Income Tax department revises the Form 16 TDS certificate format issued by employers

Income Tax department revises the (Form 16) TDS certificate format issued by employers

The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance.

It will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee as well as income from other sources.

Form 16 is a certificate issued by employers, giving details of employees’ TDS (tax deducted at source) usually by mid June and is used in filing I-T returns.

The revised Form, which has been notified by the Income Tax department, will come into effect from May 12, 2019. This means the income tax returns for financial year 2018-19 will have to be filed on the basis of revised Form 16.

Among other things, the revised Form 16 will also include details of deductions in respect of interest on deposits in savings account, and rebates and surcharge, wherever applicable.

The I-T department has already notified income tax return forms for fiscal 2018-19. Salaried class and those who do not have to get their accounts audited, will have to file their ITRs by July 31 this year.

Meanwhile, the income tax department has also modified Form 24Q, which is furnished by employer to the tax department. It will include additional details like Permanent Account Number (PAN) of non-institutional entities from whom the employee has taken loan for buying or constructing housing property.

Nangia Advisors (Andersen Global) Director Sanjoli Maheshwari said the Form 16 and 24Q have been amended with an intent to make them more elaborative and informative. The same has been done in order to bring the Forms in parity with latest changes made in ITR Forms such as disclosure of standard deduction and exemptions claimed under section 10.

“Earlier, where the disclosure of various deductions were mentioned in a consolidated manner, ranging from 80C, 80CCD, 80E, 80G would now be required to be disclosed separately. These specific disclosures would provide ease to the tax authorities in understanding the various components of income of the taxpayer and thereby, facilitating the conduct of scrutiny more precisely,” Maheshwari said.

The changes in Form 24Q will further help in identifying any fabricated transaction undertaken with an aim of tax avoidance, she added.

PTI

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

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 19th September, 2016.

Press Release

Sub: 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:

1	Platinum	Tax  contributed Rs. 1 Crore and above
2	Gold	Tax contributed Rs. 50Lakh to Rs. 1 Crore
3	Silver	Tax contributed Rs. 10Lakh to Rs.50 Lakh
4	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.

sd/-
(Meenakshi J Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT.

Source : http://www.incometaxindia.gov.in/

Income Tax Department simplifies online rectification of TDS in ITR

Income Tax Department simplifies online rectification of TDS in ITR

New Delhi: Aimed at making life easier for tax payers, the Income Tax department today said it simplified the process of online rectification of incorrect details of tax deducted at source (TDS) filed in the income tax return (ITR).

Earlier, taxpayers were required to fill in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the I-T Department.

To avoid this, the finance ministry said a new facility has been provided for pre-fillin ..

To avoid this, the finance ministry said a new facility has been provided for pre-filling of TDS schedule while submitting online rectification request on the e-filing portal to facilitate easy correction or up-dating of TDS details.

“This is expected to considerably ease the burden of compliance on the taxpayers seeking rectification due to TDS mismatch,” an official statement said.

Errors due to incomplete TDS details in rectification applications were leading to delays in processing of such applications, thereby causing hardships to taxpayers, it added.

PTI

CBDT Instructions regarding maintenance of cleanliness, punctuality in the offices of the Income Tax Department

CBDT Instructions regarding maintenance of cleanliness, punctuality in the offices of the Income Tax Department

 F.No. Dir(Hqrs.)/Ch(DT)/25(10)/ 2014 /774
Government of India
Ministry of Finance
Department in Revenue
(Central Board of Direct Taxes )

North Block, New Delhi,
Dated the 21st August, 2014.

OFFICE MEMORANDUM

Subject: Instructions regarding maintenance of cleanliness, punctuality in the offices of the Income Tax Department -reg

Cabinet Secretary in his recent directives to Revenue Secretary has emphasised that 'cleanliness of work areas and improvement in the over-all ambience of office buildings as also punctuality on the part of the officials should be reviewed on sustained basis so that there is a visible improvement and that there are no report of slippages in this regard,'

The importance of clean and tidy office which gives an air of efficiency and observance of punctuality which is essential for maintenance of office decorum and discipline needs hardly be emphasised. Accordingly, the following instructions are brought to the notice of all Cadre Controlling Principal CCsIT and the offices under their jurisdictions for information and compliance and to help them to discharge their responsibilities in a more effective and efficient manner:

(i) Precincts of each office has to be spit and span. There should be no dust, no old ACs, Almirahs, and old furniture belonging to the office lying around in corridors, or common areas near staircases, and no betel leaf-stained comers. Dustbins should be provided in the rooms, corridors and washrooms for putting waste paper and garbage. The Agency responsible for maintenance of cleanliness and upkeep of office premises should be instructed suitably to provide services of highest standard failing which penal provisions of the contract signed with the agency may be invoked. Services of Civil, Electrical and Horticulture Wings of CPWD should be obtained wherever required, to improve the overall ambience of office buildings consistent with the prevalent green building norms. To give a neat and tidy look to the sections, the officers concerned may also be impressed upon to take special interest in weeding out of obsolete papers/files and to record all closed cases after action on the issues considered thereon has been completed, as per the prescribed retention schedule.

(ii) All the officers and staff working in offices under cadre control of Pr.CCsIT should strictly observe the prescribed office timings. It should be ensured that they do not overstay the lunch break and leave offices early before closing of office hours. No amount of external efforts can bring about improvements in punctuality of the officials on sustained basis unless Heads of Departments themselves take a personal interest in the same and observe the prescribed office hours. Therefore, all HODS may be instructed to conduct regular ,unannounced and surprise punctuality checks alongwith checking of attendance registers of the offices to see that the officials are observing office hours meticulously. Habitual latecomers may also be warned to mend their ways failing which disciplinary action may be taken against them.

