Income crossed Rs 5 lac ? efiling is mandatory.

Taxpayers with annual incomes exceeding Rs 5 lakh will be required to file their returns in the electronic form, a senior finance ministry official said today.
How to efile ? Click here to visit this video

The finance ministry is also making provisions for the e-filing of wealth tax returns.

“Income tax returns for the group above Rs 5 lakh will be e-filed. This is a move towards using technology so that the interface between the assessing officer and assessee is minimised,” revenue secretary Sumit Bose said at an industry event.

The government had last year introduced the system of e-filing of returns for assessees with an annual income of Rs 10 lakh and above.

Click here to efile your return

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.

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.

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

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