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Scrutiny of income tax returns reduced to 0.25 pc in assessment year 2018-19: FinMin

Scrutiny of income tax returns reduced to 0.25 pc in assessment year 2018-19: FinMin

Finance
New Delhi: Income tax returns picked up for scrutiny has reduced to 0.25 per cent of the total ITRs filed in assessment year (AY) 2018-19, from 0.55 per cent in AY 2017-18, the Finance Ministry has said. "IT Dept is changing-from just enforcement to facilitating better taxpayer services. In continuation of the same, the no. of cases selected for scrutiny has reduced drastically over the years," the ministry said in a tweet late on Tuesday. Official data released showed the number of income tax scrutiny cases was 0.71 per cent in AY 2015-16, 0.40 per cent in AY 2016-17, 0.55 per cent in AY 2017-18 and 0.25 per cent in AY 2018-19. The ministry, however, did not give the absolute number of cases picked up for scrutiny during these years. State-wise data also showed while the scrutiny as pe...
FinMin to wait for one more year to take call on LTCG tax: Sitharaman

FinMin to wait for one more year to take call on LTCG tax: Sitharaman

Finance
Under criticism for not abolishing the long term capital gains tax (LTCG), Finance Minister Nirmala Sitharaman on Friday said her ministry will wait for one "normal year" before taking a call on the cess. On the dividend distribution tax (DDT), she clarified that the liability was shifted to the investor's applicable rate from the company to reduce middle-class investors' outgoes. Stock market benchmark indices had tanked by over 2.5 per cent on the budget day last Saturday. Experts opined that investors were peeved at the absence of any action on LTCG and the shift on DDT. Speaking to opinion makers and analysts in the financial capital, Sitharaman said the LTCG was introduced in 2018 and the volatilities in the markets have ensured that she cannot make a reasonable assessment on it. "Muc...
FinMin wants banks to start issuing near field communication-enabled credit and debit cards

FinMin wants banks to start issuing near field communication-enabled credit and debit cards

Finance
BENGALURU: The finance ministry wants banks to start issuing near field communication (NFC)-enabled contactless credit and debit cards to their customers so that the government can expand the use of card payments beyond simple merchant transactions. In a letter marked to chief executives of banks, a copy of which was seen by ET, the ministry said that NFC or contactless cards are the next generation of innovation in the cards space which can bring about added security and convenience for digital payments, hence banks should start giving out such cards to its customers. “As and when cards need to be re-carded, then at that stage the new cards being issued can be NFC enabled/contactless and whenever new cards are being issued they could also be NFC enabled/contactless,” read the ...