Income Tax

आयकर वार्षिक सूचना विवरण (AIS) के बारे में

आयकर विभाग ने एक नया एआईएस (वार्षिक सूचना विवरण) जारी किया है जिसमें लाभांश, ब्याज, म्यूचुअल फंड लेनदेन, अंतर्राष्ट्रीय प्रेषण और प्रतिभूति लेनदेन जैसे डेटा की नई श्रेणियां शामिल हैं।  यह ब्लॉग आपको वार्षिक सूचना विवरण के बारे में ज्ञान प्राप्त करने में मदद करेगा।  आइए एक नज़र डालते हैं कि AIS (वार्षिक सूचना विवरण) पर जाने से पहले फॉर्म 26AS क्या है।

फॉर्म 26AS क्या है?  फॉर्म 26AS में करदाता की आय से TDS या TCS से संबंधित आयकर कटौती के बारे में जानकारी होती है।  कटौतीकर्ता बाद में सरकार के पास काटे गए कर को जमा करता है।  फॉर्म 26AS को रिफंड राशि, सेल्फ असेसमेंट टैक्स और एडवांस टैक्स की जानकारी को शामिल करने के लिए संशोधित किया गया है।

एआईएस (वार्षिक सूचना विवरण) क्या है?  AIS करदाता के लिए जानकारी की एक व्यापक तस्वीर है।  नए एआईएस में ब्याज, लाभांश, प्रतिभूति लेनदेन, म्यूचुअल फंड लेनदेन, अंतरराष्ट्रीय प्रेषण जानकारी और अन्य विषयों पर अतिरिक्त जानकारी शामिल है।  करदाता को पीडीएफ, सीएसवी और जेएसओएन प्रारूपों में एआईएस डेटा प्राप्त होगा।  एक करदाता एआईएस में प्रस्तुत आंकड़ों पर टिप्पणी दे सकता है।  प्रत्येक भाग के तहत, एआईएस रिपोर्ट किए गए मूल्य और अद्यतन मूल्य दोनों को प्रदर्शित करता है यानी करदाता टिप्पणियों (यानी एसएफटी, टीडीएस, और अन्य जानकारी) पर विचार करने के बाद मूल्य।

वार्षिक सूचना प्रणाली (एआईएस) किस प्रकार की जानकारी प्रदर्शित करती है?  AIS को दो भागों में विभाजित किया गया है - भाग A में सामान्य जानकारी होती है, और भाग B में TDS, मांग और धनवापसी, SFT और अन्य जानकारी से संबंधित सभी जानकारी होती है।   

भाग A 

सामान्य जानकारी जैसे आधार कार्ड नंबर, पैन विवरण, करदाता का संपर्क विवरण, करदाता का नाम, जन्म तिथि (व्यक्तिगत करदाता के मामले में) / गठन या निगमन की तिथि (गैर-व्यक्ति के मामले में)।

 

भाग B  

लेनदेन के विवरण - रिपोर्टिंग संस्थाओं से प्राप्त जानकारी को वित्तीय लेनदेन के विवरण में दिखाया गया है।  एसएफटी कोड, सूचना विवरण और सूचना मूल्य प्राप्त करना संभव है।   

  

मांग और वापसी - एक वित्तीय वर्ष के दौरान, की गई मांग का विवरण और प्रतिपूर्ति शुरू हुई (मूल्यांकन वर्ष और राशि)।    

 

टीसीएस/टीडीएस सूचना - विवरण और मूल्य जैसी जानकारी, टीसीएस/टीडीएस की सूचना कोड, और टीसीएस/टीडीएस से संबंधित जानकारी यहां प्रदर्शित की जाएगी।     

 

अन्य जानकारी - रिफंड पर ब्याज, अनुबंध-II वेतन, विदेशी मुद्रा की खरीद/बाहरी विदेशी प्रेषण, और अन्य स्रोतों से प्राप्त अन्य जानकारी से संबंधित डेटा यहां प्रदर्शित किए गए हैं।

वार्षिक सूचना विवरण (एआईएस) के लाभ  

वार्षिक सूचना विवरण (एआईएस) समय से पहले लेनदेन का पूर्वावलोकन प्रदान करेगा, विभागीय पूछताछ और नोटिस की संभावना को कम करेगा, यहां तक ​​कि मामूली चूक या त्रुटियों के लिए भी।  यदि करदाता को लगता है कि जानकारी गलत है, किसी अन्य व्यक्ति/वर्ष से संबंधित है, या डुप्लीकेट है, तो करदाताओं को ऑनलाइन टिप्पणियां प्रस्तुत करने की सुविधा प्रदान की गई है।  करदाता एआईएस को देखने और ऑफलाइन मोड में फीडबैक अपलोड करने के लिए एआईएस यूटिलिटी का भी उपयोग कर सकते हैं।  एआईएस में, फीडबैक और रिपोर्ट किए गए मूल्य के बाद मूल्य एआईएस (वार्षिक सूचना प्रणाली) में अलग से प्रदर्शित किया जाएगा।

वार्षिक सूचना विवरण (एआईएस) का उपयोग कैसे करें   

1. इनकम टैक्स ई-फाइलिंग सिस्टम में लॉग इन करें  

2. उपयोगकर्ता विवरण दर्ज करें  

3. सर्विस टैब के तहत AIS विकल्प चुनें  

4. एआईएस होमपेज पर पहुंचें

NATIONAL SAVINGS CERTIFICATES (IX ISSUE) (AMENDMENT) RULES, 2012 - AMENDMENT IN RULES 15 AND 16

NOTIFICATION NO.GSR 319(E), DATED 25-4-2012

In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (IX Issue) Rules, 2011, namely:-

1. (1) These rules may be called the National Savings Certificates (IX Issue) (Amendment) Rules, 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the National Savings Certificates (IX Issue) Rules, 2011 (hereinafter referred to as the said rules), rule 15 shall be renumbered as sub-rule (1) of rule 15 and after sub-rule (1), as so renumbered, the following sub-rule shall be inserted, namely:-

"(2) Where a certificate has been purchased on or after the 1st day of April, 2012 the amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs 238.87 for denomination of Rs. 100 and at proportionate rate for any other denomination. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.

TABLE

The year for which interest accrues	Amount of interest (rupees) accruing on certificate of Rs. 100 denomination
First Year	9.10
Second Year	9.93
Third Year	10.83
Fourth Year	11.81
Fifth Year	12.89
Sixth Year	14.06
Seventh Year	15.34
Eighth Year	16.74
Ninth Year	18.26
Tenth Year	19.92

Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above".

3. In rule 16 of the said rules,

(a)  sub-rule (4) shall be renumbered as clause (i) of sub-rule (4), and in clause (i) as so renumbered, after the figures, letters and words "1st day of December, 2011", the words, figures and letters "but before the 1st day of April, 2012" shall be inserted;

(b)  after clause (i) as so renumbered and the Table relating thereto, the following shall be inserted, namely:-

"(ii) If a certificate is encashed under sub-rule (1) after the expiry of three years from the date of certificate purchased on or after the 1st day of April 2012, the amount payable, inclusive of interest accrued under rule 15 and after adjustment of discount, shall be as specified in the Table below for a certificate of Rs. 100 denomination and at a proportionate rate for a certificate of any other denomination.