This issues with the approval of Chairman, CBDT.

Source: http://irsofficersonline.gov.in/Documents/OfficalCommunique/18222014110324.PDF

Issue of Intimation under section 143(1) of Income tax act, 1961 - Income Tax Department

Issue of Intimation under section 143(1) of Income tax act, 1961 - Income Tax Department

Instruction No.18th/2013

F.No. 225/196/2013-ITA.II
Government of India
Ministry of Finance
Department of Revenue (CBDT)

North Block, New Delhi
dated the 17th of December, 2013

To
All Chief Commissioners of Income Tax
All Directors General of Income Tax

Sir/Madam,
Subject: - Issue of Intimation under section 143(1) of Income-tax Act, 1961 beyond time-regarding.

Several instances have come to the notice of the Board where due to certain technical or other reasons (which inter-alia included wrong migration of PAN and delayed release of returns by the Centralized Processing Cell to the jurisdictional authorities), intimation in refund cases could not be sent to the concerned assessees within the time-frame as prescribed in second proviso to sub-section (1) of section 143 of the Income-tax Act, 1961 (‘Act’). This has caused grievances as assessees are unable to get their legitimate refunds in accordance with provisions of Act, although the delay is not attributable to them.

2. The matter has been examined. Central Board of Direct Taxes, by virtue of power vested in it under section 119(2)(a) of the Act, hereby relaxes the time-frame prescribed in second proviso to sub-section(1) of section 143 of the Act in those cases where the return-of-income was filed by the assessee in accordance with provisions of section 139/142(1) of the Act, but due to technical or other reasons not attributable to such assessees, the date of sending intimation under section 143(1) of the Act has lapsed before 01-04-2013. In suchcases, Central Board of Direct Taxes directs that such returns shall be processed and intimation of processing of such returns shall be sent to the assessee concerned by the Assessing Officer in accordance with provisions of section 143 of the Act notwithstanding the time-limit prescribed in second proviso to sub-section (1) of that section.

3. The progress of disposal of such cases shall be monitored by the Addl./ Joint CIT.

4. It is reiterated that this Instruction shall only apply to those cases where a valid return-of-income was filed as per provisions of the Act with refund claim, but the same remained pending beyond the prescribed date due to reasons not attributable to the assessee. Further, this relaxation shall not be applicable to those cases where either Demand is shown as payable in the return-of-income or as a result of processing beyond the date as prescribed in second proviso to sub-section (1) of section 143, Demand isdetermined as payable.

5. This should be immediately brought to the notice of all officers working in your region.

Yours faithfully,
sd/-
(Rohit Garg)
Deputy Secretary to the Government of India

Source: www.incometaxindia.gov.in
[http://www.incometaxindia.gov.in/archive/BreakingNews_CBDT_Sec143_18122013.pdf]

CBDT instruction - TDS: Payment of interest u/s 244A of Income Tax Act 1961 when assessee is not at fault

CBDT instruction - TDS: Payment of interest u/s 244A of Income Tax Act 1961 when assessee is not at fault

F. No.312/54/2013-OT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, the 15th July, 2013.

To
All Chief-Commissioners of Income Tax
All Director General of Income Tax

Subject: Payment of interest u/s 244A of Income Tax Act 1961 when assessee is not at fault - regarding.

Sir/Madam,

Hon'ble Delhi High Court vide its judgement in case of Court On Its Own Motion Vs. UOI and Others in W.P.(C) 2659/2012 dated 14.03.2013 has issued seven Mandamus for necessary action by the Income Tax Department. One Mandamus is on payment of interest u/s 244A of Income Tax Act 1961 when the assessee is not at fault.

2. On this issue, the Hon'ble Court has observed as under:

    "31. In the affidavit filed on 29th January, 2013, the respondents have stated as under:-

    'Where an assessee makes a mistake in the claim of TDS in the e-return and the return is processed and a demand is raised and subsequently, the assessee rectifies the mistake in the claim and files an online rectification application, the same is processed and on any excess TDS is refunded, the interest under section 244A is granted as per the I.T Act after excluding the period of delay attributable to the assessee in terms of sub-section 2 of section 244A of the Income Tax Act, 1961.'

    32. An assessee can be certainly denied interest if delay is attributable to him in terms of sub-section (2) to Section 244A. However, when the delay is not attributable to the assessee but due to the fault of the Revenue, then interest should be paid under the said Section. False or Wrong uploading of past arrears and failure to follow the mandate before adjustment is made under Section 245 of the Act, cannot be attributed and treated as fault of the assessee. These are lapses on the part of the Assessing Officer i,e. the Revenue. Interest cannot be denied to the assessees when the twin conditions are satisfied and in favour of the assessee. However, even in such cases Assessing Officer may deny interest for reasons to be recorded in writing if the assessee was in ,fault and responsible for the delay. This is the fourth mandamus which we have issued."

3. In view of the direction of the Hon'ble Court, I am directed to convey that in no case should interest u/s 244A of the Act be denied to the assessee where the assessee is not at fault. The observation of the Hon'ble High Court in Para 32 above be strictly kept in mind while dealing with such matters.

4.  I am further directed to state that the above be brought to the notice of all officers working under your jurisdiction for necessary and strict compliance.

sd/-
(Ekta Jain)
Deputy Secretary to Government of India

Source: http://irsofficersonline.gov.in
[http://irsofficersonline.gov.in/Documents/OfficalCommunique/17162013121518.pdf]