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Going after the non-filers: Personal I-T mop-up surges

Continuing its drive to nab tax evaders, the income tax department has identified additional 21.75 lakh potential non-filers. The department has already written to 50,000 such entities, urging them to pay up.The department has identified these cases through its data matching exercise and has made the same available on the e-filing portal of the department so that such PAN card holders can view the information and respond accordingly.

Source : http://www.financialexpress.com/news/it-dept-uses-data-matching-to-identify-21.75-lakh-tax-nonfilers/1228214

ICAI - Android Apps on Google Play

Cover art

Description
The Institute of Chartered Accountants of India (ICAI) identified the need of Mobile Application for its stakeholders (Members, Students & Others).
The ICAI’s Mobile Application brings you Key up-to-date Contents from its website (www.icai.org) like Announcement, Events, News, Notification, Press Release, Jobs and Tender etc. This apps, designed and developed for Android Devices. ICAI stakeholder may download mobile application and start using it without any additional cost, anytime, anywhere.
Key Features
• Push Notifications for any new update to Mobile Devices
• Key Announcements, Events, photo galleries etc.
• Specially designed to work on Android 2.3 and above.
• Read Content offline - just pull/Release to refresh with an active connection
• Search option , Increase/Decrease Text Size option.
• Save your Favorite content.
• Share application via email.


ICAI - screenshot thumbnail

Digital Signature e-Token Driver and Installation Guide

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eToken PKI Client 5.1 SP1
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  • Windows Server 2003 SP2 (32-bit)
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  • Windows 7 (64-bit)
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SafeNet eToken Pro Software 8.00 - 32 bit
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SafeNet eToken Pro Software 8.00 - 64 bit
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CPC Address to Send ITR-V Return filed acknowledgement of Income tax

ITR-V is an acknowledgement slip generated on filing the income tax return online. This ITR-V is to be signed and sent to the Income tax department-CPC by post to complete the return filing process.

The password of the document is a combination of PAN (in lower case) and date of birth in the format ddmmyyyy. For example, if the PAN is AAAAP0000A and the date of birth is 10-Jan-2008, the password is aaaap0000a10012008. 

You should consider the following Do's and Dont's for printing and submitting of ITR-Vs to ITD-CPC Bangalore to complete the e-filing process:

1. Only A4 size white paper should be used.
2. Ensure that print out is clear and not light print/faded copy.
3. The document to be mailed to CPC should be signed in original in blue ink only. The TRP Column is to be left blank.
4. The signatures or any text should not be written on the Bar code. The Bar code and numbers below the bar code should be clearly visible.
5. Avoid typing anything at the back of the paper and folding the paper.
6. Please do not submit any annexures, covering letter, pre stamped envelopes etc. along with ITR-V. Do not use stapler on ITR-V.
7. In case you are submitting original and revised returns, do not print them back to back. Use two separate papers for printing ITR-Vs separately.
8. The ITR-V form is required to be sent to "Income Tax Department - CPC, Post Box No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka" by regular Indian Postal Service or speed post only (courier is not accepted). If you are sending the signed ITR-V through speed post, delete the text "Post Box No - 1" from the address.
9. The ITR-V should reach CPC within 120 days of filing of return.
10. ITR-Vs that do not conform to the above specifications may get rejected or acknowledgement of receipt may get delayed.

When do you need to re-post the signed ITR-V?

It generally takes about 3 weeks from the date of posting ITR-V, for CPC to send acknowledgement of the same on your registered email id. If it has been more than 3 weeks since you posted your signed ITR-V and you have not received the acknowledgement for it yet, you need to post another copy immediately to the Income Tax Department-CPC.

The non-receipt of ITR-V at CPC may be due to any of the following reasons:
1. The ITR-V may be in transit via India Post
2. The ITR-V may be under process at CPC, Bangalore
3. Your ITR-V may be defective, viz. not signed ITRV or signed in black or got torn in the transit or its bar code could not be scanned
4. Your ITR-V may have been misplaced in transit

Since the only means of posting signed ITR-Vs to CPC is through normal/ speed post, there is no tracking number available. Hence, it cannot be confirmed whether the posted ITR-Vs have reached CPC and by when.

PAN AO code Know your Assessing Officer for Income Tax



Applicants may search for their AO Code in the AO Code Search as per the following guidelines:
  1. Applicant will search his AO Code by selecting the city where he files/intends to file his income tax return.
  2. If the applicant knows his Ward/Circle/Range/Commissioner details, he will search for the particular Assessing Officer (AO) description in the column 'Ward/Circle/Range/Commissioner'. The Assessing Officer description can be obtained from the previous return filed by the applicant or it can be obtained from the local Income Tax Office.
  3. An applicant who does not know his Ward/Circle/Range/Commissioner details, can mention the default AO Code of the city where he files/intends to file his income tax return. The default AO Code for each city is the highlighted record in that city. Some cities may have more than one default AO Code for new assessees based on PIN code, region, types of assessee etc.,.
  4. If the Assessing Officer details are found, applicant will write the corresponding Area Code, AO Type, Range Code and AO Number in the AO details in the PAN application form.

