I-T returns may require disclosure of all assets

The intention was mainly to get information about those HNIs who had not been paying wealth tax


Vrishti Beniwal  |  New Delhi  March 7, 2013 Last Updated at 00:57 IST
Many high-networth individuals (HNIs) have not been declaring all their assets to avoid paying wealth tax. That bliss is set to end soon, with the finance ministry planning to make it mandatory for individuals and Hindu undivided families (HUFs) to report assets and liabilities in income-tax (I-T) return forms.

Senior officials in the ministry said this could be notified soon. "Last year, reporting of assets and liabilities was made mandatory for individuals with foreign assets. This year, it might be extended to Indian assets," said an official.

The official added the intention was mainly to get information about those HNIs who had not been paying wealth tax. This year, wealth tax collections are likely to be Rs 866 crore - much less than the Budget estimate of Rs 1,244 crore. For 2013-14, the finance ministry has set a collection target of Rs 950 crore.

While declaring the assets, the individual or HUF might have to provide the value of assets on the basis of acquisition cost. For instance, if a house or car was bought in 1998, the cost of the property or the vehicle at the time of purchase would have to be mentioned.

Last year, the new disclosure for foreign assets was introduced in ITR2, ITR3 and ITR4, wherein the government asked whether the taxpayer had "any asset outside India or signing authority in any account located outside India". Individuals with foreign assets cannot file ITR1, which is used by individuals with income from salary/pension, one house and income from other houses. The disclosure provision for domestic assets might be made in all four ITR forms.

This proposal is primarily aimed at checking tax evasion and boosting collections. In the Union Budget, the government has levied a surcharge of 10 per cent on annual taxable income above Rs 1 crore and imposed tax deducted at source on transfer of immovable property costing more than Rs 50 lakh.

Wealth tax is charged at one per cent of the value of assets exceeding Rs 30 lakh and does not include one residential property and financial assets.

Areas Needing Special Permission for Entry by Indians and Foreigners

Areas Needing Special Permission for Entry by Indians and Foreigners

Under the Foreigners (Protected Areas) Order, 1958, all areas falling between the ‘Inner line’ and the “International Border of the State” have been declared as Protected Area. Currently, Protected Areas are located in the following States:- (i) Whole of Arunachal Pradesh (ii) Parts of Himachal Pradesh (iii) Parts of Jammu & Kashmir (iv) Parts of Rajasthan (v) Whole of Sikkim(partly in Protected Area and partly in Restricted Area) Further, under the Foreigners (Restricted Areas) Order, 1963, the following areas have been declared as ‘Restricted Areas’:- (i) Andaman & Nicobar Islands – Entire Union Territory (ii) Sikkim - Part of the State A foreigner is not normally allowed to visit a Protected/Restricted Area unless it is established to the satisfaction of the Government, that there are extraordinary reasons to justify such a visit. Every foreigner, except a citizen of Bhutan, who desires to enter and stay in a Protected or Restricted Area, is required to obtain a special permit from a competent authority delegated with powers to issue such a special permit to a foreigner. In cases where the powers have not been delegated to any subordinate authority by the Government of India, the application for special permit should be referred to the Ministry of Home Affairs for prior approval. Special Permission for entry by Indians (i) Inner Line Permit (ILP) regulates visit of Indians to States where ILP regime is prevalent under Bengal Eastern Frontier Regulation, 1873. In terms of of Section 2 of the Bengal Eastern Frontier Regulations, 1873, the Inner Line Permit system is prevalent in the three North Eastern States, namely, Arunachal Pradesh, Mizoram and Nagaland. Citizens of other States require ILP for visiting these three States. (ii) According to Section 3(1) of the Criminal Law Amendment Act, 1961, the Central Government may by notification in the Official Gazette, declare any area adjoining the frontiers of India to be a notified area and thereupon on and after such day as may be specified in, and subject to any exemptions for which provision may be made in the said notification, no person who was not immediately before the said day a resident in the area declared to be a notified area by the notification, shall enter or attempt to enter that area or be therein, except in accordance with the terms of a permit in writing granted to him by a person, not below the rank of a Magistrate of the First Class, specified in the said notification The main aim of ILP system is to prevent settlement of other Indian nationals in the States where ILP regime is prevalent, in order to protect the indigenous/tribal population. Notification under Section 3(1) of Criminal Law Amendment Act, 1961 is issued in the interest of the safety or security of India or in the public interest. With a view to promote tourism, some protected/restricted areas, notified by the Government of India from time to time, can be visited by foreign tourists, either in groups, or as a couple in the case of a husband and wife, or by individuals, after obtaining the necessary permit from the competent authority. Powers have been delegated to various authorities to issue the special permit, without the prior approval of the Ministry of Home Affairs, to facilitate foreign tourists subject to the following exceptions: (i) Special instructions applicable to foreign diplomats and members of the United Nations and International Organisations holding Diplomatic/Official Passport are issued by the Ministry of External Affairs. (ii) Citizens of Afghanistan, China and Pakistan and foreign nationals of Pakistani origin shall not be issued a special permit without the prior approval of the Ministry of Home Affairs. This was stated by Minister of State in the Ministry of Home Affairs Shri R.P.N.Singh in Rajya Sabha today. **** KSD/SAMIR /SK /ASY (Release ID :92687)

