IT department will share your assets details with banks

IT department will share assessee assets details with banks

The income tax department will share assets details of assessee as per wealth tax return with the banks for nabbing  loan defaulters.Income tax department issued a press release dated 28 May 2014 regarding this issue. Full press release is as under.

During a review meeting on the performance of Public Sector Banks (PSBs) taken by Finance Minister on 5.3.2014, the PSBs raised concern that the details of assets as available in the Wealth Tax Returns of loan defaulters are not being shared by Income Tax Department with the Banks despite repeated requests. 

2. In this context, kind attention is drawn to Section 42B of the Wealth Tax Act 1957 which states that where a person makes an application to the Chief Commissioner or Commissioner in the prescribed form, seeking any information relating to any assessee in respect of any assessment made under this Act, the Chief Commissioner or Commissioner may, if he is satisfied that it is in the public interest so to do, furnish or cause to be furnished the information asked for in respect of that assessment 

3. In view of the fact that every Return of Wealth filed by the assessee is subject to assessment under section 16 of the Wealth Tax Act, the information contained therein qualifies for being supplied u/s 42B of the Wealth Tax Act, provided the CCWT/CWT is satisfied that supply of such information to PSBs is in public interest. CBDT in this context clarifies that information on assets of loan defaulters to enable recovery of loans by PSBs from such defaulters is in public interest. 

4. It is further clarified that such information may be provided in respect of the borrower/mortgager/guarantor of the loan only. At the time of supply of such information a confidentiality clause may be included specifying that such information be used only for the purpose of recovery of loan and will not be shared with any other person/agency. An undertaking to this effect shall be obtained from the Bank (to be signed by an officer not below the rank of the Manager of the Branch concerned) before furnishing the information. 

5. In order to ensure that the tax dues of the Department against the defaulter (if any) are safeguarded, an undertaking be obtained from the PSB to obtain a No Objection Certificate (NOC) from the jurisdictional CIT of the loan defaulter before appropriation of the surplus amount recovered from sale of

immovable/movable asset of the defaulter, information in respect of which is shared, after adjustment of its loan dues. 

6. The above guideline may be brought to the notice of all DGsIT, CCsIT and CsIT of your charge. 

Now your Mother’s name can be shown on Pan Card

Soubhagya May 21, 2014 Notification No comments

New Pan form 49A and form 49AA has been notified by CBDT. This new form has gives option to individuals to show mother’s name on PAN card. In revised pan application form Father’s name remain mandatory but column has been provided for Individuals to fill mothers name also. Further on pan card individual may opt for printing of either Mother’s name or father’s name.The complete notification and revised pan application forms are given hereunder for your ready reference.

INCOME-TAX (FIFTH AMENDMENT) RULES, 2014 – SUBSTITUTION OF FORMS 49A AND 49AA
NOTIFICATION NO. 26/2014 [F.NO.142/15/2013-TPL]/SO 2045(E), DATED 16-5-2014
In exercise of the powers conferred by section 295 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 (5th Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, in Appendix II, for Forms 49A and 49AA, the following Forms shall be substituted, namely:—
FORM No. 49A :Application For Allotment of Permanent Account Number
[In The Case Of Indian Citizens/Indian Companies/Entities Incorporated In India/Unincorporated Entities Formed In India]
FORM No. 49AA : Application For Allotment of Permanent Account Number
[Individuals Not Being A Citizen Of India/Entities Incorporated Outside India/Unincorporated Entities Formed Outside India]

RESET LOGIN PASSWORD IN TRACES WEBSITE

Tax Payers

TRACES enables a PAN holder to register and view tax credit (Form 26AS) online.

Details in Form 26AS

• Details of tax deducted on behalf of the tax payer by deductors
• Details of tax collected on behalf of the tax payer by collectors
• Advance tax / self-assessment tax / regular assessment tax etc. deposited by the tax payers (PAN holders)
• Refund received during the financial year
• Details of transactions in Mutual Fund, Shares and Bonds, etc. (as reported by AIR filer)

Functionalities for Tax Payers through TRACES

• Registration and Login
• View Form 26AS

• View and edit profile
• Provide Feedback 

Fields marked by asterisk (*) are mandatory

• Forgot Password can be used to reset user's login password on TRACES
• This process can be used only for PANs that are registered on TRACES
• Password cannot be reset for locked out or disabled accounts
• Step-1:
  • Enter User Id, Date of Birth and Name for the PAN account
  • User Id for Tax Payer will be PAN
  • Enter image as displayed in Captcha in the text box
  • Click on 'Refresh' icon next to Captcha image to view another image
  •   

How to reset Income Tax e-Filing Login Password?

