Wednesday, May 13, 2015

Additional Tax of Rs. 4733.61 Crore Collected due to (NMS)

As reported by Shri Jayant Sinha, Minister of State in Ministry of Finance, during the year 2013, 2014 and 2015 (up to 31.3.2015), Income Tax Department has through its Non-filer Monitoring System (NMS) identified 12.9 lakh, 22.09 lakh and 44.09 lakh cases respectively, as non-filers of return, though having potential tax liabilities.

As a result of this exercise, 30,68,662 new returns have been filed and additional tax of Rs. 4733.61 crore has been collected in the year 2013, 2014 and up to 31.3.2015 in the year 2015. Further follow up action is underway and similar exercise is also planned to be undertaken in the current financial year.

While identifying non-filers of return through NMS, the Income Tax Department analyses and assimilates all in-house information as well as transactional data received from third-party including Annual Information Return (AIR), Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) statements, Central Information Bureau (CIB) data etc, to isolate such persons/entities who have undertaken high value financial transactions but have not filed return. A total of 79.08 lakh such non-filers have been identified since implementation of NMS in 2013.

Source : PIB

Tuesday, May 12, 2015

New ITR form soon

Government on Tuesday said it has decided to "modify" the new Income Tax Return (ITR) forms in wake of concerns raised over them.

The Income Tax department had notified new income tax return forms on April 15.

In the new ITR-2, Finance Minister Arun Jaitley said, the information relating to foreign travel which has been sought to be captured is as per the recommendation of Special Investment Team on Black Money constituted as per directions of the Supreme Court.

Such information can help in developing risk profiles for deduction of evasion of tax, he said in the written reply to the Rajya Sabha, adding that these details are not required in ITR-1 or ITR-4S which is filed by majority of individual taxpayers.

"The government has received representation on the new return forms notified on April 15, 2015 and taking into account concerns raised, the government has decided to modify the return forms," Jaitley said.

ITR-1 (SAHAJ) is for individuals having income from salary/one house property/income from other sources. ITR-2 is for individuals and HUFs not having business/professional income. ITR-4S is for individuals/HUFs deriving business income and such income is computed in accordance with special provisions (44AD and 44AE).

The Finance Minister also said the government has constantly endeavoured to make the ITR filing procedure simple and hassle free with the introduction of electronically filed ITR forms in 2006-07.

The process of electronic filing has been made simpler over the years, he added.

As a result, during 2014-15, 3.41 crore returns were filed electronically which constituted 87 percent of the all the returns filed in the fiscal.

The government has also provided free ITR preparation software with the facility of pre-filled tax payment and tax deduction columns in the ITR to avoid data entry and mistakes.

Source : PTI, Zee News