I-Card for Residents of Border Areas

I-Card for Residents of Border Areas

The Government has approved a Scheme to create National Population Register (NPR) and issue Resident Identity Cards to all usual residents of age 18 years and above in 3331 coastal villages in 13 maritime States/ Union Territories namely, Gujarat, Maharashtra, Goa, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Orissa, West Bengal, Daman & Diu, Lakshadweep, Andaman & Nicobar Islands and Puducherry as one of the measures for strengthening coastal security. All the towns in Andaman and Nicobar Islands have also been covered. An amount of Rs. 216.31 crore has been approved by the government for creation of NPR in these coastal villages and issue of resident identity cards. The data collection has already been completed in these areas. The demographic data has been collected for 1.2 crore people and biometrics (photograph and ten finger-prints) for 67.3 lakh people. The work of personalization and production of Identity Cards have been undertaken by a consortium of Central Public Sector Undertakings (CPSUs), namely, Bharat Electronics Ltd. (BEL), Electronics Corporation of India Ltd. (ECIL) and ITI Ltd. (ITIL). As on date, more than 62.04 lakh cards have been personalized and produced. The Resident Identity Cards have been dispatched directly to the residents by Department of Post through a secure Speed Post. As on date, more than 48.06 lakh cards have been dispatched. This was stated by Minister of State in the Ministry of Home Affairs Shri Mullapally Ramachandran in Lok Sabha today. **** KSD/SAMIR /ASY/PKM (Release ID :92545)

How do I get my Form 26AS?

Form 26AS is available online on the income tax website, and you can view it by quoting your PAN number, once you register yourself on the income tax website. You can even download it in the PDF or Excel format and keep it as a record with you.

Here are the steps to register and view your Form 26AS:

1. Go to income tax filing website: www.incometaxindiaefiling.gov.in
   
2. As a New User, you need to click on 'Register', and register your PAN and password along with other details required in the registration form
   
3. Once you are registered, go to the Login page, or Click on "View Form 26AS (Tax Credit)", which will ask for your login details.
   
4. Post login, in the "My Account" section, you can click on the sub section - "View Tax Credit Statement (Form 26AS)"
   
5. Choose the Assessment Year for which you need to view your tax credit statement, enter your Date of Birth and click SUBMIT
   
6. It will ask for a confirmation and redirect you to NSDL website to view your form 26AS
   
7. Click on "View Form 26AS" to get your Form 26AS
   

While the income tax filing website provides you with Form 26AS post registration; being a customer of technically advanced bank, you can also get direct link to your Form 26AS through your net banking account. Many banks like SBI, IDBI Bank, HDFC Bank, ICICI Bank etc as a feature in their internet banking facility, also provide a direct link to its customers to view their Form 26AS. By clicking on the link, you will be directly routed to TDS Reconciliation Analysis and Correction Enabling System (TRACES) website, where can directly see your tax credit statement (earlier it routed you to NSDL website).

What will you see in your Form 26AS?

Your tax credit statement broadly consists of 5 parts:

• Part A - Details of Tax Deducted at Source: It shows details of all the transactions where the Tax has been deducted at Source for any payments made to you (mapped against your PAN) and has been submitted to the income tax department. It shows the Name and TAN of the deductor along with the section under which deduction was made (e.g. section 192 for salary), date on which payment was credited, amount paid/credited, tax deducted from payments and deposited in the bank are also included in this part.
  