Three to four email accounts, few more numbers of bank accounts, TPIN, Visa verification numbers and lot of other things where you need to remember those login IDs, passwords and secret questions etc that you need them on daily basis and few once in a while, right? It’s really difficult to remember all these login credentials. Sometime when you forget the password you try forgot password or any given reset option with some secret code/questions etc. But what if all these trials go futile?
Really a nail scratching situation :-), isn’t it? This was the case with one of the readers of this blog when he had to file his IT returns online during the last minutes of AY 2013-14 and he had to login his account. Surprise the password what he was having in mind is not working at all, then he try with forgot password option, but the details of the secret questions are not matching because first time when he created the account actually that was done by his friend and he did not share what secret question he put over there. Now when the friend was asked about the same, he said “yaar bhul gaya, yaad nai” (sorry I don’t remember).
Now what to do? Don’t worry, in such cases IT dept has given various options/steps to get it fixed. In this article we will see how to reset an income tax e-filing password from a basic to complex situations like above.
Here I take you through with the step by step process to reset the password. There are two ways by which you can reset the password. The very first and easiest way is Forgot Password Option and the second one Through Sending eMail.
Method 1: Forgot Password Option
1. Click on Login here in https://incometaxindiaefiling.gov.in/

2. Click on Forget Password

3. Enter PAN as your User ID & Captcha code then click on Continue.

4. After step 3 you will find the below screen where you will find 3 option to choose any of them. Select one of them which you are comfortable with its respective data requirement. I will explain you about all the option one by one.

Answer Secret Question: if you know the below answer then Select 1st Option.
a. Date of Birth/Incorporation
b. Secret Question
c. Secret Answer
d. After giving correct answer click on submit button
e. You will get new screen where you can set your new password and confirm it by re entering the same and click on submit button.

In the alternative option choose Upload Digital Signature Certificate: if you have digital signature then only this option will be suitable to you where you need to upload the .pfx file or Upload using USB Token.

After clicking on Submit option you will get below popup screen to select and upload the signature.

In the third option Enter e-Filed Acknowledgement Number and Bank Account Number: This option is very well possible if you have last financial year income tax returns copy where you can find the acknowledgment number. In case you don’t find in your documents then you can check your mail as well where you may find it.

After success of any of these above options click on submit button you will find the new screen where you can enter new password and confirm the password by entering again then click on Submit.

With this you complete the resetting you e-filing password and use it for filing your income tax returns. If all of these above process doesn’t work for you in case you don’t remember the secret questions or other confidential infomration then you can resort to the second method to reset your password i.e.
Method 2: Through Sending eMail
Even after using above option you are not able to set the password then there another way where you can set the password by just sending mail.
You just need to send an email to validate@incometaxindia.gov.in with the below required details asking to reset your password.
i. PAN Number
ii. Pan Holder Name
iii. Date of Birth/ Date of incorporation
iv. Father’s Name
v. Registered PAN Address
You will receive reply in 48 hours from donotreply@incometaxindia.gov.in and then you can reset the password with new password.
Hope this article would help you in detail to reset the password. Do share your further query or view.

Re-Organization of the State of Andhra Pradesh, New TINS(sales Tax)

ISSUE OF TINS TO VAT DEALERS IN THE WAKE OF AP STATE RE ORGANISATION:
HELP DOCUMENT FOR DEALERS DT :15-April-2014
In the wake of re-organization of the state of Andhra Pradesh, new TINS with appropriate state codes have to be issued to all VAT dealers. The respective state codes are decided by the Government of India and will be made known to all soon.
To facilitate the process of issuing TINs to dealers, an online form has been designed to seek the dealer’s option for continuing Registration in the state(s) of their choice. This online option form is available in the dealer login and will pop up once a dealer logs in to file his return/ take statutory forms etc.
The Department advises you to fill the online option form at the earliest.
Using the online option Form 
The option form is enabled in the dealer login
It will pop up once a dealer logs in to file his return/ take statutory forms or transact on the portal
Dealer has to choose relevant option depending on the scenario i.e. can choose to continue only in the Residuary State of AP, can choose to continue only in Telangana, can choose to have Registration in both the states, can choose to shift entire Registration from one state to another.
Please see power point presentation at the following link for detailed steps for each scenario.
Once the dealer clicks on “submit” button, he/she cannot go back and edit the data. So the dealers are requested to exercise due caution while filling the form and submitting the data.
Once a dealer submits an option form, he/she can print an acknowledgement and file it for record.

CST Registration 
If a dealer has CST Registration, the CST registration will continue to be valid and his CST registration data holds good. However, the dealer is requested to collect CST registration certificate from the concerned Registering authority, on /after 02-June-2014.( Because TIN will change)
If a dealer does not have CST Registration and is opting for Registration in both the states of Telangana and Residuary State of Andhra as a result of State bifurcation, he will be given an online option to give CST commodity details. The dealer is requested to collect the new CST Registration Certificate along with VAT RC from their Registering Authority
Generation of TINs
Once all option forms from dealers are received, TINS will be generated as a batch process. The TIN generated with the changed state code will be notified well in advance to the dealer online or through e-mail as per the timelines given below.
The TIN is the same for both VAT & CST
Issue of Registration Certificate
VAT Registration Certificates will be issued by the concerned Registration Authority on/after 02-June-2014. The dealers are requested to collect the RCS from their respective Circle Offices.
Timelines
Filing of online option form : By 30-April-2014
Generation of TINs :By 08-May-2014
Issue of RCs by Department : On/after 02-June-2014
Helpdesk
 For any clarification, query regarding the Issue of TINs, please write to ctd_helpdesk@apct.gov.in or vatis_helpdesk2@apct.gov.in. We will be glad to assist you!
Note: This document will be updated from time to time, based on feedback/suggestions received from the dealers.