Click Here to download 

New Income Tax Slab for Financial Year 2013-14 Assessment year 2014-15

The new and revised income tax slabs and rates applicable for the financial year (FY) 2013-14 and assessment year (AY) 2014-15  are mentioned below:
New Income tax slab for F.Y. 2013-14 / A.Y. 2013-14
New Income Tax Slabs for A.Y. 2014-2015 for Resident Senior Citizens above 60 years
(FY 2013-2014)
S. No.Income RangeTax percentage
1Up to Rs 2,50,000No tax / exempt
22,50,001 to 5,00,00010% - Rs.2000 (Credit)
35,00,001 to 10,00,00020%
4Above 10,00,00030%
New Income Tax Slabs for A.Y. 2014-2015 for Resident Senior Citizens above 80 years
(FY 2013-2014)
S. No.Income RangeTax percentage
1Up to Rs 5,00,000No tax / exempt
25,00,001 to 10,00,00020%
3Above 10,00,00030%
New Income Tax Slabs for AY 14-15 for Resident Women (below 60 years) (FY 2013-14)
1Up to Rs 2,00,000No tax / exempt
22,00,001 to 5,00,00010% - Rs.2000 (Credit)
35,00,001 to 10,00,00020%
4Above 10,00,00030%
New Income Tax Slabs for A.Y. 2014-2015 for Others & Men (FY 2013-2014)
1Up to Rs 2,00,000No tax / exempt
22,00,001 to 5,00,00010% - Rs.2000 (Credit)
35,00,001 to 10,00,00020%
4Above 10,00,00030%
For normal category the simple calculation is as follows
  • Taxable Income in 10% slab maximum tax will be Rs  28000 ( taking 2000 tax credit into consideration)
  • Taxable Income in 20% slab maximum tax will be Rs  30000 + Rs 1,00,000 total Rs 1,30,000 ( no tax credit for income above Rs 5,00,000)
  • Taxable Income in 30% slab minimum tax will be Rs  Rs 1,30,000
Education and other cess will be in addition to this.
But there would be an additional Surcharge of 10% on the amount of Tax Payable on the persons from any category above if his income for the F.Y. 2013-14 / A.Y. 2014-15 is equal to or greater than 1 crore rupees.

Income tax Calculator AY 2013-14 Excel Download

Income tax calculator in excel for Assessment Year 2013-14 (Financial Year 2012-13) helps you to calculate your tax liability on various source of income. It can calculate tax for all categories of Individuals including Senior Citizen and Very Senior Citizen. Calculator is easy and user friendly.


Click Here to Download

Video address of CA. K. Raghu, President, ICAI on Action Plan 2014-15

icai logo
Watch CA K. Raghu, President ICAI on his Action Plan 2014-15
Dear Professional colleague,

Warm Greetings to you.
It gives me immense pleasure to communicate with you as the 62ndPresident of the Institute of Chartered Accountants of India.
I deem it a honour and privilege to lead this prestigious institute and look forward for your active support and participation in the activities of the Institute.
Let me share with you that ICAI for me is not just a regulator, but a facilitator to help us better ourselves and explore new frontiers. Keeping that in mind, I have outlined the ICAI's Action Plan (2014-15): Moving towards New Frontiers, which combines the interests of our members, students and other stakeholders of ICAI. Through this communication, I am delighted to share the same with you. (Click the link to see the Action Plan 2014-15)..
Let us promise to put in our dedicated efforts and continue to be committed to our dear profession. Please go through the Action Plan and feel free to share your concerns and help me implement this in letter and spirit, since I believe that the more we collaborate the more we achieve.(Click here for suggestions).
With warm personal regards,
CA. K. Raghu
President, ICAI
Moving Towards New Frontiers 

Download Java for MCA21 & Income Tax e-Filing



All users using below mentioned services on MCA21 are required to have Windows XP ( SP3 )/ Windows Vista/Windows 7/Windows 8 and JRE 6u30 updated version 30 installed on their machine -
  • Any user logging on MCA21 using a DSC
  • Any existing registering/updating a DSC
  • Any new user registering using a DSC
Download JRE 6u30 updated version 30 from the following linkClick here to download
This is required as part of the interoperability initiative of the Controller Of Certifying Authorities, India (CCA),for enhancing security for Digital certificates

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All users using below mentioned services on MCA21 are required to have Windows XP ( SP3 )/ Windows Vista/Windows 7/Windows 8 and JRE 6u30 updated version 30 installed on their machine -
  • Any user logging on MCA21 using a DSC
  • Any existing registering/updating a DSC
  • Any new user registering using a DSC
Download JRE 6u30 updated version 30 from the following linkClick here to download
This is required as part of the interoperability initiative of the Controller Of Certifying Authorities, India (CCA),for enhancing security for Digital certificates

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ICSI December 2013 Results Announced


Bimal Jalan panel on bank licences to hold last meeting on Feb 25

NEW DELHI: The Bimal Jalan panel which is scrutinising applications for new bank licences will hold its last meeting on Tuesday.
"We are having our meeting on February 25," Jalan, a former Reserve Bank Governor who heads the panel, told PTI. "Hopefully, this should be the last meeting."
Thereafter, the high-level advisory panel will submit its report, along with recommendations, to the Reserve Bank of India.
The panel started the process of evaluations with the first meeting on November 1, 2013.

