I-T dept launches upgraded website for taxpayers

The Income Tax department has launched an upgraded version of its official web portal featuring better links for taxpayer services and grievance redressal.
The new website -- www.Incometaxindia.Gov.In -- features a special link for 'taxpayer services' on the main page and it subsequently navigates the user to all important works that a person needs to get done from the tax department like getting a new PAN card, filing e-returns, checking refunds and registering grievances.
The website is also hosting, from the past, various links for use by taxpayers including a special section on new I-T circulars, notifications and laws.
The improved website of the department is being created and maintained by the systems wing of the department as the unit has been on a spree, for quite sometime now, to continuously make I-T processes easy for taxpayers so that they can perform their tasks over the internet rather than going to a tax office.

"The new website has been made operational and a special section on tax FAQs for senior citizens and other class of taxpayers has also been brought out prominently," a senior official said.
The current provisions of penalty on under-reporting of

income at 50 per cent of the tax, and misreporting (200 per cent of tax) will remain and no changes are being made to them.
Under-reporting/misreporting income is normally difference between returned income and assessed income.
The Taxation Laws (Second Amendment) Bill, 2016 proposes to amend Section 115BBE of the Income Tax Act to provide for a punitive tax, surcharge and penalty on unexplained credit, investment, cash and other assets.

Against current provision of 30 per cent flat tax rate plus surcharge and cesss, a steep 60 per cent tax will be levied on such income together with 25 per cent surcharge of tax (15 per cent of such income). So total incidence of tax will be 75 per cent with no expense, deductions or set-off allowed.
Also, the assessing officer can levy an additional 10 per cent penalty, taking the total tax incidence to 85 per cent.
The current provisions for penalty in cases of search and seizure are proposed to be amended to provide for a penalty of 30 per cent of income if it is admitted, returns filed and taxes paid. In all other cases, 60 per cent will be the penalty.

Currently, the penalty is 10 per cent of the income, if the income is admitted, returned and taxes are paid. Penalty is
at 60 per cent in all other cases.
Under the new Pradhan Mantri Garib Kalyan Yojana, besides 50 per cent tax, surcharge and penalty, a quarter of the declared income will be to be deposited in interest free deposit scheme for four years.
Revenue Secretary Hasmukh Adhia said the deterrent provisions were necessary so that people have the fear of hoarding black money.
"The disclosures in PMGKY scheme will ensure that no questions will be asked about the source of fund. It would ensure immunity from wealth tax, civil laws and other taxation laws. But there is no immunity from FEMA, PMLA, Narcotics, and black money act," he said.

Deposits which have been already made from November 10 will be covered under PMGKY. "Last date we will notify after the bill is passed but it is likely to be December 30. PMGKY will come in as a new Chapter 9 in Finance Act 2016," he said.