Category: Latest News
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Urjit Patel : New RBI Governor
Urjit Patel, the current Deputy Governor of RBI will be heading the chair of Governor after Mr. Raghuram Rajan and will be the 24th RBI governor of the apex bank. [text-blocks id=”file-your-return”]
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Taxes can be deposited in cash – Income Declaration Scheme
On request raised by the government, RBI has issued the instructions to the banks to accept payment of tax in cash under Income Declaration Scheme. Also, cash deposited with the banks under the said scheme shall not be taken into consideration by FIU (Financial Intelligence Unit) or Income Tax Department for any adverse action. Source: http://www.incometaxindia.gov.in/Communications/Circular/Circular29_14072016.pdf…
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No more requests for Grant, Modification, Extension u/s 35 AC shall be considered!
Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to the previous…
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Bihar passes GST bill in trail after Assam
Bihar is the first non-NDA government to pass GST following its ratification by the BJP-ruled Assam last Friday. The Constitution (122nd Amendment) Bill, 2014 on GST has already been passed by Lok Sabha and Rajya Sabha. The GST Bill, seen as the single biggest tax reform in a long time needs to be ratified by…
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June quarter reveals 30% hike in Indirect Tax collection
Indirect tax collection hikes about 30.8 % during first quarter of 2016-17 to Rs 1,99,970 crore, from Rs 1,52,740 crore collected in the first quarter of previous financial year 2015-16. The collection up to June indicate that 25.7 per cent of the annual budget target of indirect taxes has been achieved in the first three months of…
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Repo Rate and CRR kept intact by RBI!
In the last policy review by the outgoing RBI Governer Mr. Raghuram Rajan, the RBI has maintained the same repo rate (the rate at which commercial banks borrows from the central bank) and Cash Reserve Ratio (CRR) as last time at 6.5 % and 4 % respectively. Source: RBI Press Release dated 9 August 2016 [text-blocks id=”file-your-return”]
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Income Tax Refunds
The CPC Bengaluru has already issued over 54.35 Lakh refunds totaling to Rs 14,332 Cr which includes 20.81 Lakh refunds for AY 2016-17 (current year returns) totaling to Rs 2,922 Cr till 5th August 2016. Source: CBDT Press Release dated 8th August, 2016. [text-blocks id=”check-return-status”]
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PNB and UBI now provides E-verification facility
Electronic Verification Code (EVC) can be generated by pre-validating your Bank Account on the e-Filing portal. Punjab National Bank and United Bank of India have launched this facility which will facilitate the account holders, who may not have a NetBanking account, to e-verify their return. Other banks are expected to launch this facility. Source: Income…
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Now EVC can also be generated through Canara Bank ATM!
The Income Tax Department has widened the ATM-based validation system for filing e-ITR’s by taxpayers with the inclusion of Canara Bank after AXIS Bank and State Bank of India, as part of its measure to enhance the paperless regime of filing the I-T returns. Now, Electronic Verification Code (EVC) can also be generated by pre-validating Automated Teller…
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The increase in E-filing and E-verification users this Tax Season!
According to the data shared by Finance Ministry, the online returns this season has increased with the growth rate of more than 9.8% as 226.98 Lakh ITRs are filed until 5th August 2016 as compared to last year’s 206.55 Lakh ITRs. There has been a significant increase in E-verification of ITR this season too…