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FOCUS SEPTEMBER 2017 - INCOME TAXFOCUS SEPTEMBER 2017 – INCOME TAX: Today, on 30th September, 2017, here all you need to know about few important development and events in Income tax during the month of September, 2017.

Focus September 2017 No. 01 :- In a bid to Government’s initiative towards Digital India and E-Governance, IT department launch Income Tax Business Application (ITBA) project, under this integrated project, Income Tax assessment proceeding in time barring scrutiny cases will be conducted on digital platform through ‘E-Proceeding‘ facility available on Income Tax Website. CBDT has issues instruction related to this matter under section 119 of the Income Tax Act. 1961, Order also includes procedural aspects like (i) Enquiry before assessment in electronic mode,  (ii) Use of digital signature of Assessing Offices, (iii) Notices or letters or communications to be issued manually only in exceptional situations, (iv) Time of compliance, (v) Availability of facility for electronic submission of documents in time barring situation or where case has been finally heard by the Assessing Officer, (vi) Maintenance & Production of ‘Records’ in the context of ‘e-Proceedings’. (Read full story….Instruction No. 8/2017)

 Focus September 2017 No. 02:- Income Tax department issues proposed draft notification for Voluntary Reporting of Estimated Current Income and Advance Tax Liability by certain taxpayers such as , Companies and Tax audit cases. The proposal being inserted by a new Rule 39A and Form No. 28AA in the Income-tax Rules, 1962. Additional burden of tax compliance imposed by the department on tax payers. To meet various budgetary allocations such as welfare schemes, infrastructure development, defense expenditure etc, Govt need a continuous flow of tax revenues throughout the year. Department says taxpayers need to do an accurate estimate of their current income and advance tax liability, so that the additional burden on account of interest for default or deferment of advance tax can be avoided. The Government inviting comments from stakeholder and public via email address dirtpl4@nic.in.

Focus September 2017 No. 03 :- TDS on Interest on Capital Gain Account Scheme, 1988 where the depositor has deceased . CBDT has specified that, unless a declaration filed under Rule 37BA(2) of the Income-tax Rules, 1962, deposits under the Capital Gains Accounts Scheme, 1988, where the depositor has deceased. TDS on the interest income accrued for and up to the period of death of the deposit is required to be deducted and reported against the Permanent Account Number of the depositor and TDS on the interest income accrued for the period after death of the depositor is required to be deducted and reported against PAN of the legal heir.

Further, the clarification has been issued in the light of instances where the banks are deducting TDS on the interest earned (in cases where deceased depositor has made deposits under the Capital Gains Accounts Scheme, 1988), in the hand of the deceased depositor and issuing TDS certificates in the name of the deceased depositor, which is not by the law. (ReadNotification No. 8/2017 dt: 13-09-2017).

Focus September 2017 No. 04 :- It is come to the notice of department that, certain unscrupulous elements have conducted unauthorized or illegal searches through forged identity cards claiming to be from Income Tax Department, Delhi. The department advised tax payer to confirm identities of income tax search authorities and if any doubts persists immediately contact Income Tax Department on following Numbers 9013850099 for the specified purpose of confirmation of identities of officers/officials working in the Delhi region. The tax payers has a right to seek & inspect the warrant of authorisation, get confirm the identities of authorized Income Tax Authorities mentioned on the warrant. The assessee can seek the telephone numbers of immediate supervisory officers of the search or survey party for verification of genuineness.

Focus September 2017 No. 05:- The Income Tax Department has published on its website that (a) New registration processes to facilitate effective communication between the taxpayer and Department have been enabled; (b) The existing e-Filing users are required to update their profile by logging into e-Filing account; and (c) Users who have already registered already and not activated have to register again.

Sources: Income Tax Websites & PIB.NIC.IN

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