TABLE

Period from the date of the certificate to the date of its encashment	Amount payable inclusive of interest (Rupees)
(1)	(2)
3 years or more, but less than 3 years and 6 months	124.60
3 years and 6 months or more, but less than 4 years	129.26
4 years or more, but less than 4 years and 6 months	134.08
4 years and 6 months or more, but less than 5 years	139.09
5 years or more, but less than 5 years and 6 months	145.20
5 years and 6 months or more, but less than 6 years	150.72
6 years or more, but less than 6 years and 6 months	156.45
6 years and 6 months or more, but less than 7 years	162.39
7 years or more, but less than 7 years and 6 months	168.56
7 years and 6 months or more, but less than 8 years	174.97
8 years or more, but less than 8 years and 6 months	181.62
8 years and 6 months or more, but less than 9 years	188.52
9 years or more, but less than 9 years and 6 months	195.68
9 and 6 months or more, but less than 10 years	203.12

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POST OFFICE RECURRING DEPOSIT (AMENDMENT) RULES, 2012 - AMENDMENT IN RULES 9, 10 11 AND 12

NOTIFICATION NO.GSR 320(E), DATED 25-4-2012

In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Recurring Deposit Rules, 1981, namely:-

1. (1) These rules may be called the Post Office Recurring Deposit (Amendment) Rules, 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the Post Office Recurring Deposit Rules, 1981 (hereinafter referred to as the said rules), in rule 9,-

(a)  in the Schedule to the said rules,- (i) in sub-rule (1), in clause (a), for the last entry, the following entries shall be substituted, namely:-

"From 1.12.2011 to 31.3.2012 (both dates inclusive) From 1.4.2012 onwards

738.62 746.51";

(ii) in sub-rule (2), in clause (b), for the last entry, the following entries shall be substituted, namely:-

"From 1.12.2011 to 31.3.2012 (both dates inclusive) From 1.4.2012 onwards

738.62  746.51".

3. In rule 10 of the said rules, in sub-rule (2), in items (a) and (c), for the words and figures "Tables 1, 2, 11,13, 17, 20, 22, 26, 29, 32, 35, 38, 41 or 44", the figures and words "Tables 1, 2, 11, 13 17, 20, 22, 26, 29, 32, 35, 38, 41,44 or 47" shall be substituted.

4. In rule 11 of the said rules, in sub-rule (2), in items (b) and (c), for the words and figures "Tables 3, 4, 12, 14, 18, 21, 23, 27, 30, 33, 36, 39, 42 or 45", the words and figures "Tables 3, 4, 12, 14, 18, 21, 23, 27, 30, 33, 36, 39, 42, 45 or 48" shall be substituted.

5. In rule 12 of the said rules,-

(a)  in sub-rule (1), in item (b), in sub-item (ii), for the words and figures "Tables 5, 6, 7,8, 9, 10,15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43 or 46", the words and figures "Tables 5, 6, 7, 8, 9, 10,15, 16,19, 24, 25, 28, 31, 34, 37,40, 43, 46 or 49" shall be substituted.

(b)  in sub-rule (3) and sub-rule (4), for the words and figures "Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43 or 46", the words and figures "Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43, 46 or 49" shall be substituted.

6. After Table 46 of the said rules, the following Tables shall be inserted, namely:-

"Table 47

(See Rule 10)

Amount, inclusive of interest, payable on an account opened on or after the 1st day of April, 2012 and continued, with monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.

Number of completed years for which the account continued	Amount (Rupees) repayable on an account of Rs. 10 denomination
One year	936.78
Two years	1143.55
Three years	1368.23
Four years	1612.40
Five years	1877.73

Note : The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

Table 48

(See Rule 11)

Amount, inclusive of interest, repayable on an account opened on or after the 1st day of April, 2012 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.

Number of completed years for which the account continued	Amount (Rupees) repayable on an account of Rs. 10 denomination
One year	811.22
Two years	881.54
Three years	957.95
Four years	1040.99
Five years	1131.22

Note : The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

Table 49

(See Rule 12)

Amount, payable to legal heir or nominee on the death of the depositor in a Five Year Recurring Deposit Account opened on or after the 1st day of April, 2012.

Number of deposits made	Amount (Rupee) for denomination of Rs. 10	No. of deposits made	Amount (Rupees) for denomination of Rs. 10
1 to 11	Deposits made	36	409.64
12	125.43	37	423.21
13	136.35	38	436.22
14	147.34	39	449.32
15	158.41	40	462.51
16	169.55	41	475.80
17	180.77	42	489.17
18	192.06	43	502.64
19	203.44	44	516.21
20	214.88	45	529.87
21	226.41	46	543.62
22	238.02	47	557.47
23	249.70	48	571.41
24	261.46	491	585.45
25	273.60	50	599.59
26	285.55	51	613.83
27	297.58	52	628.17
28	309.69	53	642.60
29	321.89	54	657.14
30	334.17	55	671.78
31	346.53	56	686.52
32	358.98	57	701.36
33	371.52	58	716.30
34	384.14	59	731.35
35	396.85	60	746.51

Note : The amounts shall be proportionate for other denominations".

NATIONAL SAVINGS CERTIFICATES (VIII ISSUE) (AMENDMENT) RULES, 2012 - AMENDMENT IN RULES 15 AND 16

NOTIFICATION NO.GSR 318(E), DATED 25-4-2012

In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely:-

1. (1) These rules may be called the National Savings Certificates (VIII Issue) (Amendment Rules), 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the National Savings Certificates (VIII Issue) Rules, 1989 (hereinafter referred to as the said rules), in rule 15, -

(a)  in sub-rule (6A), after the figures, letters and words "1st day of December, 2011", the words, figures and letters "but before the 1st day of April, 2012," shall be inserted;

(b)  after sub-rule (6A) and the Table relating thereto, the following shall be inserted, namely:-

"(6B) Where a certificate has been purchased on or after the 1st day of April, 2012 the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs. 152.35 for denomination of Rs. 100 and at proportionate rate for any other denomination. The interest as specified in the table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.

TABLE

The year for which interest accrues	Amount of interest (rupees) accruing on certificate of Rs. 100 denomination
First Year	8.78
Second Year	9.56
Third Year	10.40
Fourth Year	11.31
Fifth Year	12.30

Note : The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above".

3. In rule 16 of the said rules, in sub-rule (4),-

(a)  in clause (v), after the figures, letters and words "1st day of December, 2011", the words, figures and letters "but before the 1st day of April, 2012" shall be inserted;

(b)  after clause (v) and the Table relating thereto, the following shall be inserted, namely:-

"(vi) If a certificate is encashed under sub-rule (1) after the expiry of three years from the date of certificate purchased on or after the 1st day of April, 2012, the amount payable, inclusive of interest accrued under rule 15 and after adjustment of discount, shall be as specified in the Table below for a certificate of Rs. 100 denomination and at a proportionate rate for a certificate of any other denomination.

