Showing posts with label E-Filing of Income Tax. Show all posts
Showing posts with label E-Filing of Income Tax. Show all posts

Saturday, September 20, 2014

“Pay Taxes with Fine” – Notice to Government Employees

“Pay Taxes with Fine” – Notice to Government Employees

Since the amount deducted from the government employees was not transferred to the Income Tax department properly, the government has now sent notices to employees to pay income taxes with penalty. Not surprisingly, the government employees are not happy about it.

Employees with annual salary of more than Rs. 2 lakhs have to pay income tax. After the formation of the new government at the Centre, headed by Narendra Modi, the amount was raised to Rs. 2.5 lakhs.

The time duration for paying taxes for last year’s income ended in July this year. Everyone, including salaried persons, businessmen, industries, and individuals, was busy filing up the tax returns and submitting them.

Government employees’ taxes were deducted from their salaries each month. But the amount that was deducted from the salaries was not transferred from the state treasuries and audit offices to the Income Tax Department. Those who had filed their I-T returns received notices from the I-T Department that their taxes were not paid and that they will have to immediately pay the due amounts with penalties.

Employees of many departments, including the Income Tax Department, continue to receive these notices.
“Why are we being asked to pay the penalty if the State Governments didn’t transfer the deducted amount to the I-T department?” complain the government employees.

“The Government has already deducted taxes from our salaries. It is the Government’s job to hand the money over to the I-T department. We are not going to pay the penalty,” is the reply from many of the employees to the notice.

An officer of the state treasury said, “The amount deducted as income tax is being sent to the I-T department in parts. The government employees need not panic.”

“If the deducted amount is transferred regularly, then such troubles wouldn’t come at all. We hope the State Governments ensure that such blunders don’t happen in future,” the government employees say.

Source: www.govtenews.com

Friday, August 1, 2014

Extension of last date for filing of Income Tax Returns – Extended upto 5th August

Extension of last date for filing of Income Tax Returns – Extended upto 5th August
Last date for filing of Income Tax Returns extended to August 5
The government on Wednesday extended the last date for filing of income tax returns by five days to August 5, 2014.
The due date,which was July 31,has been extended in wake of “unprecedented surge” in number of I-T returns being filed electronically.

“As a measure of taxpayers convenience,it has been decided to extend the due date of filing of returns from July 31,2013 to August 5,2013,” the Finance Ministry said.

As per the Central Board of Direct Taxes (CBDT),there has been an unprecedented surge in number of returns being e-filed.

This year till July 30,about 92 lakh returns have been electronically filed,which is 46.8 per cent higher than the returns e-filed during the corresponding period last fiscal.

Source:  http://indianexpress.com

Wednesday, July 30, 2014

July 31 is the Last Date to File the Income Tax Returns

July 31 is the Last Date to File the Income Tax Returns

July 31 is the last date to file the tax returns for individuals. Here are some information that might be useful for filing tax returns:

• Should those with income below the taxable limits also file the tax returns?
Individuals with separate income and Pan card need not file tax returns. But, it is better if they do it. This is especially true if they are investing in real estate or gold. It will be very useful for tax assessments in future.

• Should we file the tax returns only through auditors?
If you are very thorough with the income tax regulations and have a good grasp over the filing procedures, then you can file the returns yourselves. If your annual income is over Rs. 1 Crore, then your returns have to be audited by a qualified auditor before filing. The last date for filing audited returns is September 30. Failing to file the returns could attract a penalty of 0.5% of your total income or Rs. 1.5 lakhs, whichever is lesser.

• Procedure for filing tax returns if you are living in smaller towns:
You can find out the ward that you belong to by logging in at the income tax department website, http://incometaxindia.gov.in/ . Those returns that have not been audited can be filed by filling up the relevant forms. The returns can be filed online too. If your income tax account is maintained online, then you will have to file your returns online too. It is preferable to file the returns online. You will get your tax reimbursements without any hassles if you choose to file online.

• Can I make the tax payments now and file the returns later?
If tax returns for the Financial Year 2013-14 are filed after July 31, how much penalty will it attract? You can file delayed tax returns for up to one year. But, you will have to pay penalties under Section 234A. The minimum amount for failure to pay taxes in the given Financial Year is Rs. 5000. You will be exempted from paying the penalty if you could give valid and acceptable reasons for your failure to pay the taxes on time.

Sunday, July 27, 2014

Income Tax Structure further needs to simplified – Ms. Nirmala Sitharaman

Income Tax Structure further needs to simplified – Ms. Nirmala Sitharaman

Ms. Nirmala Sitharaman, Minister of State for Finance said that tax structure needs to be further simplified so that it is easy for tax payers to comply and pay off the tax due from them. She said that the citizens want to become lawful compliant rather than tax evaders.

Ms Sitharaman was delivering the Valedictory Address at the conclusion of the two-day Annual Conference of Principal Chief Commissioners, Principal Director Generals, Chief Commissioners and Director Generals of Income Tax here today. She hoped that the delebrations of the two-day Conference would be helpful to the senior officers in handling various tax related issues and in reducing tax litigation and strengthening of grievance redressal mechanism.

Earlier Ms. Nirmala Sitharaman, Minister of State for Finance released a Handbook on ‘Effective Handling of Cases before Settlement Commission’.

The Valedictory Address was also attended by Shri Shaktikant Das, Revenue Secretary, Chairman and Members of CBDT and senior officers of the Revenue Department among others.

Earlier, Shri R.K. Tiwari, Chairman CBDT gave details of the two day deliberations of the 30th Annual Conference of Principal Chief Commissioners, Principal Director Generals, Chief Commissioners and Director Generals of Income Tax two-day and its major highlights. He assured that the officers of the Department will make all out efforts to achieve their respective targets in a transparent and fair manner.

He also said that the deliberations during the Annual Conference were very fruitful and would help the officers in dealing with various day to day tax related matters in an effective manner

Friday, July 18, 2014

Income Tax Department Cautions the Public about Phishing Emails

Income Tax Department Cautions the Public about Phishing Emails

The Income Tax Department has asked the general public to not fall prey to the fraudulent emails that are being circulated regarding new tax guidelines.

In its press release dated 15.07.2014, the Income Tax Department has said the following – A number of taxpayers have received emails advising them to download the updated information regarding the payment of income tax. The emails originating from “incometaxindia.gov” are false and fraudulent. This entity is not related to the Income Tax Department in any way.

The Income Tax Department does not send any such emails or notifications from Yahoo or Gmail Ids. Taxpayers are cautioned against replying to such mails, providing any information requested in such mails or downloading any file or visiting any website mentioned in them. If you have received such an email, kindly log in to the Income Tax Department’s website and refer the “Report phishing” section.

For any further information and clarification, the Income Tax Department has advised the users to refer their website, www.incometaxindia.gov.in.

Source: CGEN.in
[http://centralgovernmentemployeesnews.in/2014/07/income-tax-department-cautions-the-public-about-phishing-emails/]

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