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Cus - When there is nothing on record to show that appellant had connived with other three persons to import AA batteries under the guise of declaring goods as Calcium Carbonate, penalty imposed on appellant are set aside: HCCongress fields Rahul Gandhi from Rae Bareli and Kishori Lal Sharma from AmethiCus - The penalty imposed on assessee was set aside by Tribunal against which revenue is in appeal is far below the threshold limit fixed under Notification issued by CBDT, thus on the ground of monetary policy, revenue cannot proceed with this appeal: HCGST -Since both the SCNs and orders pertain to same tax period raising identical demand by two different officers of same jurisdiction, proceedings on SCNs are clubbed and shall be re-adjudicated by one proper officer: HCFormer Jharkhand HC Chief Justice, Justice Sanjaya Kumar Mishra appointed as President of GST TribunalSale of building constructed on leasehold land - GST implicationI-T - If assessee is not charging VAT paid on purchase of goods & services to its P&L account i.e., not claiming it as expenditure, there is no requirement to treat refund of such VAT as income: ITATBengal Governor restricts entry of State FM and local police into Raj BhawanI-T - Interest received u/s 28 of Land Acquisition Act 1894 awarded by Court is capital receipt being integral part of enhanced compensation and is exempt u/s 10(37): ITATCops flatten camps of protesting students at Columbia UnivI-T - No additions are permitted on account of bogus purchases, if evidence submitted on purchase going into export and further details provided of sellers remaining uncontroverted: ITATTurkey stops all trades with Israel over GazaI-T- Provisions of Section 56(2)(vii)(a) cannot be invoked, where a necessary condition of the money received without consideration by assessee, has not been fulfilled: ITATGirl students advised by Pak college to keep away from political eventsI-T- As per settled position in law, cooperative housing society can claim deduction u/s 80P, if interest is earned on deposit of own funds in nationalised banks: ITATApple reports lower revenue despite good start of the yearI-T- Since difference in valuation is minor, considering specific exclusion provision benefit is granted to assessee : ITATHome-grown tech of thermal camera transferred to IndustryI-T - Presumption u/s 292C would apply only to person proceeded u/s 153A and not for assessee u/s 153C: ITATECI asks parties to cease registering voters for beneficiary-oriented schemes under guise of surveys
 
TDS accounts for 40% of direct tax collections; Total e-returns zoom to 4.34 Crore; 53% returns filed after office hours: CBDT

By TIOL News Service

NEW DELHI, JAN 09, 2017: TAX Deduction at Source (TDS) constitutes nearly 40% of the direct tax collections. CPC(TDS) reconciles and correlates information from various sources including Banks (tax payment), Deductors (reporting tax deduction), Assessing Officers (mapping of no/low tax deductions) and Tax Professionals (reporting International transactions). With a robust tax reconciliation mechanism put in place through the CPC(TDS), the tax payer is given accurate and timely credit for the taxes paid/deducted. This has led to faster refunds and minimal grievances. The savings for the tax payers include: -

• Cost of maintaining voluminous physical TDS certificates.

• Cost involved in reconciliation of taxes with the deductors

• Cost involved in submitting income tax returns in paper form with annexures.

• Facility of sending SMS alerts to salaried taxpayers of TDS deposited by his deductor/ employer launched in October, 2016.

E-filing of Income Tax Returns

E-filing of Income Tax Returns was introduced for the 1st time in 2006-07 for corporates. The No. of e-file returns has increased from around 4 lacs in F.Y. 2006-07 to 434 lacs in F.Y. 2015-16. Nearly 74% of the e-returns are voluntarily filed; this facility is free of cost to tax-payers. E-returns now constitute for nearly 85% of total returns filed with the Department. In F.Y. 2015-16 nearly 434 lacs e-returns have been filed in comparison to 341 lacs e-return filed during F.Y. 2014-15 representing a growth of around 27%. No of e-returns filed during F.Y. 2015-16 (upto 30.09.2015) stands at 245 lacs in comparison to 289 lacs e-returns filed for the corresponding period of F.Y. 2016-17( upto 30.09.2016) registering a growth of 17%.

Other highlights of e-filing project are:

• Around 53% returns are filed after office hours, indicating the convenience of the tax-payers of not having to stand in queues outside tax offices on last few days.

• The e-filing website also facilitates the filing of returns in response to issue of defective notice, filing of rectification request, filing of response to non-compliance letters, online grievance redressal etc. ensuring that this becomes a single electronic gateway for tax-payer interaction with the department.

In the F.Y. 2016-17 upto 30.09.2016, CPC has processed 2,69,83,690 e-file returns pertaining to various assessment years as compared to 1,87,21,380 returns processed during the corresponding period of the previous year. During the month of September, 2016 72, 53,681 returns were processed as compared to 35, 12,734 returns during the corresponding month of the previous year.

• Electronic Verification Code (EVC) process implemented in April, 2015 is successful and more than 15 lacs tax-payers have adopted this green initiative. CPC has already processed 44 lacs returns through EVC.

• Average processing time is reduced to 61 days which is less than the period specified in Citizen’s Charter (6 months).


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