Other members of the committee are former RBI Deputy Governor Usha Thorat, former Securities and Exchange Board of India Chairman C B Bhave and Nachiket M Mor, Director of the Central Board of Directors of the RBI.
The central bank issued guidelines for licensing of new banks on February 22 last year and issued clarifications in June.
Public sector units India Post and IFCI and private sector Anil Ambani group and Aditya Birla group are among the 25 players in the fray for bank licences. Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital have also applied.
In the past 20 years, the RBI has licensed 12 banks in the private sector in two phases. Ten banks were licensed on the basis of guidelines issued in January 1993.
Kotak Mahindra Bank and Yes Bank were the last two entities to get banking licences from the RBI in 2003-04.
India has 27 public sector banks, 22 private sector banks and 56 regional rural banks.
In the 2001 round of guidelines for new licences, the committee members were C G Somiah, former government auditor CAG, I G Patel, former RBI Governor, and Dipankar Basu, former head of State Bank of India.

Source : THe Economic Times

 http://articles.economictimes.indiatimes.com/2014-02-23/news/47603730_1_bank-licences-nachiket-m-mor-c-g-somiah

Microsoft cutting Windows 8 cost by 70%



Microsoft is cutting the price of Windows 8.1 by 70 per cent for makers of low-cost computers and tablets as they try to fend off cheaper rivals like Google Chromebooks, people familiar with the program said.Manufacturers will be charged $US15 to license Windows 8.1 and preinstall it on devices that retail for less than $US250, instead of the usual fee of $US50, said the people, who asked not to be named because the details aren't public. The discount will apply to any products that meet the price limit, with no restrictions on the size or type of device, the people said. 

Source : http://www.smh.com.au/business/world-business/microsoft-cutting-windows-8-cost-by-70-20140224-33b1n.html

CBDT Press Release dated 21.02.2014 on Identification of non-filers.

Government of India
                               Ministry of Finance
                             Department of Revenue
                           Central Board of Direct Taxes


                                                                 Dated 21st February, 2014

                                   PRESS RELEASE

The Income Tax Department had initiated a business intelligence project in February,
2013 to identify PAN holders who have not filed Income Tax Return and about whom
specific information is available in Annual Information Return (AIR), Central
Information Branch (CIB) data and TDS/TCS Returns. In the first round of data
matching, 12.19 lakh non-filers were identified. Letters have been sent in these cases
by the Compliance Management Cell and Assessing officers seeking the response of
the taxpayer. The results of this initiative is very encouraging and 5,36,220 returns
have been received from the target segment. Self assessment tax of Rs.1017.87 Cr.
and advance tax of Rs. 898.22 Cr. has also been paid by the target segment.

The Income Tax Department has now conducted the second round of data matching
which has identified additional 21.75 lakh potential non-filers. The Department has
sent letters to the 50,000 potential non filers in the first batch. The information relating
to the 21.75 lakh new non filers has been made available on the `Compliance Module'
on the e-filing portal of the Income Tax Department. The information will be shown
only to the specific PAN holder when the PAN holder logs into e-filing portal at
https://incometaxindiaefiling.gov.in. The PAN holder will be able to submit the
response electronically and keep a printout of the submitted response for record
purposes.


While the Government urges all tax payers to disclose their true income and pay
appropriate taxes, the Tax Department would continue to pursue the non filers
vigorously till all the high potential non filers are covered.


                                                                      (Dr. B.K. Sinha)
                                                     Commissioner of Income Tax(C&S)
                                                                   CBDT, North Block
 

I-T dept uses data matching to identify 21.75 lakh tax non-filers

Continuing its drive to nab tax evaders, the income tax department has identified additional 21.75 lakh potential non-filers. The department has already written to 50,000 such entities, urging them to pay up.The department has identified these cases through its data matching exercise and has made the same available on the e-filing portal of the department so that such PAN card holders can view the information and respond accordingly.

Source : http://www.financialexpress.com/news/it-dept-uses-data-matching-to-identify-21.75-lakh-tax-nonfilers/1228214

What is the Password to open ITR-V of Income tax ?

Only we upload our income tax into incometaxindiaefiling.gov.in website we will be able to download ITR-V which is the acknowledgement of filing our income tax.

PASSWORD TO OPEN THE ITR-V IS YOUR PAN NUMBER AND DATE OF BIRTH IN ABCDE1234FDDMMYYYY FORMAT

Eg If your PAN is ABCDE1234F  AND YOUR DATE OF BIRTH IS 01/01/1981 THEN THE PASSWORD IS abcde1234f01011981