Skip to main content

New 1 page ITR form notified, e filing to start today

By
Taxpayers who had deposited Rs.2 lakh or more after demonetisation, will have to make this disclosure in the new income tax returns (ITR) forms notified on Friday.
The information is also to be furnished in the new onepage, simplified ITR1 ´Sahaj´ form for taxpayers who have income from salary,ahouse property or earn interest totalling up to Rs.50 lakh.
The ITR forms for assessment year 201718 were notified by the Central Board of Direct Taxes (CBDT).
Column PartEof the ITR1 form seeks information on cash deposits made by the assessee between November 9, 2016, and December 30, 2016, if the “aggregate cash deposits” during this period were Rs.2 lakh or more.
Asimilar column has been provided in all the other six ITR forms launched on Friday.
Giving the rationale behind the move,asenior official said “While the government has issued notices under Operation Clean Money after it detected certain large suspicious deposits by people, there could be other instances of deposits of over Rs.2 lakh being made.” The government brought the Pradhan Mantri Garib Kalyan Yojna (PMGKY) for disclosure of black money after note ban with heavy tax and penalty on the undisclosed income, but certain people may not have opted for it, the official said. “Such cases where it is found that the cash deposits do not match,ataxpayer´s profile could be probed after getting this information in the ITRs,” he said.
The official said the threshold of Rs.2 lakh has been fixed so that small taxpayers are not troubled.
Prime Minister Narendra Modi had announced the demonetisation move on November 8 last year, under which the old Rs.500 and Rs.1,000 notes were rendered illegal tender.
The income tax (IT) department has also made furnishing of the 12digit Aadhaar number mandatory, and if not available, the 28digit Aadhaar enrolment ID has to be mentioned in the ITR.
The CBDT, the policymaking body of the ITdepartment, has also reduced the total number of ITR forms to seven from the previous nine this time.The last date for filing ITRs for AY 201718 is July 31.
The threshold of Rs.2 lakh has been fixed so that small taxpayers are not troubled.
Business Stamdard New Delhi,01th April 2017

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more