News – Page 10 – ngoenabler

11 Lakh tax notices on the way

On March 27, 2019 / Comments 0

I-T verification starts, 11 lakh tax notices on the way https://www.dnaindia.com/…/report-i-t-verification-starts-1… The Income Tax Department's newly set-up *Centralised Verification Centre (CenVC)* is planning to send the first set of e-tax notices to 'non-filers', starting this week. The notices will be issued under section 133C of the Income-Tax Act, which was notified last week. "We now have the capacity to verify 100% returns. Earlier only a minuscule percentage (0.5%) were being picked up every year for scrutiny through a random selection process," The returns filed during the Assessment Year 2017-18 (or financial year 2016-17) are being dealt with first. The information…...

Highlights of Budget 2019

On March 14, 2018 / Comments 0

a) Within 2 years scrutiny assessment shall be done only electronically and in anonymity. The assessee shall not no the officer and vice-versa. This is an initiative to reduce corruption by not involving any personal interface between the two. b) Income Tax Returns shall be processed within 24 hours. The infrastructure and necessary softwares required to process it shall be build in another 2 years and the same shall be implemented. c) The income tax rebate for individuals has been increased from Rs. 2,500/- to Rs. 12,500/- , if the total income is below Rs. 5,00,000/- d) Standard deduction for…...

Registration of NGO Darpan

On March 8, 2018 / Comments 0

There had been lot of NGOs which were facing issues with registration on NGO Darpan. It was mandatory to be registered on NGO Darpan with Niti Aayog for FCRA registered organization. However after a year, the same has been reconsidered and it has been made optional. https://economictimes.indiatimes.com/…/article…/67574922.cms...

Tracking of Non-filers of return

On March 4, 2018 / Comments 0

The income tax department is tracking the non filers of income tax return through a NMS software . If any financial transaction has been entered into but the return is not filed, the system shall track such assessee and will send an online notice on their portal. The response for non-filing needs to be filed on online portal in the e-proceeding tab...

Mandatory online filing of Form 13

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So one another step towards digitalization . Now one have to mandatorily file online form for obtaining lower deduction certificate for TDS. http://www.taxscan.in/certificate-tds-tcs-cbdt-income-tax/…/...

Judicial Audit of NGOs – Apex Court

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The Supreme Court in it's recent order has made an announcement which might be a set back for NGOs, charitable institutions and religious shrines, if they are not transparent enough or accountable for their activities. The Apex court has passed this order wherein it has asked the district magistrates to conduct a judicial audit of all charitable institutions in their respective areas regarding hygiene, accounts, access and assets held by such organization. For more details follow the link, Courtesy: https://m.timesofindia.com/…/s…/amp_articleshow/65507865.cms...

Linking of PAN and Aadhar

On March 8, 2017 / Comments 0

So finally the confusion is over. The government has come up with the date for linking of PAN and Aadhar for filing of income tax return and other services. 31st March, 2019 is the last date for linking. https://economictimes.indiatimes.com/…/article…/64810267.cms...

Monitoring of FCRA Transactions by MHA

On January 8, 2017 / Comments 0

So finally it is there. The government has launched a tool to monitor all your FCRA transactions and fund. Be aware of the norms and strictly abide by that. Remember, Ignorance is no plea in the eyes of law. Union Home Minister Shri Rajnath Singh launches Online Analytical Tool to monitor foreign contributions under FCRA https://t.co/4jVVP558Rf...