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

The Income Declaration Scheme, 2016- Instructions by RBI to banks to accept cash deposits

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme has come into effect from 1.6.2016 and is open for declarations upto 30.9.2016. In respect of the issue of deposit of cash declared under the Scheme, the Central Board of Direct Taxes vide Circular No.29 of 2016 dated 18.8.2016 clarified that Reserve Bank of India (RBI) has been requested to issue instructions to banks to allow payment of tax under the Scheme in cash and to allow deposit of cash over the counter.
 

The RBI has vide its circular dated 08.09.2016 instructed the banks to invariably accept cash deposits from all the declarants under the Scheme and to accept cash deposits, irrespective of amount, over the counters, for making payment under the Scheme through challan ITNS-286. The relevant circular of RBI is available on the departmental website
www.incometaxindia.gov.in


 - CBDT Press Release

Direct Tax Collections up to August, 2016 show an Increase of 15.03%

The figures for direct tax collections up to August, 2016 show that net revenue
collections are at Rs. 1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year. Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.
 

As regards the growth rates for Corporate Income Tax (CIT) and Personal
Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.55% while that under PIT (including STT etc.) is 24.06%. However, after
adjusting for refunds, the net growth in CIT collections is (-)1.89% while that in PIT collections is 31.76%. Refunds amounting to Rs. 77,080 crore have been issued during April-August, 2016, which is 22.18% higher than the refunds issued during the corresponding period last year.

 - CBDT Press Release

Monday, 22 August 2016

Paperless application of PAN and TAN introduced

Ease of Doing Business – Paperless PAN & TAN application process.
 

For fast tracking the allotment of PAN and TAN to company applicants,
Digital Signature Certificate(DSC) based application procedure has been
introduced on the portals of PAN service providers M/s NSDL eGov and M/s
UTIITSL. Under the new process PAN and TAN will be allotted within one
day after completion of valid on-line application.


Similarly, a new Aadhaar e-Signature based application process for
Individual PAN applicants has been made available on the portals of PAN
service providers M/s NSDL eGov.


The URL links for the above applications are available in important
linkson the homepage of the departmental website incometaxindia.gov.in.
Introduction of Aadhaar based e-Signature through M/s NSDL eGov in
PAN application not only ensures paperless hassle free PAN application process
but also seeding of Aadhaar in PAN which will curb the problem of duplicate
PAN to a great extent.

Increase in Efiling of Income tax Returns

Surging growth in Electronic filing of Income Tax Returns for F.Y. 16-17

 The facility of e-verification of IT returns has been used by over 75.3 Lakh taxpayers till 5th August, 2016 as compared to 32.95 Lakh taxpayers last year till 7th September 2015. Of these Aadhar based E- verification was used by 17.68 lakh taxpayers during the current year as against 10.41 lakh taxpayers during the same period in 2015-16. In addition to these, 3.32 Lakh returns were digitally signed. Thus, over 35% of taxpayers have already completed the entire process of Return submission electronically. 

The Department encourages all taxpayers who have submitted their ITRs to use the e-verification as an easy alternative to sending their ITR-V form to CPC, Bengaluru. As on 5th August 2016, over 226.98 Lakh e-returns had been filed in F.Y. 2016-17 as compared to 70.97 Lakh for the same period in FY 2015-16. The growth is over 9.8% even if comparison is made with E-returns filed of 206.55 Lakh as on 7th September 2015 (the extended due date in FY 2015-16) which is for a period more than a month later. 

Taxpayers have appreciated the early processing of Income Tax Returns by CPC Bangalore last year. Keeping the same momentum, the CPC Bengaluru has already issued over 54.35 Lakh refunds totaling to Rs 14,332 Cr which includes 20.81 Lakh refunds for AY 2016-17 (current year returns) totaling to Rs 2,922 Cr till 5th August 2016. 

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.