Press Information Bureau
Government of India
Ministry of Finance

07-February-2017 20:26 IST

CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building

In continuation of the initiative of the Government to acknowledge the contribution of tax payers by paying taxes towards nation building and promptness in filing of Income Tax Returns, CBDT has issued the third round of Certificates to nearly 3.74 Lakh tax payers. With this, the total number of certificates issued by CBDT now stands at approximately 23 Lakh.

Individual tax payers may take note that such certificates of appreciation are only sent by e-mail in various categories on the basis of the taxes paid by them for the Assessment Year 2016-17, where taxes have been paid in full, tax payers have no outstanding tax liabilities, the return is e-filed within the prescribed due date and verified through Digital Signature or Electronic Verification Code (EVC) or submission of signed ITR-V to CPC Bangalore. The categories for individual taxpayers are:

i. Platinum – Taxpayers who have contributed Rs 1 Crore and above as tax
ii. Gold – Taxpayers who have contributed between Rs 50 Lakh and Rs 1 Crore as tax
iii. Silver – Taxpayers who have contributed between Rs 10Lakh and Rs 50 Lakh as tax
iv. Bronze – Taxpayers who have contributed between Rs 1Lakh and Rs 10 Lakh as tax

Taxpayers are advised to verify and update their email address and mobile number on the e-filing website to receive electronic communication. It may be noted that taxpayers can provide upto two email and two mobile numbers in their profile. Therefore, it is strongly advised that taxpayers should provide their personal and regularly used Email and Mobile number as their primary email.

The CBDT urges taxpayers to e-file their returns in time and verify their return by submitting the Electronic Verification Code online or sending their ITR-V within the 120 day period so that they can be also acknowledged for their contribution.

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New Delhi: Industry body Assocham demanded an increase in income tax exemption ceiling for salaried people to Rs 2.5 lakh and and re-introduce standard deduction for salaried employees to boost consumption in the upcoming Budget.

The income tax exemption ceiling at present is Rs 1.5 lakh.

“And re-introduce the concept of standard deduction for salaried employees who can then give a boost to consumption demand and boost economic growth,” Assocham said in a release.

Besides, Assocham has also pitched for revision of the deduction of interest on housing loans to at least Rs 3 lakh from the existing Rs 2 lakh and a similar limit be set for principal loan repayment from Rs 1 lakh at present.

Explaining the rationale for its demand for standard deduction, it said the salary of the employees has gone up moving along with inflation and other cost factors.

“So in order to benefit the salaried employees, the standard deduction should be reintroduced as one-third of salary or Rs 2,00,000 whichever is less”.

It has also suggested a depreciation allowance for salaried tax-payers in line with professionals.

Assocham said the deduction of depreciation is allowed under the head ‘Business and Profession’. No tax benefit is accrued to the salaried employees when they add assets. Though the assets get depreciated when owned by an employee, tax laws do not recognise this.

Moreover, to help salaried employees, it has suggested for leave encashment exemption limit for tax calculation to be raised to Rs 10 lakh.

“The current limit of Rs 3 lakh was notified by the CBDT way back in 1998 and needs to be raised substantially,” Assocham President Sunil Kanoria said.

Further, it has also asked for re-fixing of monetary limits under HRA/transport allowance and children education.

For the salaried employees, transport allowance is presently exempt from tax up to Rs 800 per month which should be raised to Rs 3,000 per month, it added.

Assocham pre-Budget memorandum to the Finance Ministry Arun Jaitley also suggested that a provision may be made in the Income Tax Act that any expenditure incurred by an employee for education of under-privileged children by making payment directly to a recognised school should be allowed as deduction from salary income up to Rs 1,000 per month for maximum of two children.

Inputs with PTI

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The Income Tax Department has clarified that circulation of Fake order dated 26.9.2015 for extension of due date for filing of Audit report and return of Income for Assessment Year 2015-16 is fraudulent. The Government has not extended the due date for filing of returns and audit report due by 30th September 2015. Tax payers and practitioners are advised not to give any credence to the fraudulent order.

It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under Section 119 of the Income-tax Act 1961 under the signature of one Upmanyu Reddy, Under Secretary to the Government of India is in circulation. The fake order extends the due date for filing of audit report under section 119 of the Income-tax Act to 15 October 2015.

It is clarified the order is fraudulent. The Government has not extended the due date for filing of returns and audit report due by 30th September 2015. Tax payer and practitioners are advised not to give any credence to the fraudulent order purportedly signed by one Upmanyu Reddy.

PIB

The post Tax Payers: No Extension in Due Date of Filing of Returns and Audit Report; Due Date Continues to be 30th September, 2015 appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

The Standing Committee on Finance has presented its report on Current Economic Situation and Policy Options to Parliament on August 30, 2012. The Committee has inter alia found that the investment climate in the country has suffered serious setback and investors confidence has been hit mainly because of the concerns over the impact of retrospective tax laws and new General Anti Avoidance Rules(GAAR).

The Government had constituted an Expert Committee headed by Dr. Parthasarathi Shome on GAAR on July 13, 2012. The Committee has now submitted its draft report, which has been placed in public domain on September 1, 2012 for seeking suggestions/opinion of the various stakeholders.

The Government had earlier on August 6, 2012 also requested the Expert Committee to examine the applicability of the amendment on taxation of non-resident transfer of assets where the underlying asset is in India, in the context of Foreign Institutional Investors (FIIs) operating in India purely for portfolio investment. It has now been decided to expand the scope of the Terms of Reference of the Committee to include all non-resident tax payers instead of only FIIs.

The post Scope of the Terms of Reference of the Expert Committee Headed by Dr. Parthasarathi Shome on Gaar Expanded to Include all Non-Resident Tax Payers Instead of Only FIIs appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.