TABLE

Period from the date of the certificate to the date of its encashment	Amount payable inclusive of interest (Rupees)
(1)	(2)
Three years or more, but less than three years and six months	124.60
Three years and six months or more, but less than four years	129.26
Four years or more, but less than four years and six months	134.08
Four years and six months or more, but less than five years	139.09

SENIOR CITIZENS SAVINGS SCHEME (AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 7

NOTIFICATION NO.GSR 321(E), DATED 25-4-2012

In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:—

1. (1) These rules may be called the Senior Citizens Savings Scheme (Amendment) Rules, 2012.

(2) They shall deemed to have come into force on the date of their publication in the Official Gazette.

2. In the Senior Citizens Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), the following proviso shall be inserted, namely:—

"Provided that in the case of a deposit made under these rules on or after the 1st day of April, 2012, it shall bear interest at the rate of 9.3 per cent, per annum from the date of deposit."

POST OFFICE (MONTHLY INCOME ACCOUNT) AMENDMENT RULES, 2012 - AMENDMENT IN RULE 8

NOTIFICATION NO.GSR 322(E), DATED 25-4-2012

In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office (Monthly Income Account) Rules, 1987, namely:-

1. (1) These rules may be called the Post Office (Monthly Income Account) Amendment Rules, 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the Post Office (Monthly Income Account) Rules, 1987,—

(a)  in rule 8, in sub-rule (1), after clause (i), the following clause shall be inserted, namely: -

"(j) 8.5 per cent per annum in respect of deposits made on or after the 1st day of April, 2012.".

POST OFFICE TIME DEPOSIT (AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 7

NOTIFICATION NO.GSR 323(E), DATED 25-4-2012

In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Time Deposit Rules, 1981, namely:-

1. (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the Post Office Time Deposit Rules, 1981,-

(a)  In rule 7,-

 (A)  under the heading Table-R, for the brackets, words, figures and letters "[For deposits made on or after the 1st December, 2011]", the brackets words, figures and letters,"[For deposits made on or after the 1st December, 2011 but before 1st day of April, 2012]" shall be substituted;

 (B)  after Table-R, the following Table shall be inserted, namely:-

"Table-S

[For deposits made on or after the 1st April, 2012]

	Period of deposit	Rate of Interest per cent, per annum
	1 year	8.2
	2 years	8.3
	3 years	8.4
	5 years	8.5

 (C)  in the Notes, in paragraph (2), for the word and letter "Table R", the words and letters "Table R or Table S" shall be substituted.

Will can not be rejected as valid document merely on the ground that it is neither registered nor notarized or was not found during search

There is no dispute that during the course of assessment proceedings the assessee while explaining the source of jewellery interalia stated that Mrs. Darshana K. Jethani has received jewellery of gold and diamond by way of ‘Will’ of Smt.Lachmi Ukarmal Mangtani, her grandmother. In support, he also placed on record the copy of the said will for verification and also stated that the said will was executed in the presence of Dr.Murli M. Ratnani (PAN- address). It was further stated that the said doctor is a income tax payee and practicing in Thane City itself and ready to visit your office for a statement to prove the genuineness of the said will. It was also stated that the true copy of the will was not found at the time of search as it was lying with the executors of the will. It was, therefore, submitted that the jewellery found at the time of search be treated as explained. However, the AO merely on the ground that neither the will is registered nor it is notarised, the same was not found at the time of search and nothing was stated in the statement recorded u/s 132(4) rejected the plea of the assessee that it is after thought. Since the assessee has filed the copy of the will with an explanation that the same was lying with the executors of the will and the assessee was ready to produce one of the executors i.e. Dr.Murli M. Ratnani, therefore, we are of the view that the AO was not justified in rejecting the valid document of ‘Will’ filed by the assessee without recording any statement of Dr.Murli M.Ratnani. In this view of the matter and keeping in view that the AO has accepted part of the jewellery as explained and no contrary material has been placed on record by the Revenue to show that the part of the explanation given by the assessee was found to be false and untrue, we are of the view that the addition made by the AO and sustained by the Ld.CIT(A) is not sustainable and accordingly the same is deleted.

INCOME TAX APPELLATE TRIBUNAL, MUMBAI

ITA No.4630/Mum/2008 – (Assessment Year: 2005-06)

Mr .Hemraj K.Jethani

V/s

Dy. Commissioner of Income Tax,

ITA No.4631/Mum/2008 – (Assessment Year: 2005-06)

Mr .Bharat Hemraj Jethani  V/s Dy. Commissioner of Income Tax,

ITA No.4632/Mum/2008 – (Assessment Year: 2005-06)

Mrs.Darshana Kailash Jethani V/s Dy. Commissioner of Income Tax

Date of Pronouncement: 18.4.2012

O R D E R 

PER DINESH KUMAR AGARWAL (JM)

All these appeals by three respective assessees are directed against the separate orders dated 10.4.2008 passed by the ld. CIT(A) for the Assessment Year 2005-06. Since facts are identical and issues involved are common, all these appeals are disposed of by this common order for the sake of convenience.

ITA No.4630/Mum/2008(By Mr .Hemraj K.Jethani)

2. Briefly stated facts of the case are that the assessee an individual derives income from salary, business income and other sources. The assessee’s business premises as well as residential premises were searched u/s 132 of the Income Tax Act, 1961 (the Act) on 9.9.2004 along with other group cases. The return was filed on 31.10.2005 declaring total income at Rs.3,17,200/-. However, the assessment was completed at an income of Rs.10,86,070/- including the addition of unexplained cash credit Rs.3,88,500/- and unexplained investment in diamond jewellery Rs.3,80,374/-, vide order dated 13.12.2006 passed under section 143(3) read with section 153B(b) of the Act. On appeal, the Ld.CIT(A) dismissed the appeal.

3. Being aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before us.

4. Ground No.1 is against the validity of the order passed by the AO and Ground No.2 is the general ground.

5. At the time of hearing, the Ld. Counsel for the assessee did not press the above grounds which was not objected to by the Ld.DR.

6. That being so and in the absence of any other supporting materials placed on record by the Ld. Counsel for the assessee, the Ground Nos.1 and 2 taken by the assessee are, therefore, rejected being not pressed.

7. Ground No.3 is against the sustenance of addition of unexplained cash Rs.3,88,500/-.

8. Brief facts of the above issue are that during the course of assessment proceedings, the AO observed that during the course of search, at the residence of assessee, cash of Rs.5,83,350/- was found and out of it cash of Rs.3,88,500/- was found from the bed room of the assessee. On inquiry during the course of search the assessee was unable to give the source except stating that it is a combined cash of family. He also admitted that books of accounts were not up-to-date. However, during the course of assessment proceedings the assessee submitted that the cash of Rs.5,83,350/- from the residence belong to various family members including M/s Bell Computronics, proprietary concern of Shri Bharat Jethani son of the assessee . The assessee further submitted that the cash was kept at the residence for the safety purposes. However, the AO did not accept the assessee’s explanation. According to the AO the assessee has no business relation with M/s Bell Computronics. Further M/s Bell Computronics has bank account, therefore, it cannot be believed that for safety purposes cash was kept at the residence than into bank account. In this view of the matter and keeping in view that the cash book of the family members were not found to be upto- date, the AO treated the cash of Rs.3,88,500/- as unexplained cash and added the same to the income of the assessee. On appeal, the Ld.CIT(A) while aggreeing with the views of the AO confirmed the addition made by the AO.

