Tuesday, 20 October 2015

Income Tax Dept going Digital - Starting paperless Assessment

F. No. 225/267/2015-ITA-II
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
NEW DELHI

Dated: October 19, 2015

To

The Principal Chief Commissioners of Income-tax, Delhi / Mumbai / Bengaluru / Ahmedabad / Chennai

Subject: Use of email based communication for paperless Assessment Proceedings-reg.

In order to improve the taxpayer services, enhance the efficiency and to usher in a paperless environment for carrying out the assessment proceedings, CBDT has decided to initiate the concept of using email for corresponding with taxpayers and sending through emails the questionnaires, notice etc. at the time of scrutiny proceedings and getting responses from them using the same medium on a pilot basis. This would eliminate the necessity of visiting the Income-tax Offices by the taxpayers, particularly in smaller cases, involving limited issues and where taxpayer is able to provide details required by the AO without necessitating his physical presence.

2. Steps are being taken by CBDT to devise suitable mechanism for setting up a standardized platform for making such email based communications between the taxpayer and the Income-tax Department seamless and user friendly. To start with, it has been decided to launch a pilot project in this regard in five non-corporate charges at Delhi, Mumbai, Bengaluru, Ahmedabad & Chennai stations. Initially, 100 cases for e-hearing could be identified in each of these charges and major part of assessment processing should be conducted in electronic mode. Also, the cases covered under the aforesaid pilot project should be those which have been selected for scrutiny on the basis of AIR/CIB information or non-matching with 26AS-data. Consent of taxpayers should also be obtained in the beginning and cases of only willing taxpayers be considered under the pilot project. The officers of the Department, through their official e-mail IDs, can interact with the taxpayers at their e-mail IDs as mentioned in the respective returns of income.

3. Board desires that necessary steps may accordingly be taken for initiating the pilot project on top priority.

(Rohit Garg)
Deputy Secretary to the Government of India.

Sunday, 11 October 2015

Everything About Zero Depreciation Car Insurance policy - For those who love peace of mind.

A zero depreciation plan provides policyholders with full claims without any depreciation deduction. This extended cover encompasses the repairing costs of glass, fiber, plastic, rubber parts and wind-shield etc. 

A traditional approach

It was 2009 when Zero depreciation policies entered Indian Markets. Before that it was common to buy a comprehensive insurance plan. One major shortcoming of the comprehensive vehicle insurance plan is it doesn’t cover all expenses more over you will get claim only on depreciated value of parts. Insured people have to shell out money for renovating fiber, rubber and plastic parts. Owners of old cars also have to spend a large amount of money as their old motor parts are replaced by new ones. In a major road-mishap, the expense of restoring these parts can rise over Rs 1 lakh. The owner of the car has to bear these costs even though he or she is armed with a so-called comprehensive cover. 

An Example

Mr. Ayush bought a brand new car and purchased a comprehensive insurance plan for his new car.  Unfortunately his car met an accidents and he incurred Rs.1.5 lacs on repairs of the car. He was surprised to receive only Rs. 1.2 lacs for damages from insurance company as compensation. This is because his insurance company deducted depreciation from the claim amount. This means Mr Ayush could have saved 30,000 rupees if he would have bought zero depreciation policy.

Practical Approach

Most of the Insurance companies offer Zero depreciation policy only for a first few years of the Vehicle which range from 3 to 5 years. Opting for Zero depreciation policy will cost you more than a comprehensive policy but if you are a peace lover them you must go for it. 

You may also like to read http://armutha.blogspot.in/2015/03/all-about-start-ups-formation-and-your.html

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