• Part B - Details of Tax Collected at Source: It shows details of the transactions where the tax has been collected from you by the seller of specified goods and submitted to the income tax department. Other details in respect of the seller and the tax collected are similar to as those displayed in Part A.
  
• Part C - Details of Tax Paid (Other than TDS or TCS): It shows details of income tax which has been paid directly by you (like advance tax, self-assessment tax). It also shows the date of tax deposited and details of the challan through which you have deposited this tax in the bank.
  
• Details of Paid Refund: It shows the details of any refund (in the year) paid to you by Income Tax Department along with the assessment year for which refund is paid. It also shows the mode of payment, amount of refund and date of payment.
  
• Details of transaction of Mutual Fund, Shares and Bonds (as reported by AIR filer) -This shows the details of 'high value financial transactions' done by you (as reported in Annual Information Report - AIR filer under section 285BA). Details of the nature of transaction, name of AIR filer, date of transaction, whether single or joint party transaction, no. of joint transacting parties, amount and mode of transactions are also included.
  

When is Form 26AS used the most?

While you can view Form 26AS multiple times in a year, it is usually helpful at the end of the year before filing your tax returns. Before filing your tax returns, you might want to check the amount of total tax already paid by you through different ways in the given year and then you pay the remaining tax. In case you find that you have paid extra tax in a year, then you can submit your tax credit statement to the income tax department while filing and request for a tax refund.

In case you see any entry on account of TDS/TCS credit in your Form 26AS which is not pertaining to you, you may intimate the deductor/collector. In case the erroneous entry is on account of advance tax or self-assessment tax, you may intimate your Assessing Officer. In case if any of the issue has not been resolved by the deductor, then you can contact Aaykar Sampark Kendra (ASK) at 0124-2438000 or Central Processing Center (CPC) of TDS.

Parliamentary Committees COMMITTEE MEETINGS Committee on Petitions From:- 20/02/2013 To:- 25/02/2013

Date Time MeetingNo Venue & Place Agenda Committee on Petitions 20/02/2013 15:00 111 Room No 63,First Floor Parliament House, New Delhi,New Delhi to hear the views of the Chief Secretary, Sikkim on the petition praying for protection of interest of bonafide Indian nationals residing in Sikkim prior to its merger with India in 1975

 

 

Know about Rajasthan- our ancestors home

Hues of Rajasthan

Nipun Srivastava’s motorcycle ride around Rajasthan was a smooth one where he walked barefoot, became part of the music and spent a month amongst strangers who he now calls his own

     

