Income tax and tax concertante

टैक्स चोरी रोकने के लिए आयकर विभाग ने पैन कार्ड नियमों में बदलाव करने का फैसला लिया है। नए नियम 5 दिसंबर से लागू होंगे। नए नियम के अनुसार ऐसी वित्तीय संस्थाएं जो कि वित्तीय वर्ष में 2.5 लाख रुपये या इससे अधिक का लेन-देन करती हैं, उनके लिए पैन नंबर अनिवार्य हो जाएगा। केंद्रीय प्रत्यक्ष कर बोर्ड (सीबीडीटी) ने अपनी एक अधिसूचना में कहा है कि अगर कोई व्यक्ति वित्तीय वर्ष में 2.50 लाख रुपये या इससे अधिक का लेन-देन करता है तो उसे पैन नंबर के लिए 31 मई 2019 से पहले आवदेन करना होगा।

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Modi govt scheme: Invest just Rs 84/month, and get Rs 24,000 every year – Here is how
Modi govt scheme: An individual can start investing in the pension plan between the age of 18 and 40 years to earn a fixed minimum monthly return which ranges from Rs 1000 to Rs 5000.
By: FE Online June 11, 2018 7:56 PM
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Atal Pension Yojana (APY) is a government-run scheme which was Modi govt in 2015. (PTI)
Modi govt scheme: Atal Pension Yojana (APY) is a government-run scheme which was launched by Narendra Modi government in 2015. The pension scheme mainly focuses on the unorganised sector and investors can get a good return by investing a very small amount. An individual can start investing in the pension plan between the age of 18 and 40 years to earn a fixed minimum monthly return which ranges from Rs 1000 to Rs 5000. The return depends on the contribution and at the age when the investment was started by the depositor.

Under APY a contributor has three payment modes of contribution: monthly, quarterly and half-yearly. It means a person is required to pay Rs 84 per month to get a minimum guaranteed return of Rs 2000 per month after the age of 60. This will add up to Rs 24,000 yearly pension return after investing for 42 years, according to NSDL website. All they need to do is open a savings account either with a bank or a post office

How do you apply for Atal Pension Yojana online?

The APY subscriber form is available online on all bank websites. Customers have to download the form, fill in the required details and submit it to their banks. Other necessary documents also have to be submitted and applicants can then easily open as Atal Pension Yojana account.

Charges for default: Banks are required to collect an additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10 per month.

• Re. 1 per month for a contribution up to Rs. 100 per month.

• Re. 2 per month for contribution up to Rs. 101 to 500/- per month.

• Re 5 per month for contribution between Rs 501/- to 1000/- per month.

• Rs 10 per month for contribution beyond Rs 1001/- per month.

Note: The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

If an individual fails to do the payment of contribution amount for six months the account will be frozen. After 12 months the account will be deactivated and after 24 months account will be closed.

Withdrawal:

– On attaining the age of 60 years: The exit from APY is permitted at the age with 100 per cent annuitisation of pension wealth. On exit, the pension would be available to the subscriber.

– In case of death of the Subscriber due to any cause: In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.

– Exit Before the age of 60 Years: Exit before 60 years of age is not permitted however it is permitted only in exceptional circumstances, i.e., in the event of the death of the beneficiary or terminal disease.

Eligibility:

– APY is applicable to all citizen of India aged between 18-40 years.

– Aadhaar will be the primary KYC. Aadhar and mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhar details may also be submitted later stage.

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Income Tax returns filing: Received I-T notice? Here are top 3 reasons why you may and what you should do

The deadline for the Income Tax return filing is just a couple of months away, and there is a chance that you may receive a notice from the I-T Department.

By: FE Online



May 30, 2018 5:34 PM

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If an individual has filed the I-T return online, then s/he will get the notice on email.

The deadline for the Income Tax return filing is just a couple of months away, and there is a chance that you may receive a notice from the I-T Department. However, you need not worry if you have adhered to the guidelines provided by the taxmen. Most of these notices are just routine notices and a reminder that you have made a mistake while filing the tax returns for the assessment year 2017-18. The last date to file your I-T returns is July 31, 2018. According to the Income Tax Department, the filing for returns has increased in numbers. Taking into account the rise in numbers of return filers, there might be some who would have made mistakes or even might have tried to evade filing their taxes. Here are the top 3 reasons why the I-T Department may send you a tax notice.
1- Notices on details of income and assets: The I-T department has been taking various steps to restrain the use of black money and benami property. The department may send you a notice related to this, asking you to declare all your income sources and assets in and outside India.
2- Routine notice: The notice is generally sent by the department to give a thumb’s up that their return has been successfully processed. However, sometimes the I-T department can send you the notice if there is some arithmetic miscalculation or mismatch of declared income in return.

3- Prosecution notice: Under the section 143 (2), the department will send a notice if an individual fails to file his/her tax returns even after receiving a notice from the department.
What to do:
If an individual has filed the I-T return online, then s/he will get the notice on email. The person will be given directions for what they are supposed to do next. For each notice, there are necessary steps which need to be followed by the defaulter. After receiving the email, visit your income tax account and click ‘My Pending Actions’ option and then go to ‘For your action’. There you can see if there is any demand pending in your name.

Three reasons to file income tax returns on time.

It is important to file income tax returns, or ITR, on time because you may be asked to provide related details to avail of various services.

if you don’t file your ITR your tax on or before the deadline, you will have to pay a fine of up to Rs10,000 for late payment.

if you don’t file your ITR your tax on or before the deadline, you will have to pay a fine of up to Rs10,000 for late payment.

Higher penalty

The last date to file your income-tax returns (ITR) is usually 31 July, unless it is extended by the income tax department. From the assessment year 2018-19, if you don’t pay your tax on or before the deadline, you will have to pay a penalty of up to Rs10,000 for late payment. If you file returns after 31 July and on or before 31 December, you will have to pay Rs5,000 as penalty. However, if you file returns after 31 December, you will have to pay a fine of Rs10,000. This penalty is applicable for those who have a taxable income of more than ₹5 lakh. If your taxable income is up to ₹5 lakh and you have delayed your ITR, you will have to pay ₹1,000 penalty.

1% interest a month

If you don’t pay on time and also have tax due, then besides the higher penalty of ₹5,000 or ₹10,000, whichever is applicable, you will also have to pay 1% penal interest on the tax amount that is due. Say your taxable income is ₹10 lakh and your unpaid tax amount is ₹20,000. If you file returns on 1 January, you will have to pay an interest at 1% for August to December. For five months, you will pay ₹11,000

(₹1,000 as penal interest plus ₹10,000 penalty).

Must for other services

It is important to file returns because you may be asked to provide income tax returns details to avail of various services. For instance, some countries ask you to furnish three- to five-year income tax return details as part of the visa issuing process, which you have to submit to the visa authorities. Another place where you may have to provide ITR details is to process home loan from financial institutions. Through your income-tax returns, the authorities are able you understand your income flow and decide whether they want to lend to you or not.