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Showing posts with label income tax. Show all posts
Showing posts with label income tax. Show all posts

 The Centre is considering action against 127 IAS officers for failing to submit their last year's Immovable Property Returns (IPRs) to the government.

The latest data released by Department of Personnel and Training, DoPT shows that out of the total 127 IAS officers who have not submitted their property details, 32 are from Madhya Pradesh cadre, 16 from Uttar Pradesh, 14 from Punjab, 12 from Odisha cadre and remaining from other states' cadres.

The total sanctioned strength of IAS is 6,154, including 1,885 promotion posts. Of these, 4,377 officers are in position. An all-India service officer is bound to file property returns of a year by January end of the following year.


 The step has been taken on consideration of the reports of disturbance of general life caused due to power failure apart from consideration of the fact that the e-filing of returns for a specified category of individuals and HUF has been made mandatory . 

This has been done in respect of assesses who are liable to file such returns by 31st July 2012 as per provisions of section 139 of Income Tax Act, 1961 .

 Our Correspondent reports, salaried employees earning up to five lakh rupees a year, no longer need to file income tax returns from this year. The exemption from filing I-T returns is applicable only if the total income of the employee does not exceed five lakh rupees and the annual interest earned from savings bank account is less than 10,000 rupees for assessment year 2012-13.

From the current fiscal, filing I-T returns online has been made mandatory for individuals earning an annual income in excess of 10 lakh rupees. Earlier, an individual with income above 10 lakh had the choice of filing income-tax returns either online or through an auditor and chartered accountant.



Salaried employees, who are earning up to Rs 5 lakh a year, need not file income tax returns for assessment year 2012-13.

According to a release issued by the Finance Ministry, the exemption from filing I-T returns is applicable in those conditions, when total income of the employee does not exceed Rs 5 lakh and the annual interest earned from savings bank account is less than Rs 10,000.

The exemption will be permitted only if the assessee has received a certificate of tax deduction in Form 16 from the employer. The employees have to report income from interest on savings bank account to the employer to become eligible for exemptions.

However, filing of income tax returns is necessary to claim refunds.


The Income Tax department has decided to set up special Tax Kiosks in residential areas and localities for facilitating a host of taxpayer related services in big cities. The initiative has been taken in view of the forthcoming tax returns filing season. It will ensure that the taxpayers are not required to travel to I-T offices or other special camps for performing tasks like filing of returns, tracking refunds and applying for fresh PAN cards. The department has also decided to run and station Mobile Vans in smaller cities, manned by I-T trained personnel. These vans would help taxpayers perform their tasks in view of the July 31 deadline of filing I-T returns.

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