Coins in Denomination of Rs. 150 and Rs. 5 to Commemorate Completion of 150 Years of Income Tax

Union Finance Minister Shri Pranab Mukherjee said that direct taxes are now the major resource provider to the Central Government for undertaking developmental work. The Finance Minister said that direct Taxes collections have grown at an average annual rate of 24 percent in the last five years and has nearly trebled fromRs.1,32,771 crore in financial year 2004-05 to aboutRs.3,78,000 crore in financial year 2009-10. He said that direct taxes’ share in GDP has also increased from 4.1 percent to 6.1 percent of the Gross Domestic Product (GDP). The Finance Minister Shri Mukherjee was speaking at a function here today after releasing the commemorative coins in denomination of Rs 150 and Rs.5 to mark the completion of year long celebrations of 150 years of Income Tax .The function was also attended by Shri S.S.Planimanickam, MOS(Revenue), Ms Sushma Nath Finance Secretary, Dr Kaushik Basu,          Chief Economic Adviser, Shri Sunil Mitra, Revenue Secretary, Shri R.Gopalan, Secretary, Economic Affairs, Chairman,CBDT and Chairman, CBEC, members of CBDT and senior officials of the Finance Ministry among others.

The Finance Minister Shri Pranab Mukherjee said that direct taxes  collections have registered a growth of 20%during the current year so far and have reached nearlyRs.3,35,000 crores. He said that this sustained growth has been possible due to rationalisation of tax structure, improvement in tax administration and persistent efforts of the employees of Income Tax department.

The coins minted under the authority of the Central Government, commemorate “Income Tax – 150 years of Building India.” The reverse faces of the coins bear the portrait of “Chanakya and Lotus with Honeybee” at the centre representing his famous lines, “..... Ideally, governments should collect taxes like a honeybee, which sucks just the right amount of honey from the flower so that both can survive.....”. Just below the portrait of Chankya, the word “Chanakya” is written in Hindi and English. The left and right peripheries of the coins are flanked with words “Income Tax-150 years of Building India” in both Hindi and English.The one hundred and fifty rupees coin is not only unique for its denomination but also its size and metal composition. This 44 millimetres circular coin is made of 50% silver.

        Earlier welcoming the Finance Minister,Chairman,CBDT Shri Sudhir Chandra said that release of coins in denominations of Rs. 150 and Rs. 5 today by the Union Finance Minister Shri Mukherjee to commemorate this event marks a significant milestone in the history of the Income Tax Department. The yearlong celebrations were inaugurated by Shri Pranab Mukherjee, Hon’ble Union Finance Minister on 24^th July 2010 to mark completion of 150 years of income tax in India at a grand opening ceremony at FICCI Auditorium inNew Delhi. 

Shri Chandra said during the year long celebrations, the Finance Minister had released the Citizen’s Charter and Vision-2020 document of Income Tax Department on completion of 150 years of Income Tax in India.

In the legislative history of India, income tax was introduced for the first-time vide the Act No. XXXII of 1860 imposing duties on profits arising from property, professions, trades & offices. It was passed by the Legislative Council of India and received the assent of the Governor General on the 24^th July 1860. This Act was the precursor to the modern income tax law in the country.

Survey suggests to raise income tax exemption limit to Rs 3 lakh

he government must increase the personal income tax exemption limit to at least Rs 3 lakh from Rs 1.6 lakh at present in the upcoming Budget for giving relief to taxpayers from high inflation, majority of CEOs surveyed by industry body Assocham has said. 

CGHS Contribution is deductible u/s 80D of the I.T. Act

"...the whole of the amount paid to effect in force an insurance of the health of the assessee or his family or any contribution made to the Central Govt. Health Scheme (as inserted in the Finance Act 2010., w.e.f 01.04.2010) as does not exceed in the aggregate 15000 rupees..."

ITOs may issue refunds even without TDS matching - CBDT relaxed norm.

