Taxation
When the mighty I-T dept fears 'spam' or 'junk' labels
The I-T department has requested taxpayers to save and white-list its official email ID so that it will not go to spam or junk folders
 
All taxpayers, while filing their annual returns with the Income Tax (I-T) department, are mandated to provide and validate email IDs and mobile numbers. However, this time, it is the I-T department that is urging taxpayers to white list or help its official email ID avoid going into the spam or junk folders. 
 
The I-T department has suggested that taxpayers validate and include in the ‘white/safe list’ of their respective inboxes, its official email ID — '[email protected]', so that it does not land in the spam or junk folder of the taxpayer.
 
“What a taxpayer needs to do is to include this email ID in the safe-list of his or her email recipients. When an online tax assessee inputs his or her email ID and mobile-phone number on the department’s online portal, the system sends an auto-generated PIN to complete the secure process. If this email containing the PIN goes into the spam fodler, it will most likely be missed by the individual,” a senior I-T officer said.
 
The department has issued the advisory after it found instances of this validation email landing into the spam or junk folder of taxpayer’s inboxes thereby leading to trouble in e-filing.
 
The online tax filing season is on and as of now the last date is 31st July.
 
Once the email is received from this official handle, the taxpayers can use the PIN to go further with the online filing procedures of their I-T return (ITR).
 
Few years ago, there was a flood of spam mails claiming to give I-T refunds. It was found be sent by spamsters pretending to be from the I-T department. However, such mails contained a few obvious 'red flags' that are hard to hide. For instance, while we Indians use Rs or Rupees before the amount, the fraudsters use this after the amount, like 820.50 Rs. The most obvious was the email ID itself, which was not from the I-T department's official server. (Read:  Fraudsters want to give your I-T refund via mail!)
 
The Central Board of Direct Taxes (CBDT), the apex authority of the I-T Department, has recently notified new rules for online filing of ITRs, saying taxpayers filing their returns this year (assessment year 2014-15) will have to mandatorily share their personal email IDs and mobile numbers with the department.
 
The aim behind this latest move was to update and stay in touch with the taxpayer each and every time there is a tax related issue.
 
The CBDT also recently notified taxpayers that the I-T department does not send any communication from private email addresses such as Gmail and Yahoo to them.
 
“Taxpayers are cautioned that they should not respond to such phishing mails and avoid downloading any attachment which may contain virus or malicious software,” the CBDT had said. 
 

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Lupin Q1 jumps 56% to Rs625 crore on robust sales
During the June quarter, Lupin witnessed robust sales in US, its largest overseas market and India resulting in 56% jump in its net profit
 
Pharmaceutical company Lupin Ltd on Wednesday reported a 55.74% jump in its first quarter net profit mainly on robust sales in domestic markets as well as in the US.
 
For the quarter to end-June, the pharmaceutical company said its net profit rose to Rs624.7 crore from Rs401.1 crore, while its total revenues, including sales, increased to Rs3,284 crore from Rs2,420.7 crore, same period last year.
 
In a statement, Nilesh Gupta, managing director of Lupin, said, "Business is at an all time high with record revenues and profits driven by strong growth in the US and in India."
 
The company is doing well in all its businesses and focus on operational efficiencies and manufacturing excellence is helping it deliver even stronger margins, he added.
 
In the company's largest market US, formulation sales (including IP) grew by 57% to Rs1,605.5 crore during the Q1 of the current fiscal as against Rs1,025.6 crore for the same quarter of the previous fiscal contributing 49% to overall sales, Lupin said.
 
Revenues from the US increased by 46% during the quarter under consideration, it added.
 
India formulations business grew by 29% to Rs761.5 crore for the first quarter of FY 2014-15, as against Rs589.4 crore for the corresponding period of the previous fiscal, Lupin said.
 
The company also was able to achieve reduction in material cost, manufacturing and other expenses and personnel cost, it added.
 
During the quarter the company launched four products in the US. It is now the market leader in 31 products marketed in the US generics market, Lupin said.
 
The company continues to enjoy 'Debt Free' status, it added.
 
Lupin closed Wednesday 4.9% higher at Rs1,173 on the BSE, while the 30-share Sensex ended the day marginally higher at 26,087.

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SC asks builder to refund money to flat owners in illegal building
Supreme Court directed Supertech to refund money or provide another flat to customers who bought a flat in two 40-storey illegal towers at Noida. These buildings would be demolished following an order from Allahabad HC 
 
Apex court asked Supertech to refund money to flat owners of Apex and Ceyane towers in Noida, which were termed as illegal and directed to be demolished by Allahabad High Court.
 
In an order, the apex court said, "Allottees are entitled for the amount, as it is their hard-earned money and they can’t keep moving court. Supertech to give back within a month the principal amount to those allottees who had applied for refund".
 
The court also asked Supertech to allot another flat to allottees who did not want to get a refund.
 
The Allahabad High Court in April ordered the demolition of two 40-storey towers of real estate company Supertech for illegal construction. The residential towers were part of the Emerald Court Project in Sector 93 A, Noida. They are unoccupied. 

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COMMENTS

R K SHARMA

3 years ago

a good lesson for such builders but the buyers should be given damages for being cheated

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