Wednesday, 5 October 2016

CBDT committed to Strict Confidentiality under Income Declaration Scheme 2016

While announcing the results of the Income Declaration Scheme 2016 on 1st October, 2016 at a press conference in Delhi, the Honourable Finance Minister Shri Arun Jaitley stressed that no break-up of these declarations on the basis of trades / cities / states shall be released in order to ensure absolute secrecy with respect to the identity of the declarants.

CBDT clarifies that no official list of region wise declarations has been issued. The Income Tax Department is committed to maintaining strict confidentiality of declarations made under the Income Declaration Scheme 2016. CBDT requests the general public not to pay any heed to such fraudulent messages circulating on social media.

Income Declaration Scheme 2016 unearths Rs.65250 Crore

The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provided an opportunity to persons who had not paid full taxes in the past to come forward and declare their domestic undisclosed income and assets. Declarations could be made online as well in printed copies of the prescribed form up to midnight on 30th September, 2016. In order to facilitate the taxpayers and to spread awareness about the Scheme, the CBDT issued a number of FAQs to address various queries received. 
Major issues clarified included manner of declaration of fictitious liability, allowance of cost indexation and holding period benefit for registered immovable property, sanctity of valuation report etc. Difficulties with respect to payment of taxes in a short span were removed by permitting payment of tax in 3 instalments, the last being in September 2017. Absolute confidentiality of the declarations made was promised under the scheme to reassure the declarants. An appeal was made by the Honourable Prime Minister of India to the general public to come clean on taxes due. The FM personally addressed stakeholders at many stations. 

Monday, 3 October 2016

3 Reasons why is Personal Financial Planning essential for women

Do you ever wonder how women from any strata of society, are able to accomplish this well?

How is a common housewife able to manage her household in whatsoever budget, she is given?

On a small-scale, women have always well proved their potential to be better money managers.

Let us illustrate a scenario as an evidence of this concept. If we look at banks and other micro finance institutes, it will not be uncommon to find these organizations readily lending money to every next door woman in the house. Does this still makes you ponder?

Decide your financial Future; or someone else will:

Personal financial planning is one of the significant things in every women’s life. Planning your own financial future will offer you enormous set of benefits. Even with these benefits being clearly apparent, many women (including the working ones) still leave their financial matters on their fathers or husbands.

You may raise a question here. What will this planning ensure us with?

Finance Minister conveys Government’s Appreciation to tax payers for their contribution towards Nation building

Finance Minister conveys Government’s Appreciation to tax payers for their contribution towards Nation building. 

The Government acknowledges the contribution of individual tax payers in paying taxes within the prescribed time and prompt filing of Income Tax Returns. 
The Honourable Finance Minister, Shri Arun Jaitley today handed over certificates of appreciation issued by CBDT honoring select tax payers for such contribution. While it is widely acknowledged that the Nation meets its obligations towards spending in various social sector and welfare schemes and infrastructure development out of revenues mobilized through tax payments by millions of honest tax payers, this step marks the first effort by the Government to directly communicate to the tax payer its appreciation for that contribution.

CBDT will be sending out such certificates of appreciation to individual tax payers by e-mail in various categories on the basis of the level of taxes paid by them for the current Assessment Year 2016-17 where taxes have been paid in full and tax payers have no outstanding tax liabilities and where the return is e-filed within the prescribed due date. The tax payers may display these certificates in their homes / offices. 
The categories for individual taxpayers and the number of certificates being issued in the first round are: 
i. Platinum : Tax contributed Rs. 1 Crore and above 
ii. Gold : Tax contributed Rs. 50Lakh to Rs. 1 Crore 
iii. Silver : Tax contributed Rs. 10Lakh to Rs.50 Lakh 
iv. Bronze : Tax contributed Rs. 1Lakh to Rs.10 Lakh 

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. The Department is committed to continuous improvement of taxpayer services and seeks the cooperation of all taxpayers in contributing their fair share of taxes voluntarily.

Wednesday, 14 September 2016

CBDT Extends due date for filing of Income Tax Returns to 17.10.2016

The due date for filing of Income tax returns by tax payers whose accounts are
required to be audited under the Income Tax Act is the 30th September of the
following year. The tax payers whose business receipts exceed Rupees One Crore or professional receipts exceed Rupees twenty-five Lakh during the previous year
2015-16 are required to file an Income Tax return accompanied by an audit report
by the above mentioned due date.

However, taking into consideration that the last date for making declarations
under the Income Declaration Scheme 2016 is also 30th September, 2016, the
Central Board of Direct Taxes has decided to extend the last date for such returns which were due on 30th September, 2016 to 17th October, 2016 in order to remove
inconvenience and to facilitate ease of compliance.

 - CBDT Press Release