5. The draft proposal is as under:

“2. In the Income-tax Rules, 1962:^__

“(I) in rule 114, in sub-rule (3), after clause (iv), following clauses shall be inserted, namely: ^__

‘(v) in the case of a person, being a resident, other than an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year and which has not been allotted any permanent account number, on or before the 31^st day of May, immediately following the financial year in which such transaction is entered into;

(vi) in the case of a person, who is the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in clause (v) or any person competent to act on behalf of the person referred to in clause (v) and who has not been allotted any permanent account number, on or before the 31^st day of May, immediately following the financial year in which such transaction is entered into.’;

(II) in rule 114, in sub-rule (6):-

‘(i) for the words, brackets and figure “or intimation of Aadhaar number in sub-rule (5)”, the words,brackets and figure “, intimation of Aadhaar number in sub-rule (5) and issue of permanent account number” shall be substituted;

(ii) for the words “and intimation of Aadhaar number”, the words “, intimation of Aadhaar number and issue of permanent account number” shall be substituted.’;

(III) in  Appendix  II,  in  Form  number  49A  and  Form  number  49AA,  for  column   number  6  and entries relating thereto, the following item shall be substituted, namely:-

‘6. Details of Parents (applicable only for individual applicants)

Father’s Name (mandatory, except where mother is the single parent)

Last Name / Surname

First Name

Middle Name

Mother’s Name (Mandatory in case father’s name is not furnished and mother is the single parent)

Last Name / Surname

First Name

Middle Name

Select the name of either father or mother which you may like to be printed on PAN card (Select one only)

(In case no option is provided then PAN card will be issued with father’s name except in case where father’s name is not furnished and mother is the single parent. In such cases mother’s name will be printed on PAN card)

Father’s name             Mother’s name      (Please tick as applicable)’.”

6. The comments and suggestions of stakeholders and general public on the above draft notification are invited. The comments and suggestions may be sent electronically by 17^th September, 2018 at the email address, ts.mapwal@nic.in.

(Dr. T. S. Mapwal)

Under Secretary (TPL-IV)

Tel: 011-23095471

Email: ts.mapwal@nic.in

 

Ministry of Finance

Demonetisation and its impact on Tax collection and Formalisation of the Economy - Arun Jaitley

Dated: 30 AUG 2018

          The Reserve Bank has twice released its reports stating that the demonetised Notes of rs. 500 and rs. 1000 have been substantially deposited in the Banks.  A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded.  Was the invalidation of the Non-deposited currency the only object of demonetisation?  Certainly Not.  The larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society.  This necessarily involved the formalisation of the Economy and a blow to the black money.  How has this been achieved?

i) WHEN cash is deposited in the Banks, the anonymity about the owner of the cash disappears.  The deposited cash is now identified with its owner giving rise to an inquiry, whether the amount deposited is in consonance with the depositor’s income.  Accordingly, post demonetisation about 1.8 million depositors have been identified for this enquiry.  Many of them are being fastened with Tax and Penalties.  Mere deposit of cash in a bank does not lead to a presumption that it is Tax paid Money.

ii) In March 2014, the number of Income Tax returns filed was 3.8 crores.  In 2017-18, this figure has grown to 6.86 crores.  In the last two years, when the impact of demonetisation and other steps is analysed, the Income Tax returns have increased by 19% and 25%.  This is a phenomenal increase.

iii) The number of New Returns filed post demonetisation increased in the past two years by 85.51 Lakhs and 1.07 crores.

iv) For 2018-19, advance Tax in the first quarter has increased for personal Income Tax Assesses by 44.1% and in the Corporate Tax category by 17.4%.

v) The Income Tax collections have increased from the 2013-14 figure of `6.38 Lakh crores to the 2017-18 figure of `10.02 Lakh crores.

vi) The growth of Income Tax collections in the Pre-demonetisation two years was 6.6% and 9%.  Post-demonetisation, the collections increased by 15% and 18% in the next two years.  The same trend is visible in the third year.

vii) The GST was implemented from 1st July, 2017 i.e. Post demonetisation.  In the very first year, the number of registered assesses has increased by 72.5%.  The original 66.17 Lakh assesses has increased to 114.17 Lakhs

          This is the positive impact of the Demonetisation.  More formalisation  of the Economy, More Money in the System, Higher Tax Revenue, Higher Expenditure, Higher Growth after the first two quarters.

****

(Release ID: 1544568)

 

F.No. 370142/1112018-TPL 

Government of India 

Ministry of Finance 

Department of Revenue 

Central Board of Direct Taxes 

Dated: 30th August, 2018 

Subject: Framing of Income-tax rules relating to 'Significant Economic Presence' as per section 9(1)(i) of the Income-tax Act, 1961, Comments and suggestions - reg. 

1. In order to frame income-tax rules relating to 'Significant Economic Presence' as per section 9(1)(i) of the income-Tax Act,1961, communication dated 13th July, 2018, inviting comments and suggestions of stakeholders and the general public was uploaded on the website of the Income-tax Department(www.incometaxindia.gov.in). The last date for furnishing of comments and suggestions was 10th August, 2018.

2. In view of the representations received requesting for extension of the time for furnishing of comments and suggestions, the last date for furnishing of comments and suggestions on the subject matter is extended up to 30th September, 2018. The comments and suggestions may be sent electronically latest by 30th September, 2018 at the email address ustpl3@nic.in. 

(Saurabh Gupta)

DCIT (OSD)-TPL

Tel: 011-23095470 

Email:ustp13@nic.in

 

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

 

New Delhi, 28th August, 2018

 

PRESS RELEASE

Extension of date for filing of Income Tax Returns for taxpayers in Kerala

                The Central Board of Direct Taxes(CBDT) had earlier extended the ‘due date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the categories of taxpayers who were liable to file their Income Tax Returns by 31st July, 2018.

                In view of the disruption caused due to severe floods in Kerala, CBDT hereby further extends the due date for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who were liable to file their Income Tax Returns by 31st August, 2018.              

 

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

 

HC dismisses assessee's  appeal, holds the share applicants and investments therefrom bogus;  Notes the facts that the only explanation given by the assessee as to one shareholder-HUF was that the relevant person was 'out of station' and the other shareholder-company whose address was in a residential  building, without any more information about the same and hence, identity of both the shareholders was found unsatisfactory; Observes that the AO after making a thorough enquiry into the documents submitted, held them to be not satisfactory; Holds that "In the light of such findings of the AO which withstood scrutiny before final fact-finding body that is the Appellate Tribunal, it scarcely lies in the mouth of the assessee to question the propriety of the AO having found the explanation furnished by the assessee to be unsatisfactory."

Click here to read facts and download copy of HC judgment reported in [TS-5528-HC-2018(Calcutta)-O]