E-filing of returns must for taxpayers earning over Rs10 lakh

CBDT said taxpayers with annual income of over Rs10 lakh will have to file their tax returns for FY12 online, however digital signature will not be mandatory for these people


New Delhi: People with annual income of over Rs10 lakh will have to file their tax returns for 2011-12 electronically, reports PTI.

The Central Board of Direct Taxes (CBDT) has issued a notification making e-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu Undivided Family (HUF) if his or its total income exceeds Rs10 lakh.

However, digital signature will not be mandatory for these taxpayers, the Finance Ministry said in a statement.

E-filing for such assessees was optional till 2010-11.

The Income Tax Department had received a record 1.64 crore e-Returns in 2011-12 financial year.

Currently, 'Business Houses' with receipts of Rs60 lakh and professionals with income of Rs15 lakh are mandatorily required to e-file their return with digital signature.

As on 31 March 2012, there were 1.96 crore tax payers who had registered for e-filing.

The ministry said, "e-filing is an easy, fast and secure method of filing income tax return" and "the processing for e-filed return is faster and taxpayers get their refunds, if due, quickly".

The electronically filed returns are processed at Centralised Processing Centre, Bengaluru.

The Income Tax Department also provides some value added services like tracking of refunds and viewing of tax credit status.


Details of Rajiv Gandhi Equity Scheme by month-end: Finance ministry

Under the proposed scheme, the investors would be allowed to invest up to Rs50,000 in a year, with a lock-in period of 3 years

New Delhi: The finance ministry is likely to come out with details of the Rajiv Gandhi Equity Scheme, which is aimed at boosting retail investments in capital market, by the end of this month, reports PTI.

"We are working on it and the norms should be ready by this month end," a senior finance ministry official said.

The market regulator, the Securities and Exchange Board of India (SEBI), has been pitching for routing this tax-saving equity scheme through mutual fund so as to minimise the risks associated with direct stock investments for the investors.

In order to make the scheme more attractive for retail investors, the ministry has been considering reducing the lock-in period under the scheme to one year from the proposed three years.

Former finance minister Pranab Mukherjee, in the Budget for 2012-13, had announced introduction of the Rajiv Gandhi Equity Scheme under which 50% tax deduction would be provided to retail investors with annual income less than Rs10 lakh.

Under the proposed scheme, investors would be allowed to invest up to Rs50,000 in a year, with a lock-in period of three years.

The scheme, it was proposed, could be availed once in a life time by investors. It was the first ever, tax benefit scheme in India, for direct investment in equities to encourage retail investors' participation. By offering this scheme, the government aims at channelizing household savings into stock markets.

In 2010-11, net inflow in equity schemes of mutual fund had declined by Rs13,000 crore, but in the following year, it is positive by few hundred crore, the official said, adding the number of folios that have declined.

The ministry, he added, was also working on several other issues with a view to streamlining the path for investment by qualified financial institutions (QFIs).

"There are 57 action points we are working on for streamlining the QFI investment process. We will be addressing them and also the withholding tax issue," he said.

The ministry is also considering a proposal to bring the taxation structure of the QFIs in line with that of the foreign institutional investors (FIIs). A short-term capital gain tax of 15% would be deducted at source in case the QFI makes a profit on investment.

A qualified foreign institutional investor (QFI) is an individual, group or association in a foreign country that is compliant with financial action task force (FATF) standards. They do not include FIIs/sub-accounts.

The finance ministry had last month conducted roadshows in five nations in the Middle-East-Riyadh, Dubai, Muscat, Kuwait and Bahrain-projecting India as an "incredible investment destination".


Hanjer Bio-Tech gets $40 million funding from Europe

Hanjer bio-Tech said the 8.5 year loan amount will be utilised for setting up multiple municipal solid waste processing plants totalling a capacity of 5,000 tonnes per day

Mumbai: Hanjer Bio-Tech Energies, a waste recycling and resource recovery company, said it got a loan facility of $40 million from two European development finance institutions, reports PTI.

Hanjer said it has received $20 million apiece from DEG -- Deutsche Investitions- und Entwicklungsgesellschaft mbH (a German investment and development company) and Proparco, subsidiary of French Development Agency -- as a part of total debt facility amount of Rs290.8 crore, which has been underwritten and solely arranged by Yes Bank.

Under the tripartite agreement between Hanjer on one hand and DEG and Proparco on the other, the 8.5 year loan amount will be utilised for setting up multiple MSW (Municipal Solid Waste) processing plants totalling 5,000 TPD (tonnes per day) capacity, wherein Hanjer will implement international environmental and social standards.

Currently, Hanjer has 24 operating facilities across 19 cities in India, with an existing capacity of 9,100 TPD.

Another 2,200 TPD capacity expansion is under implementation plus additional 3,000 TPD at the bidding stage, release said.

Hanjer presently works with 15 municipalities in India, and six more plants in four cities with additional processing capacity are in the implementation stage.

The World Bank estimates that India's per capita waste generated in urban areas will grow from 0.2 - 0.6 kg to 1 kg per day by 2030.




5 years ago

Big Deal! So what if funds are acquired or not acquired. These bullies have already sucked the blood of innocent customers of Memon Co-operative bank.
How will these people refund them with the money and the trust? Money maybe..TRUST?? Yes? No?

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