Tax: E-filing Improvements from I-T Dept
To put an end to sending paper-based acknowledgement of e-filed income tax returns (ITRs), the CBDT (Central Board of Direct Taxes) is planning to send a one-time password (OTP) on taxpayers’ mobile phones which will be valid for 24-hours after verification from the Aadhaar database.
 
The tax department has decided to usher these new protocols soon, as the new ITRs for the assessment year 2015-16 have recently been notified, heralding the onset of the tax filing season. The deadline for filing ITRs is 31st August.
 
A senior official involved in the processes told PTI that the new ITRs will capture the Aadhaar number of an individual and, after doing a ‘back end’ matching of the Aadhaar number with the mobile number and other vital personal data of the individual, an OTP will be generated and sent for validating and final submission of the return.

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SC to hear Digvijaya's plea on Vyapam on July 9
The Supreme Court will hear on Thursday a plea by Congress leader Digvijaya Singh and three whistle-blowers seeking an apex court monitored CBI probe into Vyapam scam and the spate of deaths of the people related to it.
 
An apex court bench headed by Chief Justice H.L. Dattu on Tuesday said these petitions would be taken up on July 9 along with two others seeking removal of Madhya Pradesh Governor Ram Naresh Yadav so that he could be prosecuted for his alleged involvement in the scam.
 
Digvijaya Singh and the three whistle-blowers - Ashish Chaturvedi, Anand Rai and Prashant Pandey - while demanding for a SC-monitored CBI probe said they have no faith in the Special Task Force that is monitoring the SIT probe into the scam.
 
The petition of the Congress leader and the three whistle-blowers were mentioned by senior counsel Vivek Tankha and Indira Jaising.

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RBI: RBI Extends the Date for Withdrawal of Pre-2005 Series Banknotes
The Reserve Bank of India (RBI) has extended the date for the public to exchange their pre-2005 banknotes up to 31 December 2015. In December 2014, RBI had set the last date as 30 June 2015.
 
Soliciting cooperation from the  public, RBI has urged people to deposit the old notes in their bank accounts or exchange them at a bank branch convenient to them. RBI has stated that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender.
 
Explaining the move, RBI said that the banknotes in the Mahatma Gandhi series have now been in circulation for a decade. A majority of the old banknotes have been withdrawn through bank branches. It has, therefore, decided to withdraw the remaining old design notes from circulation.
 

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