be able to serve their customers.

SBI was using analytics to ascertain the number of notes received by the bank versus the number issued to customers, besides reporting suspicious transactions on a daily basis, Bhattacharya said.

Source : The Hindu

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New Delhi: Post offices have exchanged currency worth Rs 3,680.99 crore till December 7, after the government scrapped old Rs 500 and Rs 1,000 notes last month, Parliament was informed today.

“The total amount exchanged in the post offices after demonetisation is Rs 3,680.99 crore till December 7, 2016,” Communications Minister Manoj Sinha said in a written reply to Lok Sabha.

The total amount deposited in the post offices after demonetisation is Rs 38,630.06 crore till December 7, 2016, he added. The demonetisation of high value currency took effect from November 9.

Responding to another query, Sinha said a total of over 79.75 lakh subscribers have ported out and 60.51 lakh subscribers have ported in to the mobile network of Bharat Sanchar Nigam Ltd (BSNL).

“A total of 4,41,879 subscribers have ported out and 1,21,219 subscribers have ported in to the mobile network of Mahanagar Telephone Nigam Ltd (MTNL),” he said.

A total of 2,479 complaints have been received by different TERM Cells against various telecom service providers (TSPs) across the country regarding keeping MNP request of subscribers pending or cancelled and thereby not complying with the MNP scheme during year 2015 and current year 2016 (up to September 30, 2016), he said.

Out of these complaints, a total of 2,320 number of complaints have been received against private cellular operators.

The highest number of complaints was against Airtel (651), followed by Vodafone (555), Idea (444), Reliance (342) and Aircel (195).

PTI

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New Delhi: Higher allowances under 7th pay commission recommendations is set to be delayed as the cash crunch brought on by demonetisation has hit government’s major announcement for central government employees.

The committee on allowances has finalized the report on the allowances and the government has also sanctioned the funds, but the government is unable to pay it to its employees. On the other hand, the Finance Ministry is facing pressure from the central government employees’ unions which want immediate announcement of higher allowances.

“One of the the government major announcements that has got get affected in the cash crunch process is ‘fatter allowances’ for the central government employees. The announcement has now been postponed, We expect things to normalise January onwards from the current uncertainty, if things settle down, the announcement will be made.” a top official involved with the process of higher allowances told The Sen Times on the condition on anonymity.

He added that the decision on this matter to push since payments to the employees are made in ease and without facing cash crunch. Hence, the Finance Ministry felt it would be wiser to announce of higher allowances when things settle down.

Currently, the central government employees are getting allowances according to the 6th Pay Commission recommendations while the government implemented hike in basic pay with retrospective effect from January 2016 in new pay structure under the recommendations of the 7th Pay Commission for central government employees.

The government approved hike in basic pay in June but referred hike in allowances other than dearness allowance to the ‘Committee on Allowances’ headed by the Finance Secretary Ashok Lavasa for examination as the pay commission had recommended of abolishing 51 allowances and subsuming 37 others out of 196 allowances.

However, the 7th pay commission had recommended 138.71 percent hike in House Rent Allowance (HRA) and 49.79 percent for other allowances and the committee on allowances sticks with the 7th Pay Commission’s recommendations, the official confirmed.

After the cabinet approval, Finance Minister Arun Jaitley had congratulated central government officers, employees and pensioners on a historic rise in their salary and allowances through the 7th pay commission recommendations but the central government employees have so far not been paid higher allowances.

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