Tax grievances: Income Tax department to ensure ‘E-nivaran’

The income tax department has launched a special electronic grievance redressal system called ‘e-nivaran’ in order to fast track taxpayer grievances and ensure early resolution of their complaints.

A separate and dedicated window for grievance redressal has been launched recently in the has been launched recently has been launched recently in the income tax business application (TBA), the new smart electronic platform for the regular operations of the department.  

The facility is called ‘e-nivaran’ (electronic solution and acts to integrate all online and physical complaints gathered by the department at this platform which will be monitored by the Assessing officer of the case upto the supervisory officers in a paperless environment.

The new system is called unified grievance management system and is acronymed ‘e-niravan’ The system not only records the origin of the grievance on the electronic platform it works on but it also keeps tracking it till it reaches its logical conclusion for final resolution “a-senior IT official said.

For more information:   http://bit.ly/1W9hYif

Amendments in Income Tax Rules

The income tax department came up with a new form making it compulsory for salaried taxpayers to provide proof of travel for claiming tax deductions on LTA/LTC.

The new form 12BB needs to be produced before the employers by the employees with evidence in relation to house rent allowance (HRA) if it exceeds more than Rs. 1 Lakh per assessment year.

The required details include name, address, and PAN of landlord where the total rent paid is over Rs. 1 Lakh.

Similarly in the case of tax deduction on LTA/LTC, employee needs to furnish travel expenditure to the employer.

CBDT extended the time limit for depositing TDS on transfer of immovable property from 7 days to 30 days.

Also due date for quarterly TDS returns in Form 24Q, 26Q and 27Q was extended by 15 days. These rules will be applicable from June 1, 2016.

An employee can claim tax deduction of Rs. 1.5 Lakh from the total taxable income if invested/spent in PPF, life insurance schemes, child tuition fee, home loan repayment among others.

Section 80E provides for deduction of interest on loan taken for pursuing higher education.

 For more information visit: http://www.neerajbhagat.com

IT Department activates e-filing for three more ITRs

The Income Tax Department today launched the e-filing of income tax returns for a few more category of filers for the assessment year 2016-2017 after it operationalized some of them early this week.

The latest enabled Income Tax Returns (ITRs) include ITR-2 for individuals and Hindu Undivided families not having income from business or profession, 2A for individuals and HUFs not having Income from business or profession and capital gains and who do not hold assets and ITR-3 which is meant for individuals or HUFs being partners in firms and not carrying out business or profession under any proprietorship.

What is the process to e-verify your income tax return.

After filing income tax returns, you are supposed to get it verified. Earlier it was mandatory to send the physical copies to income tax department, now you can e-verify it in minutes. Your income tax return filling process is not incomplete until you have successfully verified your income tax return earlier returns could be verified via posting the ITR-V or use of digital signatures. Auditing firms in India 

                                                

Tax planning: Time to rush

If your employer’s deadline has passed, you can still claim deductions while filing Income Tax returns you can also consult to chartered accountant in Delhi.  

With March 31 approaching fast, most employees should ideally have given all their tax planning proof to their respective companies.

If you have still not done so, it’s time to rush.

There are some key documents you need to submit as soon as possible.

If your employer is still accepting documents you will be able to claim reimbursements such as leave travel allowance, medical and telephone.

 

Read more at: http://www.rediff.com/business/report/perfin-tax-planning-time-to-rush/20160321.htm

Taxman gets more teeth to track non-fillers of Income Tax

Aimed at further arming the taxman to go after those who do not file their income tax returns (ITRs), a new database of multiple addresses of such erring assesses has been set up by the department.

For more info visit http://goo.gl/z8C8hu

A new technology enhancement by the systems wing of the department has been added to the ‘Non-Filers Management System’ electronic database, the address used by a person or his associate in the ITR or Annual Information Return filed by him.

Source: Hindustan Times, New Delhi, 15th Feb. 2016

Service Tax Guide for Indian

Service Tax is a Tax which is paid by the provider of service. Any person whose revenue from providing of any type service (Whether Consultancy Risk advisory, Audit service in India and other service etc. During the year is more than Rs.10 lakh is liable to pay service tax as per the Tax rates prescribed by the Govt.

The current service tax rate is 12.36% (will be 14% from coming year), and the govt keeps the changing this rate in the budget announced every year. Service tax liable to be paid to any service rendered by any person in India. Ruchi Anand & Associates is the prominent chartered accountant in India. They handled tax and accounting services related matters very carefully.