9. At the time of hearing, the Ld. Counsel for the assessee while referring to the relevant questions and answers to statement of the assessee appearing at pages 34 and 35 of the assessee’s paper book, details of cash balances appearing belonging to various family members appearing at page 75 of the assessee’s paper book, Schedule-“F” of the Audit Report of M/s Bell Computronics for the period ended 31.3.2005 showing amount of cash seized by the department Rs.4,44,061/- appearing at page 125 of the assessee’s paper book submits that in view of the entries recorded in the respective books of account of the family members, the cash found at the time of search may be treated as fully explained and the addition made by the AO and sustained by the Ld.CIT(A) be deleted. The reliance was also placed on the decisions in (a) Amar Natvarlal Shah V/s ACIT (1997) 60 ITD 560(Ahd) and (b) Ms. Aishwarya K.Rai V/s DCIT (2007) 104 ITD 166 (Mum)( TM)

10. On the other hand, the Ld.DR supports the order of the AO and the Ld.CIT(A).

11. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that there is no dispute that in the statement recorded at the time of search, the AO specifically asked about the cash of Rs.3,88,500/- vide question No.8 as under :

“Q.No.8: Cash of Rs.3,88,500/- was found from your bedroom. Do you confirm that the same belongs to you only.

Ans: It is combined cash of family”

We further find that during the course of assessment proceedings the assessee vide letter dated 13.10.2006 has stated as under:

“Regarding seizure of Rs.5,00,000/- I want to state that during the course of search in my statement I stated that this cash belongs to us and our family members. All our family members are income tax payer since last so many years. In every case we are filling balance sheet and paying income tax regularly. I have to married sons and we all three are also filing return in HUF capacity. Whatever cash was found it was accounted and explained and it was …

Details of cash balances
S. No.	Date	Name	cash	Source	Seized	Returned
1	8.9.2004	Bharat Jethani (M/s Bell Computers)	4,44,061	As per books	4,44,061	..
2	8.9.2004	Bharat Jethani (HUF)	22,669	As per books	4,540	18,129
3	8.9.2004	Kailash Jethani	54,440	As per books	…	54,440
4	8.9.2004	Kailash Jethani (HUF)	39,837	As per books	39,837	….
5	8.9.2004	Hemraj K Jethani (Office)	54,000	As per books	…	54,000
6	8.9.2004	Hemraj K Jethani (HUF) [[[	11,562	As per books	11,562	…
7	8.9.2004	Ritu, Rashi, Rhea (Minor Daughters)	10,500	Gift on birthday & different occasions		10,500
			6,37,069		5,00,000	1,37,069

We further find that in support the assessee has also filed audit report of M/s Bell Computronics for the assessment year 2005-06 interalia mentioning in Schedule-“F” under the head “Loans and Advances” income tax department Rs.4,44,061/-. Merely because the books of accounts were not found to be up-to-date and the cash balances were not struck off does not mean that the assessee has no explanation about the cash found at the time of search or the explanation submitted by the assessee during the course of assessment proceedings supported by the books of account is not believable particularly when the concerned books of accounts have not been rejected by the AO. In this view of the matter and keeping in view the ratio of decisions relied on by the Ld. Counsel for the assessee, the addition of Rs.3,88,500/- made by the AO and sustained by the Ld. CIT(A) as unexplained cash is deleted. The ground taken by the assessee is, therefore, allowed.

12. Ground No.4 is against the sustenance of addition of Rs.3,80,374/- as unexplained investments in diamond jewellery.

13. The brief facts of the above issue are that during the course of search at the residential premises of the assessee the total jewellery including the gold and diamond jewellery of Rs.28,79,018/- was found. On being asked, the assessee filed a chart showing the details of jewellery owned by the assessee and his family members supported by VDIS certificate, copy of

Wealth tax returns, assessment orders and copy of ‘Will’ of Smt.Lachmi Ukarmal Mangtani. The assessee also relied on CBDT circular. However, the AO accepted the assessee’s explanation partly. In the case of the assessee, the AO observed that the diamond jewellery of the value of Rs.4,20,374/- was found. The description of the diamond jewellery declared under VDIS does not match with the diamond jewellery found at the time of search. Therefore, the AO did not accept the assessee’s explanation that the diamond jewellery was disclosed in VDIS. The AO after taking into account the age of the assessee, past savings, businessetc. considered that the jewellery of the value of Rs.40,000/- as explained and treated the balance investment in diamond

jewellery Rs.3,80,374/- (420374-40000) as unexplained investment out of undisclosed source and added the same to the total income of the assessee. Regarding gold jewellery, the AO treated the same as explained and hence he did not make any addition. On appeal, the Ld.CIT(A) while observing that in the absence of any convincing evidence, confirmed the addition made by the AO.

14. At the time of hearing, the Ld. Counsel for the assessee placed on record the following chart:

JETHANI FAMILY DIAMOND JHEWELLERY CHART
S. No.	Name of the person to whom diamond jewellery belongs	Qty.in GMS/ Carats	Value Rs.	Source of acquisition	Remarks	Page No. as per paper book
1	Nirmal Hemraj Jethani	339.800	6,53,340	218.800- Declared in VDIS 127.000- Declared in Wealth Tax Return 339.800–Total	Diamond Jewellery found and valued 190.500 gms/crt at Rs.4,20,374/- AO has allowed jewellery worth Rs.40,000/-	79-87 96-97 (Hemraj)
2	Aashna Bharat Jethani	90.000	1,73,045	90.00– Gifts received during marriage and other occasions	Diamond jewellery found and valued 309.550 gms/crt at Rs.4,86,865/- AO has allowed jewellery worth Rs.30,000/-
3	Darshna K Jethani	270.050	5,19,231	184.100-Will 85.950- Gift Received 270.050-Total	Diamond jewellery found and valued 202.150 gms/crt at Rs.4,38,377/-	65-68 (Darshana)
					AO has allowed jewellery worth Rs.NIL.
	Total	699.850	13,45,616		Total Jewellery allowed by AO is of Rs.70,000

In support of the above chart he also refers VDIS certificate of Smt. Nirmala Hemraj along with valuation report, copy of return of income of Smt.Nirmala Hemraj, copy of wealth tax return of Shri Hemraj K.Jethani, copy of wealth tax return of Smt. Nirmala H.Jethani, copy of ‘Will’ of Smt.Lachmi Ukarmal Mangtani and copy of bills of jewellery purchased appearing at pages 79 to 104 of the assessee’s paper book. The reliance was also placed on the decisions cited supra and in DCIT V/s Arjun Dass Kalwani (2006) 101 ITD 337 (Jd). He, therefore submits that the addition made by the AO and sustained by the Ld.CIT(A) be deleted.

15. On the other hand, the Ld.DR while relying on the order of the AO and Ld.CIT(A) further submits that the diamond jewellery declared under VDIS does not match with the diamond jewellery found at the time of search, therefore, the addition made by the AO and sustained by the Ld. CIT(A) be upheld.

16. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the assessee has explained that his wife Smt.Nirmala Hemraj Jethani has disclosed the diamond jewellery 339.800 Grm. valued at Rs.6,53,340/- under VDIS and by filing wealth tax return as mentioned in the table reproduced in paragraph 14 of this order. In support the assessee has filed copy of VDIS disclosure along with the certificate and copy of wealth tax return of Smt. Nirmala Hemraj Jethani. It was not accepted by the AO on the ground that the jewellery disclosed under VDIS does not match with the jewellery found at the time of search. Merely because the jewellery disclosed under VDIS did not match with the jewellery found at the time of search does not mean that the jewellery found at the time of search is unexplained jewellery inasmuch as it is not the case of the Revenue that the jewellery which was disclosed by the assessee’s wife under VDIS and in the return of wealth tax was over and above found at the time of search. Since no other jewellery was found during the course of search and keeping in view that the AO has accepted the gold jewellery in toto and diamond jewellery valued at Rs.40,000/- we are of the view that the addition of the remaining amount of diamond jewellery of Rs.3,80,374/- is not sustainable and accordingly the same is deleted. The ground taken by the assessee is, therefore, allowed.

17. Ground No.5 is against the levy of interest u/s 234A,234B and 234C.

18. After hearing rival parties and perusing the material available on record and in the absence of any plea, we direct the AO to allow consequential relief in respect of levy of interest charged u/s 234A, 234B and 234C of the Act. The ground taken by the assessee is, therefore, partly allowed.

ITA No.4631/Mum/2008 (by Mr.Bharat Hemraj Jethani)

19. Ground No.1 is against the validity of the order passed by the AO and Ground No.2 is the general ground.

20. At the time of hearing, the Ld. Counsel for the assessee did not press the above grounds which was not objected to by the Ld.DR.

21. That being so and in the absence of any other supporting materials placed on record by the ld. Counsel for the assessee, the Ground Nos.1 and 2 taken by the assessee are, therefore, rejected being not pressed.

22. Ground No.3 is against the sustenance of addition of unexplained investments in diamond jewellery Rs.4,86,865/-.

23. The brief facts of the above issue are that the diamond jewellery of the value of Rs.4,86,865/- was found during the course of search. The AO after taking into account the status of the family, past savings and marriage gifts etc. accepted the diamond jewellery of the value of Rs.30,000/- as explained investment by the assessee and treated the balance investment in diamond jewellery Rs.4,56,865/- (486865- 30000) as unexplained investment out of undisclosed sources. On appeal, the Ld. CIT(A) while agreeing with the views of the AO confirmed the addition made by the AO.

24. At the time of hearing, both the parties have agreed that the plea taken by them in the appeal of Shri Hemraj K Jethani (supra) may be considered while deciding the above ground of appeal.

25. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that in the chart reproduced in paragraph 14 of this order it was stated by the Ld. Counsel for the assessee that the wife of the assessee Smt.Aashna B Jethani received 90 Grm. diamond jewellery valued at Rs.1,73,045/- out of 699.850 gr. Jewellery found at the time of search. It was also further explained that the above diamond jewellery was received by her at the time of marriage and other occasions. Considering the totality of the facts and circumstances of the case and keeping in view that the assessee’s wife has received diamond jewellery at the time of her marriage and on other occasions which was not controverted by the Revenue, we are of the view that the addition made by the AO Rs.4,56,865/- and sustained by the Ld.CIT(A) is not sustainable and accordingly the same is deleted. The ground taken by the assessee is, therefore, allowed.

26. Ground No.4 is against the levy of interest u/s 234A,234B and 234C.

27. After hearing rival parties and perusing the material available on record and in the absence of any plea, we direct the AO to allow consequential relief in respect of levy of interest charged u/s 234A, 234B and 234C of the Act. The ground taken by the assessee is, therefore, partly allowed.

ITA No.4632/Mum/2008 (By.Mrs.Darshna K.Jethani)

28. Ground No.1 is against the validity of the order passed b by the AO and Ground No.2 is the general ground.

29. At the time of hearing, the Ld. Counsel for the assessee did not press the above grounds which was not objected to by the Ld.DR.

30. That being so and in the absence of any other supporting materials placed on record by the ld. Counsel for the assessee, the Ground Nos.1 and 2 taken by the assessee are, therefore, rejected being not pressed.

31. Ground No.3 is against the sustenance of addition of diamond and Gold jewellery of Rs.5,61,000/-.

32. Brief facts of the above issue are that the AO observed that the diamond jewellery of Rs.4,38,377/- was found. The assessee has no satisfactory explanation about the nature and source of acquisition of the diamond jewellery. While explaining the source of diamond/gold jewellery, Shri Hemraj explained that part of the jewellery found is by way of will of late Smt. Lachmi Ukarmal Mangtani. The AO further observed that neither will is registered nor it is notarised and the same was not found during the search. Further in the statement the assessee has not stated that part of the jewellery found is by way of will. Thus, according to the AO it is after thought and not reliable and hence the AO treated the diamond jewellery of Rs.4,38,377/- as unexplained investment. Beside this, the AO also treated gold jewellery of Rs.1,22,580/- as unexplained investment out of gold jewellery Rs.6,38,107/- found at the time of search and added the same to the total income of the assessee. Thus the total unexplained jewellery was added at Rs.5,61,000/-. On appeal, the Ld.CIT(A) in the absence of any convincing reasons upheld the addition made by the AO.

33. At the time of hearing the Ld. Counsel for the assessee while referring to the chart filed in the case of Shri Hemraj K.Jethani submits that out of total diamond of jewellery found weighing 699.850 Grm., the jewellery 270.050 belongs to Smt. Darshana K. Jethani. It was further explained by the assessee that 184.100 Grm. was received by way of ‘Will’ (supra), jewellery 85.950 Grm. was received as a gift on different occasions. He further submits that the copy of the will of late Smt. Lachmi Ukarmal Mangtani is appearing at pages 65 to 68 of the assessee’s paper book. He, therefore, submits that the addition made by the AO and sustained by the Ld. CIT(A) be deleted.

34. On the other hand, the Ld.DR supports the order of the AO and the Ld. CIT(A).

35. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that there is no dispute that during the course of assessment proceedings the assessee while explaining the source of jewellery interalia stated that Mrs. Darshana K. Jethani has received jewellery of gold and diamond by way of ‘Will’ of Smt.Lachmi Ukarmal Mangtani, her grandmother. In support, he also placed on record the copy of the said will for verification and also stated that the said will was executed in the presence of Dr.Murli M. Ratnani (PAN- address). It was further stated that the said doctor is a income tax payee and practicing in Thane City itself and ready to visit your office for a statement to prove the genuineness of the said will. It was also stated that the true copy of the will was not found at the time of search as it was lying with the executors of the will. It was, therefore, submitted that the jewellery found at the time of search be treated as explained. However, the AO merely on the ground that neither the will is registered nor it is notarised, the same was not found at the time of search and nothing was stated in the statement recorded u/s 132(4) rejected the plea of the assessee that it is after thought. Since the assessee has filed the copy of the will with an explanation that the same was lying with the executors of the will and the assessee was ready to produce one of the executors i.e. Dr.Murli M. Ratnani, therefore, we are of the view that the AO was not justified in rejecting the valid document of ‘Will’ filed by the assessee without recording any statement of Dr.Murli M.Ratnani. In this view of the matter and keeping in view that the AO has accepted part of the jewellery as explained and no contrary material has been placed on record by the Revenue to show that the part of the explanation given by the assessee was found to be false and untrue, we are of the view that the addition made by the AO and sustained by the Ld.CIT(A) is not sustainable and accordingly the same is deleted.

36. Ground No.4 is against the levy of interest u/s 234A,234B and 234C.

37. After hearing rival parties and perusing the material available on record and in the absence of any plea, we direct the AO to allow consequential relief in respect of levy of interest charged u/s 234A, 234B and 234C of the Act. The ground taken by the assessee is, therefore, partly allowed.

38. In the result, all the appeals are partly allowed.

Order pronounced in the open court on 18th April, 2012.

MODIFICATION IN PPF SCHEME : DEPOSIT LIMIT RECOMMENDED TO BE RAISED FROM RS. 70,000 TO RS. ONE LAC WHILE RATE OF INTEREST ON ADVANCES AGAINST DEPOSITS IN PPF SCHEME RAISED FROM 1 PER CENT TO 2 PERCENTAGE POINTS

PRESS RELEASE, DATED 6-9-2011

The Committee on Comprehensive Review of National Small Savings Fund (NSSF) headed by Deputy Governor, RBI has recommended revision of certain provisions of PPF Scheme, 1968 and benchmarking of interest rates on various small savings schemes with the secondary market yields on Central Government securities of comparable maturities with suitable spread.

The Committee has recommended increasing the deposit limit under PPF Scheme from existing Rs. 70,000 to Rs. 1 lakh per annum and fixing of rate of interest on advances against deposits in PPF scheme at 2 percentage points as against the prevailing interest rate on such advances at 1 per cent.

The Committee has further recommended benchmarking interest rate on small saving schemes to interest rate on Government securities of similar maturities with a positive spread of 25 basis points on all schemes except for 50 basis points for 10 year NSC and 100 basis point for Senior citizens Savings Scheme. Recommendations of the Committee have been referred to State Governments and concerned Ministries/Departments of Central Government for their comments.

This information was given by the Minister of State for Finance Shri Namo Narain Meena in a written reply to a question raised in Rajya Sabha today.

EXEMPTION FROM FILING OF INCOME-TAX RETURN : CBDT's FAQs

What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return?

1. The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head 'Salaries' and interest income from savings bank account if such interest income does not exceed Rs. 10,000.

Further, such salaried taxpayer would be eligible for exemption from filing a return of income only if tax liability has been discharged by the employer by way of Tax Deducted at Source (TDS) and the deposit of the same to the credit of the Central Government. For this purpose, taxpayer has to intimate his interest income to the employer during the course of the year.

For Example -

  (i)  If an individual has salary income of Rs. 4,90,000 and interest income from savings bank account not exceeding Rs.10,000 (which has been reported to the employer and tax has been deducted thereon), then the taxpayer would be exempt from the requirement of filing income-tax returns since the total income from both the above sources does not exceed five lakh rupees.

 (ii)  A taxpayer having salary income of Rs. 4,98,000 and interest income from savings bank account of Rs. 2,000 (which has been reported to the employer and tax has been deducted thereon), would also be eligible under this Scheme.

(iii)  A taxpayer having salary income up to Rs. 5,00,000 and nil interest income would also be eligible under this Scheme.

(iv)  A taxpayer having salary income of Rs.5,50,000, interest income from savings bank account of Rs. 8,000(which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 70,000 under section 80C (on account of certain payments/investments/savings) would also be eligible under the Scheme.

 (v)  A taxpayer having salary income of Rs. 6,10,000, interest income from savings bank account of Rs. 10,000 (which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 1,00,000 under section 80C (on account of certain payments/investments/savings), a deduction of Rs. 20,000 under 80CCF (Infrastructure Bonds) and a further deduction of Rs. 15,000 under section 80D (Health Insurance Premium) would also be eligible under the Scheme.

Whether a salaried taxpayer having total income of less than Rs. 5,00,000 and claiming a refund of Rs. 3,000 would be eligible under this Scheme

2. No. The taxpayer has to file a return of income for making a claim of refund.

Is having a valid PAN a precondition for being covered by the notification?

3. Yes. The notification clearly specifies that the individual has to report his PAN to the employer. Hence having a valid PAN is a precondition for falling within the ambit of the notification.

Can an individual who is getting income under the head "salaries" from more than one employer take benefit of the notification?

4. No. A salaried taxpayer who has earned income from more than one employer during the financial year is not covered under this Scheme.

Whether this notification would also cover taxpayers having 'loss from house property', which are often reported by the employees to the employer.

5. No. Under the existing procedure, DDO/employer can give credit to the employee for a claim for loss under the head "income from house property" under section 24 made by the employee. As a result, a salaried employee's total income may reduce to less than Rs. 5,00,000 as loss from the head "income from house property" would have been set-off against salary income. Such a taxpayer is not exempted from filing his return of income as the notification exempts only cases where the total income is under the head "salary" and from savings bank account (income from other sources) not in excess of Rs. 10,000. If the taxpayer has any loss under the head "income from house property", he will not be eligible for exemption from filing a return of income.

Does savings bank account include other banking accounts like fixed deposits or recurring deposits accounts?

6. No. The benefit of the notification is available to taxpayers whose interest income comprises of interest earned on savings bank account ONLY.

Circular No. 8/2010, dated 13-12-2010 which is applicable for Assessment Year 2011-12 stipulates that the Drawing and Disbursing Officer (DDO)/Employer while deducting TDS from salary of an employee cannot allow deduction u/s 80G except donations made to the Prime Minister's Relief Fund, the Chief Minister's Relief Fund or the Lt. Governor's Relief Fund. Whether the notification would cover only these cases?

7. Yes. An individual cannot avail the exemption under this notification if the claim of deduction for donations under section 80G is for donations other than those mentioned in Circular No. 8/2010. A taxpayer has to file a return of income for making a claim in respect of claim of deduction under section 80G for such donations (not specified in Circular No. 8/2010).

Will a salaried individual having agricultural income, which is exempt from tax, be covered within the ambit of the notification?

8. A salaried individual with agricultural income exceeding five thousand rupees shall be out of the ambit of the notification. A return will have to be filed in such a case, even if other conditions of the notification are satisfied as the agricultural income (of more than Rs. 5,000) has to be included, for rate purposes, in the total income.

INCOME-TAX (SIXTH AMENDMENT) RULES, 2011 - AMENDMENT IN RULE 12

NOTIFICATION NO. 37/2011 [F. NO. 149/68/2011-SO (TPL)], DATED 1-7-2011

IT : Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature 

In exercise of the powers conferred by section 295, read with section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely :—

1. (1) These rules may be called the Income-tax (Sixth Amendment) Rules, 2011.

(2) They shall come into force from the date of its publication in the Official Gazette.

2. In the Income-tax Rules, 1962 in rule 12, in sub-rule (3), in the proviso, for clauses (a) and (aa) the following clause shall be substituted, namely :—

"(a)  a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);"

COST INFLATION INDEX FOR FINANCIAL YEAR 2011-12

NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL], DATED 23-6-2011

In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 709(E), dated the 20th August, 1998, namely :—

In the said notification in the Table, after serial number 30 and the entries relating thereto, the following serial number and entries shall be inserted, namely :—

"31

2011-12

785"

AN INDIVIDUAL HAVING INCOME NOT EXCEEDING RS. 5 LACS FROM SALARIES/OTHER SOURCES FOR A.Y. 2011-12 IS NOT REQUIRED TO FILE RETURN U/S 139(1)

NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)], DATED 23-6-2011

In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2011-12, namely :—

Class of Persons

1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—

 (A)  "Salaries";

 (B)  "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.

