Union Finance Minister Shri Pranab Mukherjee has said that the government intends to introduce the Direct Taxes Code in the forthcoming Monsoon Session of the Parliament. He was addressing the Central Direct Tax Advisory Committee.
The Finance Minister said that he had identified nine core areas of concern expressed by various stakeholders. He assured that all these concerns have been taken into consideration while redrafting the Code. He revealed that the code will soon be put in the public domain.
The Finance Minister informed the Committee that two more Centralized Processing Centers (CPC) will be set up during the current year. The first one at Bengaluru has enabled faster processing of tax returns and better records management.
Shri Mukherjee further stated that the Refund Banker Scheme will be extended to more cities this year. The scheme enables speedier refunds directly to the bank accounts of the tax payers. The scheme had been introduced in nine more cities last year. It is now available in 15 cities.
The Finance Minister pointed out that several steps have been taken to improve exchange of tax related information and bilateral tax cooperation with several countries. He said that the government has written to 65 countries to make exchange of information more effective and to remove the secrecy clause.
Shri Mukherjee also informed that twenty low or no tax countries have been identified for negotiating and signing tax information exchange agreement.
Source : PIB Press Release
Wednesday, May 19, 2010
Tuesday, May 18, 2010
Scaling of Mount Everest by Income Tax Officer, Kolkata.
The Income Tax Department is extremely happy and proud to announce that Shri Debasish Biswas, an Income Tax Officer of West Bengal region has scaled the Mount Everest on 17th May, 2010 at 7:45 hours. Shri Biswas was accompanied by two other employees of the Income Tax Department, Kolkata region viz Shri Sourav Sinchan Mondal, Senior Tax Assistant and Shri Bivash Sarkar, Stenographer. Both of them were core members of successful team. This achievement is a matter of great honour for the Income Tax Department as a whole.
Sunday, May 16, 2010
I-T dept planning to bring rural traders into tax net
The Income Tax department is looking at bringing rural traders and others into the tax net.
The department which is attempting to expand the taxpayer base in the country will now focus their attention on a large swathe of rural businesses that have so far remained untouched.
"We are planning to increase the taxpayers base. A number of taxpayers and assessees that the department would include will be from the rural areas," CBDT Member (Revenue) Durgesh Shankar told PTI.
There are a large number of people who do not pay tax.
Tax avoidance is a great worry and the department would strengthen the mechanism to include such assesses in the income tax fold, Shankar said.
The I-T department has found that the income generated from numerous kinds of businesses conducted in rural areas can be brought under the tax net.
Source : PTI News
The department which is attempting to expand the taxpayer base in the country will now focus their attention on a large swathe of rural businesses that have so far remained untouched.
"We are planning to increase the taxpayers base. A number of taxpayers and assessees that the department would include will be from the rural areas," CBDT Member (Revenue) Durgesh Shankar told PTI.
There are a large number of people who do not pay tax.
Tax avoidance is a great worry and the department would strengthen the mechanism to include such assesses in the income tax fold, Shankar said.
The I-T department has found that the income generated from numerous kinds of businesses conducted in rural areas can be brought under the tax net.
Source : PTI News
Thursday, May 13, 2010
New Income Tax Return Forms for Assessment Year 2010-11.
View the notification
ITR 2 | For Individuals and HUFs not having Income from Business or Profession | |
ITR 3 | For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship | |
ITR 4 | For individuals and HUFs having income from a proprietory business or profession | |
ITR 5 | For firms, AOPs and BOIs | |
ITR 6 | For Companies other than companies claiming exemption under section 11 | |
ITR 7 | For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) | |
ITR V | Where the data of the Return of Income in Forms Saral-II (ITR-1), ITR-2, ITR-3, ITR-4, ITR-5 & ITR-6 transmitted electronically without digital signature. | |
Thursday, May 6, 2010
New Income Tax Return Form SARAL II for Assessment Year 2010-11.
CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses). CBDT also notifies Income Tax Return Verification Form ITR-V for Assessment Year 2010-11 for SARAL II (ITR-1) ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature.
View the Notification
View The Return Form (SARAL II)
View the Notification
View The Return Form (SARAL II)