Income Tax Dept taken steps to ease return filing.

The Central Board of Direct Taxes (CBDT) have directed the Income Tax Department (ITD) to make arrangements for receiving income tax returns on 31st July 2010, the due date for filing tax returns by most taxpayers, as that day happens to be a Saturday. ITD has also been asked to make special arrangements by setting up additional counters from 28th July to 31st July 2010, to facilitate taxpayers in filing their income tax returns.In Delhi, special counters will be set up in Pragati Maidan, as in earlier years, to receive about 5 lakh income tax returns that are filed in the last few days. The Chief Commissioner of Income Tax, Delhi, will later announce the details of the special arrangements made for the taxpayers of
Delhi. Counters will be opened to give additional and value-added services such as free return forms, photocopy, PAN application and information, efiling, help desk, etc. Separate counters will also be opened for senior citizens and ladies, wherever required.
Similarly, special arrangements will be made in other major taxcollecting
centers of the ITD such as Mumbai, Kolkata, Bangalore, Chennai,
Chandigarh, Ahmedabad, Hyderabad, etc. The respective Chief
Commissioners of Income Tax will announce details of arrangements made in these cities.
Taxpayers are advised to file their income tax returns early to avoid
the last minute rush. Taxpayers are also requested to use the e-filing facility of the Income Tax department to get faster and error-free services. It is easy, secure and can be availed of from anywhere anytime. E-filing service is available on the website https://incometaxindiaefiling.gov.in/portal/index.jsp
The Income Tax Rules have been recently amended to include Receipt Number on the TDS certificates as a mandatory field. It is clarified that Receipt Number will not be required for the income tax returns to be filed this year (assessment year 2010-11), but only from next year. Tax deductors are, however, requested to quote Receipt Number of the TDS return for all tax deducted from this financial year.


Source : Income Tax Dept.

Direct Taxes Code in next Parliament Session: Centralized Processing Centres for improving tax payer services in two more places.

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

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.

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

New Income Tax Return Forms for Assessment Year 2010-11.

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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.
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