ఏడు వారాల నగలంటే ఏమిటి?

పూర్వం రోజుల్లో గ్రహాల అనుకూలం కోసం ఏడు రోజుల్లో ఏడు రకాల నగలు ధరించే వారు. వాటినే ఏడు వారాల నగలు అనేవారు. ఈ పదం ఇప్పటికీ అక్కడక్కడా వినిపిస్తూనే ఉంటుంది. అసలు ఏడు వారాల నగలంటే ఏంటి అనే అంశంపై  నిపుణులను అడిగితే...

పూర్వం రోజుల్లో స్త్రీలు వారం రోజులూ ఒక్కో రోజు ఒక్కో గ్రహం అనుగ్రహంకోసం, ఆరోగ్యం కోసం బంగారు ఆభరణాలు ధరించేవారని, వాటినేఏడువారాల నగలు అనే వారని అంటున్నారు. వీటిని ధరించడం వల్ల సంపూర్ణ ఆయురారోగ్యాలు, అష్టైశ్వర్యాలు సిద్ధిస్తాయని స్త్రీల ప్రగాఢ విశ్వాసం. అలాంటి ఏడు వారాల నగలు అంటే ఏమిటో తెలుసుకోవాలనే ఆసక్తి ఇప్పటికీ చాల మంది మహిళల్లో ఉందంటున్నారు.  

ఆదివారం రోజు సూర్యానుగ్రహం కోసం కెంపు వర్ణం కమ్మలు, హారాలను ధరిస్తారు. 

సోమవారం రోజున చంద్రుని అనుగ్రహం కోసం ముత్యాల హారాలు, ముత్యాలు పొదిగిన బంగారు గాజులను,
మంగళవారం రోజున కుజుని అనుగ్రహం కోసం పగడాల దండలు, పగడాల ఉంగరాలను ధరిస్తారు.
అలాగే, 
బుధవారం రోజున బుద్ధుని అనుగ్రహం కోసం పచ్చల పతకాలు, గాజులు ధరిస్తారు. 
గురువారం రోజు బృహస్పతి అనుగ్రహం కోసం పుష్యరాగం, కమ్మలు, ఉంగరాలను, 
శుక్రవారం శుక్రుని అనుగ్రహం కోసం వజ్రాల హారాలు, వజ్రపు ముక్కుపుడక, 
శనివారం రోజున శని గ్రహం అనుగ్రహం కోసం నీలమణి హారాన్ని ధరిస్తారని చెపుతున్నారు.

పూజకు తర్వాత దేవుడికి పెట్టే నైవేద్యం ప్రత్యేకత ఏమిటి!?

నైవేద్యమును "నివేదనమ్" అంటారు. మన మనస్సులోని విషయాన్ని సుఖదుఃఖాలను ఏవైనా వానిని గురించి సందేహాలుంటే, వాటిని స్వామికి నివేదించుకోవడమే నివేదనం. అన్నం, కూర, పప్పు, పచ్చడి, రకరకాల పిండి వంటలూ ఎంతో కష్టపడి చేసిన ఆహార పదార్థాలన్నింటినీ దేవునికి సమర్పించడాన్ని కూడా నివేదనం అంటారు.

నివేదన కోసం రోజంతా కష్టపడి, భక్తి విషయానికి వచ్చేటప్పటికీ ఓర్పు నశించి, మందగిస్తారు కొందరు. అలా మందగించడం ఎలాంటిదంటే చెట్టు మొదలు నరికి, నీళ్ళు పోయడం వంటిది అవుతుంది. "భగవాన్నోదక ప్రియః" అంటే దేవుడికి తిండి అంటే ఇష్టం కాదు అని అర్థం. అయితే నివేదనము అన్న మాటకు ఆత్మలోని విషయాన్ని నివేదించుకోవడమేనా అనే భావం కలుగుతుంది. అలా అయినప్పుడు దేవాలయంలో ఎప్పుడూ నివేదనలు ఎందుకు ఇస్తారు అనిపిస్తుంది.

ఈ నివేదనం సాకుతో ఏవో చేయడం కాదు. అసలు నివేదన రహస్యాన్ని అందరూ తెలుసుకోవాలన్న అర్థమే తప్ప దేవుడు తినాలనిగానీ, దేవుడు తింటాడనీ కానీ అర్థం కాదు. నివేదనం చేసాక దానినే "ప్రసాదం" అంటూ అందరికీ పంచి పెడతాము. ప్రసాదం అనే మాటకు అనుగ్రహం అని అర్థం.

దేవుడికి పెట్టిన ఆహారం అని కాదు "దేవా! నీ నివేదానికి సమర్పించినది, ఈ విధంగా మాకు ప్రసాదంగా లభించింది." అని పూజారి మనకా ప్రసాదాన్ని అందిస్తాడు. అంటే దేవుడికి నివేదిస్తే ప్రసాద సిద్ధి, అనుగ్రహ సిద్ధి ఉంటుందని పండితులు అంటున్నారు.