Monday, November 18, 2019

New Income Tax Rules – Submission of false Aadhaar number may be fined Rs. 10,000


As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number.
As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number.
However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules.
It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department.
Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN. The amount of penalty shall be Rs. 10,000 for each default.

Tuesday, March 29, 2016

7th Pay Commission : Next meeting on 30th March 2016

As per information received, Next meeting with Empowered Committee under Chairmanship of Cabinet Secretary will be held on 30.03.2016 at Cabinet Secretariat, Committee Room, Rashtrapati Bhawan, New Delhi.

Sunday, March 27, 2016

Removal of NPS: No proposal with Government

On reply of Unstarred question in Loksabha, Government stated that there is no proposal under consideration to replace the National Pension System (NPS) with old pension scheme in respect of Central Government employees recruited on or after 01.01.2004.

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

LOK SABHA

UNSTARRED QUESTION NO: 1524

ANSWERED ON: 04.03.2016

Replacement of New Pension Scheme


SUKHBIR SINGH JAUNPURIA
Will the Minister of FINANCE be pleased to state:-

(a) whether the Government proposes to replace the New Pension Scheme (NPS) with old pension scheme; and

(b) if so, the details thereof and the reasons therefor?

ANSWER

The Minister of State in the Ministry of Finance 

(a) & (b) there is no proposal under consideration to replace the National Pension System (NPS) with old pension scheme in respect of Central Government employees recruited on or after 01.01.2004.

Tuesday, November 3, 2015

OUTCOME OF MEETING OF JCA WITH REVENUE SECRETARY

As scheduled the meeting of JCA with the Revenue Secretary is held and over. JCA leadership, Member(P) and PDGIT(HRD) were also present. The outcome is as under:

1. RS expressed that the issue of stagnation in ITO cadre is serious and needs to be addressed and also expressed his concern.
2. RS asked both the Board and JCA to find solution on this issue through discussion.
3. JCA explained the delay in holding of DPCs and asked for more posts in ACIT cadre for promotion quota through GFR 254 and other means for removing stagnation.
4. RS expressed and directed to work out the modalities to reduce the stagnation to not more than 12 years.
5. RS directed the Member(P) to ensure DPC for 2014-15 immediately. He also directed to ensure immediate vacation of CAT stay.
6. RS directed to complete DPC for 2015-16 thereafter and also start preparing DPC for 2016-17 so that all the DPCs could be completed by March 2016.
7. RS directed Member(P) to put up the proposal at the earliest for more vacancies in ACIT cadre for promotion, be it GFR or otherwise.
8. RS asked JCA to withdraw the agitation immediately. He told that our problems will be addressed. JCA can meet him at any time. He expressed that PM wants the senior authorities to be take proper care of employees problems but the employees should also work with sincerely. He told that this agitation has given him bad name.
9. RS had to go somewhere but he directed the Member to continue meeting with JCA and draw some agreeable conclusion. 
10. The Member was told by JCA that addressing stagnation was our priority and there can be no settlement if stagnation issue is not addressed irrespective whether DPC is held early.
11. The Member(P) told that he will meet RS again and will fixed another meeting of JCA with him.

After the meeting, The Central JCA decided to suspend the ongoing agitational programme for a period of three weeks in view of assurances given to JCA for redressal of demands and directions given to CBDT by the Revenue Secretary. 

Monday, November 2, 2015

CBDT News

The Chairperson of CBDT Anita Kapoor is superannuating by this month end. She is a 1978-batch officer of the Income Tax cadre.





Mr. RC Mishra is likely to be appointed Member of CBDT who is 1979 batch IRS officer(IT).

Thursday, June 11, 2015

Due Date of filing Return of Income Tax extended to 31st August

As per the new order issued by CBDT u/s 119 of the Income Tax Act, due date of filing return of income tax for Assessment Year 2015-16 has been extended from 31st July to 31st August in respect of income tax assessee.

Rail Ticket Reservation Timing Revised, 50% refund on cancellation.

Indian Railways has changed the timing for the booking of Tatkal tickets, and said that customers can get a refund of upto 50% on cancellation for the same. 


As per the new schedule, the Tatkal booking for AC classes will commence at 10am and close at 11am, while for the non-AC classes, the Tatkal booking will commence at 11am and close at noon. 



Railways will soon launch its 'Tatkal Special' train service, travelling on which will be dearer than on normal trains. 



The cash-strapped public transporter will make special trains on tatkal fares operational for certain busy routes. 



While 'Premium' trains — tickets for which are priced as per a dynamic fare structure — are already operational, the Tatkal Special trains will be an additional service to cater to the rush. 



The Railways has also relaxed the advance reservation period for Tatkal Special trains. The advance reservation period is of a minimum 10 days and a maximum of 60 days.



Source:  Times of India

New Income Tax Rules – Submission of false Aadhaar number may be fined Rs. 10,000

As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanen...