The new online facility will also enable taxpayers to register their complaints and file applications to the I-T Ombudsman in 12 cities across the country
The Income Tax (I-T) department will soon launch an Internet-based grievance redressal system for taxpayers to lodge their complaints with taxman, reports PTI.
The new online facility will also enable taxpayers to register their complaints and put applications to the I-T Ombudsman present in 12 cities across the country including Mumbai and Delhi, the two topmost tax paying regions respectively.
Currently, taxpayers can file their tax returns online by logging on the official website of the department-www.incometaxindia.gov.in.
According to a senior I-T department official, the grievance redressal facility will either be made available on the official website of the department or a new portal would be launched.
"Grievances related to tax refunds and delay in services rendered by the department like allotment of various tax numbers among others could be lodged on the new e-support system," the officer said.
The department is presently conducting a trial run of the new facility and once fully satisfied, it will connect all the department offices with the network.
After registering online complaints, the taxpayer will also receive an acknowledgement number, which would have a fixed time limit that will ensure that it is redressed within a stipulated duration.
As of now, taxpayers have to throng the tax department's offices in order to get their complaints resolved for redressal of a number of services.
The online facility will aim to create a hassle-free facility for tax payers across the country, the officer added.
The I-T department's online facilities currently feature services like e-payment of taxes, filing of TDS returns, Annual Information Returns, Online Tax Accounting System (OLTAS), Tax Return Prepares Scheme (TRPS), Tax Information Network and help desk, as well as tax payers queries and feedback services.
As suspected, the market corrected today but the up-move is not over
The market ended its seven-day winning streak to end in the red, led by Reliance Industries (RIL) as its annual general meeting (AGM) was short of investors' expectations. The Sensex ended at 17,570, down 45 points (0.2%) while the Nifty settled at 5,262, down 12 points (0.2%). The benchmarks started the day with gains. Trading was range-bound with the market slipping into negative terrain around noon. It managed to recover, but profit-booking pulled the indices lower again.
Asian stocks were mixed as concerns over the US economic recovery weighed on investors. Key benchmark indices in China, Singapore, Japan, and Taiwan were down between 0.04% and 1.8%. Indices in Indonesia, South Korea, and Hong Kong were up by 0.2% to 0.9%.
US markets gained in late trade on Thursday, to end with modest gains despite a worse-than-expected reading on manufacturing activity in the Philadelphia area and an increase in jobless claims. The Dow was up 24.7 points (0.2%), to 10,434. The S&P 500 was up 1.4 points (0.1%) to 1,116 and the Nasdaq was up 1.2 points (0.05%) to 2,307. This is the ninth straight day of rally for world markets which regained losses posted on concerns over the euro debt crisis.
Spain sold treasury bonds worth €3.5 billion on Thursday, which will provide liquidity to the debt-ridden economy. The International Monetary Fund (IMF) praised the country's effort to tackle its debt and deficit issues.
Back home, exports in May were up 35% over the year-ago period, trade secretary Rahul Khullar said. Imports have been up 30% over the year-ago period.
Reserve Bank of India (RBI) governor D Subbarao said that inflation is getting more generalised with the demand side pressure building up in the economy. The RBI will take a calibrated exit from the loose monetary policy, he added.
Foreign institutional investors were net buyers of equities worth Rs462 crore on Thursday. Domestic institutional investors were net sellers of Rs363 crore.
The board of ITC (up 0.1%) has recommended the issue of bonus shares in the proportion of one bonus share of Re1 each for every existing ordinary share of Re1 each. The board also approved an increase in the authorised share capital from Rs500 crore divided into 500 crore ordinary shares of Re1 each to Rs1,000 crore divided into 1,000 crore ordinary shares of Re1 each. The company will seek approval of the shareholders at the annual general meeting (AGM) to be convened on 23rd July.
Larsen & Toubro's (up 1.2%) buildings & factories arm has secured orders aggregating Rs1,440 crore for the construction of residential towers, township and factory buildings. L&T has secured new orders aggregating Rs1,294 crore for the construction of residential towers and townships from leading developers and clients. Majority of the above orders have been secured on a design-and-build basis. Further, orders worth Rs146 crore have been secured from various clients, including add-on orders from the ongoing factory jobs.
Unitech (up 0.3%) said that, further to the allotment of 10,90,56,781 shares upon conversion of equivalent number of warrants on 29 March 2010 and 2 June 2010, the company has further allotted 2 crore equity shares of Rs2 each at a premium of Rs48.75 per share to Harsil Projects Pvt Ltd, a promoter group company, upon conversion of 2 crore warrants, by way of preferential allotment.
The promoters' shareholding in Unitech after such allotment on conversion of warrants has increased to 46.72% from 46.30%. The company had issued 22,75,00,000 warrants convertible into equal number of equity shares at the aforesaid price within a period of 18 months.
The UP sugar industry is likely to incur loss of Rs600 per quintal due to falling sugar prices and over-production
With the concerns of higher production and low recovery of cost, the Uttar Pradesh (UP) sugar industry is set to reel under heavy losses this year. The State has paid the highest cane price of Rs2,500 per tonne on an average recovery of 9% to the farmers. Thus, sugar factories in UP are not able to recover even their raw material cost.
Fair Remunerative Price (FRP) acts as a floor price for sugar farmers. They are legally entitled to get this minimum price. If any State government or any other authority fixes any price for sugarcane above the FRP, the difference is paid by that State government. But sugar mills are allowed to offer any price above FRP.
"UP has produced 51 lakh tonnes of sugar this year. For one bag of sugar the industry has lost as much as Rs400. The break-even cost in UP is Rs3,600 per quintal this year. This is considering the levy price of 20%. On a production of 51 lakh tonnes we will be losing approximately Rs3,000 crore. The loss is Rs600 per quintal," said Shyam Lal Gupta, secretary general of the Uttar Pradesh Sugar Mills Association.
"The industry is in heavy losses on account of the higher cane prices paid to the farmers and as per the present valuations we are not even covering the cane cost.
If this situation prevails in the long run then the UP sugar industry will become sick or farmers will move away. The industry has paid Rs2,500 per tonne to the farmer. But seeing the sugar prices, the industry will not be able to pay even the FRP," said CB Patodia, advisor, Birla Group of Sugar Companies and president, UP Sugar Mills Association.
The UP sugar industry is now under a situation where it is not capable of paying more than the FRP of Rs139 a quintal.
UP is the second-biggest sugar producer after Maharashtra. Following expectations of oversupply, the government is planning to decrease the levy quota from 20% to around 15%. The imposition of import duty will provide the much-needed relief to the sugar factories and farmers.
According to industry sources, the State government pleases the farmers by ensuring that factories should pay a good price to them while the Centre looks at the interest of the consumers. The industry is required to pay a good price to farmers during the sugar-producing season (October-September).
"Farmers in Maharashtra are getting lower prices despite good-quality cane. Sugar is the only industry which is subsidised by the Centre," added Mr Patodia.
Cane acreage in UP is likely to touch 2.15 million hectares during the year 2010-11. India is likely to produce 23 million tonnes (MT) of sugar in 2010-11. Last year the country produced 19MT of sugar. India already has 3.5MT of stocks from the 2009-2010 production, thus putting further pressure on prices.
Sugar prices in UP have crashed from Rs3,800 per quintal to Rs3,000 as the Central government allowed import of raw sugar and increased the stock limit.
Due to the bad monsoon last year, India allowed imports of white and raw sugar to bring down domestic prices when the production declined to 14MT.