Friday, February 22, 2013

Income Tax Cadre Review Update

It is learnt from reliable sources in New Delhi that Cadre Review proposal has been cleared by group of secretaries. It will now move for Cabinet approval which is likely to be obtained within 31st March 2013.

Tuesday, February 19, 2013

ITEF to observe two days' strike, ITGOA keep safe distance

ITEF, the Group C organization of taxmen are going to observe two days' strike on 20 and 21st February 2013 in the line of Central Trade Unions but surprisingly the promotee officers' association (ITGOA) is not doing so. They are only extending "moral support" to their so called "brotherly" organization !!
ITGOA is keeping safe distance from this movement as in several occasions earlier. As they are not the strikers, no pay cut or other possible disciplinary action is going to be faced by them.
ITGOA is currently on a nationwide non cooperation for their demands, especially the promotion issue of the  Income Tax Officers for which they will sure look for the support of ITEF in near future because without the active participation of the lower level staff, their agitation will never get any momentum. Let's keep your finger crossed and watch whether ITEF supports their movement despite being isolated on the strike issue.

Wednesday, February 13, 2013

Return of F.Y. 2011-12 can be filed upto 31.03.2013

Forgot to file your Income Tax return for the F.Y. 2011-12 which was due on 31st July/30th September 2012 ? Don't worry. The return can still be filed. According to Income Tax act , belated return can be filed within 31st March of 2013 without any penalty. If there is any tax still outstanding, you have only to pay interest @ 1% for each month or part of month of delay. In case of no tax payable, there will be no interest. If any tax is outstanding, pay the tax due as Self Assessment Tax alongwith interest payable and then file your return of income within 31st March 2013.
Remember no return of F.Y. 2011-12 can be filed after 31st March 2013. So act fast and live an easy tension free life.
To file your return ONLINE, Click HERE

Sunday, February 10, 2013

Income Tax Cadre Review : Announcement on 15th February ?

It is learnt from reliable sources that cadre review of Income Tax employees are at the final stage and going to be implemented in near future. 
Meanwhile the promotee officers of the department is on a nationwide agitation which may adversely affect the tax collection in the fag end of the financial year and certainly going to adversely affect the direct tax collection target.
"We have been told that the CBDT board, on the finance minister's instructions, will announce a cadrerestructuring exercise on February 15. However, we do not have any details of this and the contents are deliberately kept under wraps," said another Mumbai-based senior income-tax official.
Source : Economic Times

Saturday, February 9, 2013

Tax collection may take a hit as I-T officials announce stir

Even as government has stepped up efforts to mop up tax collection before the fiscal ends, a section of Income Tax officials has decided to shun work and stop issuing assessment orders crucial for recovery of taxes to press their demands, including time-bound promotions. The Income Tax Gazetted  Officers Association (ITGOA), in its latest resolution has said that none of the members will "participate in any search and survey action including TDS survey, inspection, verification, study or whatever name called and recovery surveys from February 20, 2013."
The tax collection work ends by the finish of the current financial year on March 31. The ITGOA includes the second rung of I-T department officials, after the Indian Revenue Service (IRS) cadre which supervises the overall work of revenue collection across the country.
The association, which comprises a substantial chunk of the I-T department workforce, has also decided that they would not cooperate in tax recovery drives and will abstain from submission of statistical reports, dossier reports, demi-official letters from February 11, 2013.
The I-T department is tasked with the collection of revenue under the direct taxes category which includes income tax, corporate tax and wealth tax. The association has demanded implementation of the cadre restructuring proposal, promotions of Income Tax Officers (ITO) to Assistant Commissioners, upgrade in pay scales of a certain rank of officials among other organisation and career progression related issues.
As per latest data, net direct tax collections grew by 12.49 per cent to over Rs. 3.90 lakh crore in the April-January period, less than the budgeted annual target of 15 per cent. The direct tax collection target is 5.70 lakh crore for this fiscal. The tax collection drive could further be hit as yet another association of thedepartment.Income Tax Employees Federation (ITEF)-- is also mulling to join the stir after its all-India meeting on February 11.
Source : PTI / Hindustan Times
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