Posted On Sunday, February 24, 2013 at 08:21:42 AM

Sometimes an individual has to take on a mammoth endeavour, to realise what it takes to survive out there, alone. As a travel photographer and writer, I set out on my own milestone trip to Rajasthan.  This vast state titillates the imagination with visions of loitering camels, boundless sand dunes and August forts. To say that it was a dream to ride across these sands and experience what this land has to offer would be an understatement. I headed out alone to repaint my memories from my childhood as the son of an army officer.  Pics: Nipun Srivastava Starting off on my mammoth adventure, I entered Rajasthan through Mount Abu and then went on to cover the western region through Barmer and Jaisalmer. From Jaisalmer, I made way to the heart of the state spending time at Jodhpur and Ajmer-Pushkar.   I also spent a good five days in the capital city of Jaipur before moving on to Chittorgarh and then finally Udaipur where I also spent a while. It took 28 amazing days to ride across this brilliant landscape of vistas, people and culture.   The time one spends alone on one’s motorcycle is the most rejuvenating. All you do is talk to yourself and see things you never thought you’d see and meet people you never thought you’d meet.  Jai ho Jaisalmer! Taken atop the sand dunes in western Rajasthan, it represents the spirit of the Thar desert. The economy here revolves around the tourist and the history does well to keep one enthralled.  The landscapes here are overwhelming. Early mornings and evenings are no less than perfect for anyone. Tourist, traveller or local, one just can’t escape the desert’s calm caress. Jaisalmer is a desert town most have heard about but few have really experienced.  The whole of Rajasthan is place tailor-made for the wanderer and the likes. As you walk on the sand, desert beetles will crawl up through the sand and greet you with amusing tracks on the surface.  Most cultures boast of being hospitable and caring but the folk of Rajasthan truly personify hospitality. One has to admire the people who respect and hold in such high regards of their own culture, music and place of belonging.  The city of Jaisalmer is such a departure from the routine that it forces the mind to adapt and ultimately fall in love with its uniqueness. It’s not called the golden city without reason. The city glows golden in the soft evening sunlight. The ride to Jaisalmer is also one of the most beautiful. The blue city visited Jodhpur turned out to be a tough city to like. As I put it “it was coherently chaotic”. Both sides of the coin can be experienced here. The mad rush of city life as well as the peace and tranquillity of the years gone by, both can be taken on.  In the centre of Rajasthan, the city of Jodhpur eggs one on to discover more and look harder. Its beauty isn’t skin deep. It’s under the skin. The layout of the city of Jodhpur tells one a lot of things.   Jam packed streets and addresses are contrasted by open spaces and royal buildings. Interestingly, Jodhpur is also known for its broad roads. Don’t be fooled though, the traffic here can give any city a run for its money.  The essence of Jodhpur lies in its relationship with the sun. The Mehrangarh fort looks over the Blue city: deliberately getting lost in a city I know nothing about. Stopping every kilometre to ask people directions for the place I want to go to and then from being hopelessly lost to reaching my destination. This was my way of breaking the ice with Jodhpur. Some things spiritual Most will know Pushkar for its fair and religious existence. But that’s hardly what I experienced. Yes, the Pushkar fair was in full swing when I arrived but I realised pretty soon it seemed like an overused formula. Pushkar can be beautiful but that depends on your definition of beauty.  For me the best experience in Pushkar was sitting next to the lake with a high vantage point. I watched the sun go down over the lake and with it the Maha aarti that took place about 500 yards away. You can’t get away from Pushkar’s overtly religious vibe. From temple smells to the mid-day warm air at the stadium, you’re in for an experience of sorts.   A background of cow/camel/horse dung, a spattering of diesel fumes, some fruits and chai and a garnish of sand makes up the air here. Pushkar is not for the faint hearted traveller. Some thing pink Apart from being the capital of Rajasthan, Jaipur is also the city where time is the most easily spent. Jaipur embraces those who step out of their comfort zone. The city gives you a nice time with wonderful food and brilliant people. The forts in Jaipur are impressive — the Aamer, the Jaigadh and the Nahargarh fort.  The sound and light show at the Aamer takes one through the history of Rajasthan in one hour. The nights in Jaipur are best spent exploring the older city and digging into local cuisine.  Jaipur is a huge metropolitan; it is easy for a traveller to get discouraged seeing the flamboyant business going on everywhere. Fikar not! Hang in there and persevere with your passion to explore and Jaipur will surprise you in the most exciting of ways.  A truly royal touch A quaint and blue town in eastern Rajasthan, Chittorgarh I feel is a much ignored travel destination. Still safe from over-commercialisation, Chittor titillates the senses with its brutal simplicity.  Once the capital of Mewar, Chittorgarh is home to the largest fort in Asia. It is a struggle even to take a photograph of the length of the structure. The forts grounds are stoic. One can feel the history here. It is easy to understand the history which was made within these walls.   Life still moves on at a slow pace in Chittor but that doesn’t take away from the city’s underexposed brilliance. Right from the Vijay Stambh to the Palace of Queen Padmini, every building is intricate and unique in its own right. For me, the stories from Chittor were the most compelling. Swimming in lake city The city of lakes: Much revered for its luxury hotels and flamboyant tourism, Udaipur can fail to excite the true traveller. A beautiful city no doubt, the fun can be had in exploring the areas surrounding Udaipur. Heading up into the Arravali hills is the first step to having a good time in Udaipur.   Heading in to the hills when near Udaipur is a sure fire way to get up close and personal with the landscape. One gets to see Rajasthan’s green side, something which comes as a slight surprise. Close to Udaipur lies the Kumbhalgarh fort.  From here one can see the hills dividing the kingdoms of Mewar and Marwar. The fort is one of the most beautiful forts in Rajasthan, especially against the night sky. Playing a perfect host to The Milky Way Galaxy, the story of Kumbhalgarh and its sound and light shows takes one through the life of Mewar.

Hanuman Temple at Sidhbari,Himachal maintained by Chinmaya Mission