Conditions

2. The individual referred to in para 1,—

  (i)  has reported to his employer his Permanent Account Number (PAN);

 (ii)  has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;

(iii)  has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;

(iv)  has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;

 (v)  has no claim of refund of taxes due to him for the income of the assessment year; and

(vi)  has received salary from only one employer for the assessment year.

3. The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the relevant assessment year.

4. This notification shall come into force from the date of its publication in the Official Gazette.

A COMMITTEE CONSTITUTED TO EXAMINE WAYS TO STRENGTHEN LAWS TO CURB GENERATION OF BLACK-MONEY IN INDIA, ITS ILLEGAL TRANSFER ABROAD AND ITS RECOVERY

OFFICE MEMORANDUM [NO. 291/15/2011-IT (INV.I)], DATED 27-5-2011

It has been decided with the approval of competent authority to constitute a Committee to examine ways to strengthen laws to curb the generation of black-money in India, its illegal transfer abroad and its recovery. The Committee shall consist of the following officers:-

  (i)  Chairman, CBDT - Chairman of Committee

 (ii)  Member (L&C), CBDT - Member

(iii)  Director, ED - Member

 (iv)  DG, DRI - Member

  (v)  DG Currency - Member

 (vi)  Joint Secretary (FT&TR), CBDT - Member

(vii)  Joint Secretary, MoL - Member

(viii) Director, FIU-IND - Member

 (ix)  CIT (Inv.), CBDT - Member Secretary

2. The Committee shall examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, inter alia,

 (a)  Declaring wealth generated illegally as national asset;

 (b)  Enacting/amending laws to confiscate and recover such assets; and

 (c)  Providing for exemplary punishment against its perpetrators.

3. The Committee shall consult all stakeholders and submit its report within a period of six months.

RBI's CLARIFICATION ON PAYMENT OF INTEREST IN RESPECT OF PPF (HUF) ACCOUNTS UNDER PUBLIC PROVIDENT FUND (PPF) SCHEME, 1968

CIRCULAR NO. DGBA. CDD. NO. H- 8842/15-02-001/2010-11, DATED 17-6-2011

Please refer to our Circular RBI/2010-11/344 DGBA.CDD.No.H-4311/15.02.001/ 2010-11, dated December 27, 2010, forwarding therewith a copy of Government of India Notification G.S.R.956 (E), dated December 7, 2010, on the above subject.

2. In this regard, Government of India has, vide their letter F.No.7/4/2008-NS.II, dated June 1, 2011(copy enclosed), decided that interest at PPF rates would be paid on those PPF (HUF) accounts, which had attained the maturity after May 13, 2005 but closed by the subscribers before December 7, 2010, subject to the conditions that the accounts had not been extended thereafter and the deposits were retained in such accounts without further subscriptions.

3. You may bring the contents of this circular to all your branches dealing with this scheme.

SECTION 10(6C) OF THE INCOME-TAX ACT, 1961 - FEES FOR TECHNICAL SERVICES TO FOREIGN COMPANIES - NOTIFIED FOREIGN COMPANY - ROLLS ROYCE DEFENSE SERVICES INC.

NOTIFICATION NO. 34/2011 [F. NO. 200/71/2006-ITA.I(PT.)], DATED 16-6-2011

In exercise of the powers conferred by clause (6C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that any income arising to M/s. Rolls Royce Defense Services Inc., with principal place of business at 2001, South Tibbs Avenue, Indianapolis, Indiana 46206, USA for maintenance of aero engines (IAE 3007 AIE Engines) fitted in Embraer Aircraft, by way of royalty or fees for technical services received in pursuance of the agreement vide Contract No. Air HQ/8836/RR/Eng B between M/s. Rolls Royce Defence Services Inc. and Ministry of Defence signed on the 12th December, 2005 to an extent of Rs. 35.43 crores shall not be included in computing the total income of said company under the said Act

NON-IMPLEMENTATION OF SENIOR CITIZENS SAVINGS SCHEME-2004 (SCSS) BY CERTAIN BANKS ON DEPOSIT BY ARMY PERSONNEL

CIRCULAR NO. DGBA. CDD. NO. H-8545/15.15.001/2010-11, DATED 9-6-2011

It has been brought to our notice that some of the agency banks do not implement the instructions given in Government of India's Office Memorandum F. No. 2-8/2004-NS-II, dated October 29, 2004 (Annexure) and circulated to agency banks vide our Circular RBI/2004-05/259 Ref. CO. DT. No. 15.05.001/H-3999-4021/2004-05, dated October 30, 2004, particularly in case of retired army personnel and have denied the facility of this Scheme to some of them in contravention of the instructions ibid.

2. We, therefore, reiterate that you may strictly adhere to the instructions issued vide our above circular and ensure extending the benefits of the scheme to retired army personnel also, if otherwise found in order.

3. You may bring the contents of this and the earlier circulars to all your branches dealing with this scheme.

  ANNEXURE

Clarifications regarding Senior Citizens Savings Scheme, 2004 (SCSS)

OFFICE MEMORANDUM [F.NO.2-8/2004-NS-II], DATED 29-10-2004

The undersigned is directed to say that this Ministry has issued certain amendments to the Senior Citizens Savings Scheme Rules, 2004 (SCSS) on 27th October, 2004. A 'Press Communiqué' was also issued to this effect on 28th October, 2004. It has been reported in certain sections of the 'Press' that the scheme has been modified to include all persons who are 55 years but less than 60 years of age, as eligible persons for the purpose of this scheme.

2. It is, however, clarified that only persons retiring on superannuation or otherwise and who have attained the age of 55 years or more but less than 60 years on the date of opening of account, have been made eligible to subscribe to the scheme vide the amendment referred to above.

3. The minimum age limit of 60 years shall continue to apply in all other cases as per the specified provisions.

4. It is further clarified that only Defence Personnel (excluding Civilian Defence Employees), retired on superannuation, shall be eligible to subscribe irrespective of the age limits. Personnel, retiring otherwise than on superannuation, shall be eligible to subscribe to the scheme only after attaining the age of 55 years.

5. Copies of signed notification effecting the amendments have already been sent to the Department of Posts and Reserve Bank of India for their information and necessary action vide this Department's letter of even No. dated 27th October, 2004.

6. The above clarifications may kindly be brought to the notice of all concerned immediately in order to avoid any wrong interpretation/irregular investments. This may kindly be treated as most immediate

Receipt of this OM may kindly be acknowledged by return fax.