"................In order to speed up refunds, TDS claims in all tax returns (ITR-1 to ITR-6) will be accepted without verification if the difference between the amount claimed in the return and the 
amount reflected in the TDS return (AS-26 statement) does not exceed one lakh rupees. This will enable the Income Tax department clear nearly 95 percent refunds without verifying each 
TDS claim. Cases with zero-matching, invalid TAN and difference exceeding Rs. 1 lakh will, however, be cleared only after due verification. This precaution is necessary to avoid refund frauds. 
Earlier, the Chairman CBDT had directed all Chief Commissioners to upload necessary data so that the refunds can be issued expeditiously. It will be for the first time that most income tax refunds of the current assessment year will be dispatched to the taxpayers within the current financial year itself. "
Source : CBDT Press Release issued on 10.02.2011.

A BRIEF NOTE ON VIDEO CONFERENCE OF THE CHAIRMAN, CBDT CONDUCTED ON 02 FEBRUARY 2011

NEW RECRUITMENT

 

214 posts of INCOME TAX INSPECTORS and 1989 TAX ASSISTANTS were identified to be filled up immediately by direct recruitment.

 

DPC

 

In the absence of any further communications from any part of the country, 92 vacancies of CITs (48 for FY 2010-11 and 44 for FY 2011-12) and 50 vacancies of CCITs were determined to be filled up from the forthcoming DPCs to be completed by 31.03.2011. 203 vacancies of ACITs (104 for 2010-11 and 89 for 2011-12) will also be covered in the DPC for promotion from the post of ITOs.

Deficient APARs are required to be furnished immediately to speed up the process.

 

INCOME LIMITS FOR ASSESSMENT

 

With effect from 01.04.2011, Income tax Officers will have the jurisdiction to assess the returns with income not exceeding 15 lakhs in non-corporate cases (20 lakhs in metros) and 20 lakhs in corporate cases (30 lakhs in metros).

 

APPEAL LIMITS

 

Instructions issued raising monitory limits to file appeals in ITAT (3 lakhs), High Court (10 lakhs) and the Supreme Court (25 lakhs).

As the apex court is not entertaining belated appeals, it is directed that there should not be delay of even one day in processing appeal cases, failing which responsibility would be fixed on the respective CCITs and CITs  individually.

 

SETTLEMENT COMMISSION

 

New benches of settlement commission were constituted - two in Delhi and one in Mumbai

 

APAR

 

APAR submitted in old format for FY 2009-10 will be treated as legal and valid.

 

VIGILANCE MATTER

 

Directions were issued to close proceedings on anonymous petitions by 31.01.2012. If enquiries are required to be initiated on any anonymous petition, it should be done only with the prior approval of the Mem(P) and Chairman.

Instructions were also given to dispose of all pending cases in the case of retired officers latest by 31.01.2012.

 

OFFICE SPACE

 

Following the direction of the Hon’ble FM on this matter, ample office space and good office surroundings are  to be provided all over the country. Any requirement in this matter can be made good by the concerned CCIT(CCA)s by hiring suitable spaces wherever necessary.

 

REFUNDS

 

Pendency on refunds will to be reduced to NIL. Unless specific directions were received from the CBDT, no refunds should be withheld.

 

STENOS/TYPISTS

 

Considering the vacant posts, DEOs would be deployed on contract/hire basis. CCITs were directed to report the requirement of their charges.

 

COMPILATION OF CIRCULARS

 

A compendium of all circulars and instructions since 1961 was released in the conference. The CD was described as equipped with highly compatible search engines and the compendium can be updated through internet.  It was assured that copies of the CD would reach all officers up to the level of ITOs within 15 days.

 

COLLECTION OF DEMANDS

 

In those areas where the national target was not achieved, a strategy was so developed as each Assessing Officer should pursue and collect pending demands in 25 top cases each in arrear and current demand cases.

 

DRAFT PARAS

 

All pending reports of draft paras should be sent VERY URGENTLY so as to settle the DPs at Board’s level without delay.

 

CADRE RESTRUCTURING

 

 

Cadre restructuring has been approved by the Dept. of Expenditure and following additional vacancies will be created:

204 - CIT

312 - JCIT

243 - DCIT

357 - ACIT