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Log into your e-filing account to check if you have any outstanding demand or refund If you receive an email claiming to be from the income tax (I-T) department that there’s an outstanding tax demand that you need to pay immediately, don’t get alarmed.  Get cautious. In all probability, that email is from cyber criminals, trying to trick you into revealing your bank account details. Experts say there has been an exponential rise in such emails in the past month. “Cyber criminals are sending these emails in July as it’s the time when most people  file returns and tax is on their minds,” says Amarpal Chadha, tax partner and India mobility leader, EY. He says his clients have also received emails stating there is  a refund pending with the I-T department and the recipient can claim it instantly. These emails provide a link the receiver needs to click to pay the outstanding tax demand or get the refund. Once an individual clicks on it, he is redirected to a web  page that looks

If industry experts are to be believed, the recently implemented goods and services tax (GST) regime might have inadvertently openedachannel for gold importers to  launder money out of the country. Many bullion importers, it is learnt, have been exploiting the zeroduty facility under India´s free trade agreements (FTAs) with several countries for this purpose. According to an industry veteran who did not wish to be named, "under two treaties that India has signed with other countries -FTA and Comprehensive Economic  Partnership (CEP) -gold can now be imported without paying the 10 per cent customs duty, as the 12.5 per cent countervailing duty has been subsumed in the goods and  services tax (GST), which is 3 per cent for gold". These importers prefer gold coins as they offeragreater scope for overinvoicing than gold bars. And, through overinvoicing, they are able to illegally send extra dollars out of the country. Since the rollout of GST on July 1, it is estim

Banks, insurance companies, mutual funds and pension funds will now chip in to createacommon strategy to further the government´s financial inclusion agenda  inatargeted manner and based onacustomer´s need. A national strategy for financial inclusion is almost ready and soon all financial entities would be directed to coordinate with each other to introduce products step  by step. They might even have to customise offerings based on the financial inclusion journey of a customer, Reserve Bank of India Deputy Governor SS Mundra told Business Standard  in an interview. But before that, the financial institutions would put their heads together to educate customers about the importance of various products. A national strategy for financial education is also getting formulated asacorollary to the inclusion strategy. An interregulatory coordination group, plus an outside group of experts (the financial inclusion advisory committee) is busy creating the plan. The first draft is

India’s aviation industry might be flying into a debt cloud when new accounting standards come into force in 2019. Carriers may see their loans liability soar by more  than Rs 50,000 crore, with the latest set of rules calling time on the established practice of aircraft leasing.  The biggest impact of the switch would be on low-fare, asset-light airlines, especially IndiGo, which rely on lease-rentals for their operations. The new global  accounting norms – IFRS 16 – would also affect legacy carriers such as Jet AirwaysBSE 0.13 % and Air India, which have adopted the industry best practice to lower  their upfront costs. Net cash outgo for carriers, however, may not increase after the change over.  A spokesperson at IndiGo declined to comment, saying the airline is in a silent period as its April-June earnings are to be announced shortly. A senior executive at  Jet said there would “definitely be an impact” but didn’t elaborate.  "It weighs down the balance sheet with re

Companies going for Indian accounting standards (IndAS) need not do second round of adjustment for  mark-to-market losses on financial instruments in its book profits for the purpose of tax computation,  the income tax department has clarified.  This is so because these are already adjusted to book profits under minimum alternate tax (MAT), the  Central Board of Direct Taxes (CBDT) said.  However, if there is a reduction in value of assets other than financial instruments through mark-to- market values, the companies will have to adjust those to the book profit.  The CBDT has issued frequently asked questions (FAQs) on the issue after receiving the recommendations  of an expert committee. The Finance Act, 2017, had amended the MAT provisions (Section 115JB) for IndAS compliant companies  with effect from April 1, 2017. Barring banks, insurance and non-banking financial companies, most companies are required to adopt Ind AS from April 1, 2017. Small unlisted firms of less th

Over 6.83 lakh companies have a permanent account number (PAN) but did not file income tax returns for  assessment year 2016-17, Parliament was informed on Tuesday. The number of companies which have PAN but do not file income tax returns have increased over the past  five years from 4.09 lakh in assessment year 2012-13, to 4.60 lakh (AY 2013-14), Minister of State for  Finance Santosh Kumar Gangwar said in a written reply to a question in the Rajya Sabha. The number was 5.19 lakh in AY 2014-15, 5.73 lakh (AY 2015-16) and 6.83 lakh (AY 2016-17). The bUsiness Standard, New Delhi, 26th July 2017

The proposed anti-profiteering authority under the GST will bolster consumer confidence and ensure  that the intended benefits of the new indirect tax regime reach the common man, the finance ministry  said today.  A selection committee under the chairmanship of the cabinet secretary has been set up to select  eligible persons for appointment as the chairman and members of the National Anti-Profiteering  Authority under the Goods and Services Tax.  The proposed authority will have the responsibility to ensure that the full benefits of a reduction in  tax on supply of goods or services flow to the consumers.  "The constitution of the National Anti-profiteering Authority is expected to bolster consumer  confidence and ensure all stakeholders reap the intended benefits of the GST," the finance ministry  said in a statement.  The authority shall be responsible for applying anti- profiteering measures in the event of a  reduction in rate of the GST on supply of goods o