SECTION 10(15)(i) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - INCOME BY WAY OF INTEREST, ETC. , ON BONDS, SECURITIES - SPECIFICATION OF BONDS, SECURITIES , ETC., ISSUED BY CENTRAL GOVERNMENT - AMENDMENT IN NOTIFICATION NO.G.S.R. 607(E), DATED 9-6-1989

NOTIFICATION NO. 32/2011[F.No.173/13/2011-ITA.I] /S.O.1296(E), DATED 3-6-2011

In exercise of the powers conferred by sub-clause (i) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby makes the following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number G.S.R. 607(E), dated the 9th June, 1989, namely :—

In the said notification, in the Table, for serial number 9 and the entries relating thereto, the following serial number and entries shall be substituted, namely :—

1                     2	3
"9. Post Office Savings Bank Account	To an extent of the interest of Rs. 3,500 in the case of an individual account and Rs. 7,000 in the case of joint account"

2. This notification shall come into force from the date of its publication in the Official Gazette.

SECTION 10(23AAA) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - INCOME RECEIVED BY ANY PERSON ON BEHALF OF FUND ESTABLISHED FOR WELFARE OF EMPLOYEES OR THEIR DEPENDENTS - NOTIFIED PURPOSES/CONDITIONS FOR ESTABLISHMENT OF FUND - AMENDMENT IN NOTIFICATION NO.S.O.672(E), DATED 27-7-1995

NOTIFICATION NO.33/2011[F.NO.197/12/2010-ITA-I]/S.O. 1295(E), DATED 3-6-2011

In exercise of the powers conferred by clause (23AAA) of section 10 of the Income-tax Act, 1961 (43of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of Government of India, Ministry of Finance, number S.O. 672(E) dated the 27th July, 1995, namely :—

In the said notification, in paragraph (1), after clause (c), the following clause shall be inserted, namely:—

 (d)  to meet the cost of annual medical tests or medical checkups of the member, his spouse and dependent children.

NON-IMPLEMENTATION OF SENIOR CITIZENS SAVINGS SCHEME-2004 (SCSS) BY CERTAIN BANKS ON DEPOSIT BY ARMY PERSONNEL

CIRCULAR NO. DGBA. CDD. NO. H-8545/15.15.001/2010-11, DATED 9-6-2011

It has been brought to our notice that some of the agency banks do not implement the instructions given in Government of India's Office Memorandum F. No. 2-8/2004-NS-II, dated October 29, 2004 (Annexure) and circulated to agency banks vide our Circular RBI/2004-05/259 Ref. CO. DT. No. 15.05.001/H-3999-4021/2004-05, dated October 30, 2004, particularly in case of retired army personnel and have denied the facility of this Scheme to some of them in contravention of the instructionsibid.

2. We, therefore, reiterate that you may strictly adhere to the instructions issued vide our above circular and ensure extending the benefits of the scheme to retired army personnel also, if otherwise found in order.

3. You may bring the contents of this and the earlier circulars to all your branches dealing with this scheme.

ANNEXURE

Clarifications regarding Senior Citizens Savings Scheme, 2004 (SCSS)

OFFICE MEMORANDUM [F.NO.2-8/2004-NS-II], DATED 29-10-2004

The undersigned is directed to say that this Ministry has issued certain amendments to the Senior Citizens Savings Scheme Rules, 2004 (SCSS) on 27th October, 2004. A 'Press Communiqué' was also issued to this effect on 28th October, 2004. It has been reported in certain sections of the 'Press' that the scheme has been modified to include all persons who are 55 years but less than 60 years of age, as eligible persons for the purpose of this scheme.

2. It is, however, clarified that only persons retiring on superannuation or otherwise and who have attained the age of 55 years or more but less than 60 years on the date of opening of account, have been made eligible to subscribe to the scheme vide the amendment referred to above.

3. The minimum age limit of 60 years shall continue to apply in all other cases as per the specified provisions.

4. It is further clarified that only Defence Personnel (excluding Civilian Defence Employees), retired on superannuation, shall be eligible to subscribe irrespective of the age limits. Personnel, retiring otherwise than on superannuation, shall be eligible to subscribe to the scheme only after attaining the age of 55 years.

5. Copies of signed notification effecting the amendments have already been sent to the Department of Posts and Reserve Bank of India for their information and necessary action vide this Department's letter of even No. dated 27th October, 2004.

6. The above clarifications may kindly be brought to the notice of all concerned immediately in order to avoid any wrong interpretation/irregular investments. This may kindly be treated as most immediate

Receipt of this OM may kindly be acknowledged by return fax.

New Income Tax Return Forms
A.Y. 2010-11		A.Y. 2011-12
SARAL - II (ITR-1) English    Instructions  Hindi   Instructions	For Individuals having Income from Salary / Pension / Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses.	ITR-1 SAHAJ Indian Individual Income tax Return English  Hindi   Print Specifications for SAHAJ & SUGAM
ITR 2  English  Instructions Hindi  Instructions	For Individuals and HUFs not having Income from Business or Profession	ITR-2 For Individuals and HUFs not having Income from Business or Profession English   Hindi   Instructions
ITR 3  English  Instructions Hindi  Instructions	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship	ITR-3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship English   Hindi   Instructions
ITR 4 English  Instructions Hindi  Instructions	For individuals & HUFs having income from a proprietary business or profession	SUGAM (ITR-4S) Sugam - Presumptive Business Income tax Return  English  Hindi   Print Specifications for SAHAJ & SUGAM
ITR 5 English  Instructions Hindi  Instructions	For firms, AOPs and BOIs	ITR-4 For individuals and HUFs having income from a proprietory business or profession English   Hindi   Instructions
ITR 6 English  Instructions Hindi  Instructions	For Companies other than companies claiming exemption under section 11	ITR-5 For firms, AOPs and BOIs  English  Hindi  Instructions
ITR 7 English  Instructions Hindi  Instructions	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)	ITR-6 For Companies other than companies claiming exemption under section 11  English  Hindi
	Return for Fringe Benefits	ITR-7 For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)  English  Hindi
ITR V  English     InstructionsHindi  Instructions	Where the data of the Return of Income in Forms Saral-II (ITR-1), ITR-2, ITR-3, ITR-4, ITR-5 & ITR-6 transmitted electronically without digital signature.
Acknowledge -ment English    Hindi	Acknowledgement for e-Return and non e-Return	ITR – V Acknowledgement

Click Here for Other Link to Download New ITR Forms

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Download Income Tax Return Forms Notified for AY 2010-11

Sl. No.	Form Name	Instructions	Form Description
1	AY 2010-11 Income Tax Return ITR-1 Form Notification		AY 2010-11 Income Tax Return Forms Notification under Rule 12
2	AY 2010-11 Income Tax Return Forms ITR-2 to ITR-7 Notification		AY 2010-11 Income Tax Return Forms (ITR-2 to ITR-7) Notification under Rule 12
3	ITR-1	ITR-1 Instructions	For Individuals having Income from Salary & Interest
4	ITR-2	ITR-2 Instructions	For Individuals & HUFs not having Income Business or Professionfrom
5	ITR-3	ITR-3 Instructions	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
6	ITR-4	ITR-4 Instructions	For Individuals & HUFs having income from a proprietory business or profession
7	ITR-5	ITR-5 Instructions	For firms, AOPs and BOIs
8	ITR-6	ITR-6 Instructions	For Companies other than companies claiming exemption under section 11
9	ITR-7	ITR-7 Instructions	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 13(4C)  or section 139(4D). (Not available for e-Filing)
10	Acknowledgement		Acknowledgement

Source: https://incometaxindiaefiling.gov.in