Unaccounted deposits to attract 50% tax, 4 yr lock-in period

New Delhi, Nov 25 (PTI) A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.

However, a higher 90 per cent tax and penalty could be imposed if assessees do not declare the unaccounted cash voluntarily.

Cash deposits made using the scrapped 500 and 1000 rupee notes above a threshold that are declared to Income Tax authorities may attract 50 per cent tax, as per the amendment to the Income Tax Act approved by the Cabinet last night.

Half of remaining deposits, or 25 per cent of the original deposit, will not be allowed to be withdrawn for four years, top sources said.

Update on ACIT promotion (Adhoc promotion for 2016-17 and regularization of 2014-15)

1)The UPSC has taken a stand that DPC will not be held so long the DoPT doesn't clarify the OM dt. 30.09.2016. The same was intimated to CBDT in writing while the proposal of 2014-15 was sent.
2)DoPT is waiting for verdict from SC and not issuing clarification.
3)The SC heard the case on 22.11.2016 and allowed the respondants to file affidavit in one week. Next date of hearing not given. It seems to take much time for a verdict to come.
4) CBDT is not ready to give adhoc promotion of 2016-17 in fear of contempt of court and violation of DoPT OM.
5) No hope for both the regular promotion of 2014-15 and adhoc promotion of 2016-17 immediately, if these conditions persist.

Result of Departmental Examinaitons-2016 for ITIs

  •  ITI BETTERMENT New Pattern Result 2016

  •  ITI BETTERMENT OLD 2016

  •  ITI NORMAL OF NEW PATTERN 2016 RESULT

  •  ITI PARTIALLY QUALIFIED RESULT 2016

Bank/Financial Account(s) with substantial Cash Transactions

As part of its data matching exercise, Income Tax Department has identified bank accounts which have large value cash transactions. The details of bank account are visible under “Compliance” section of the e-filing portal of the related persons. The PAN holders are requested to submit the on-line response as under:
 Step 1: Login to e-filing portal at https://incometaxindiaefiling.gov.in. If you are not registered with the e-filing portal, use the ‘Register Yourself’ link to register. 
Step 2: Click on “Accounts with Cash Transactions” link under “Quick link” or “Compliance” section and you will be directed to the “Bank/Financial Account(s) with substantial Cash Transactions” page. 
CLICK HERE FOR MORE FROM efiling PORTAL

Vigilance Awareness Week : Take Integrity Pledge Online

Vigilance Awareness Week is being observed throughout the country from 31st October to 5th November 2016. As a digital initiative, every citizen can take this pledge online. Those who are taking online pledge are being awarded with a certificate online.
Department has asked all officers and officials to take this online pledge and a report of officers and staff who have taken this pledge to be communicated by 4 P.M. of 7th November to CBDT for onward transmission to Central Vigilance Commission.

Click here to take the Pledge Online and get your own certificate.