News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« Top Headlines »
 Income-tax Deduction from salaries during the Financial Year 2019-20 under section 192 of the Income-tax Act, 1961
 Know your tax exemptions to invest wisely
 What happens when you file the wrong ITR form
 Tax-saving guide for FY 2019-20
 Filing ITR for AY 2020-21? Here're the changes you need to know
 NRIs can’t use ITR-1 to file tax returns
 CBDT notifies ITR-1 and ITR-4 for Assessment year 2020-21
 New ITR-1 form: Know the eligibility norms
 How the income tax department will track high spenders with new ITR forms
 Best ELSS or tax saving mutual funds to invest in 2020
 Top 5 tax saving tips to help you save more tax in 2020

Income Tax Returns will play an important role in nation building
September, 28th 2016

The Union Finance Minister, Arun Jaitley said that revival of the practice of acknowledging the tax payers for paying taxes within the prescribed time and promptly filing their Income Tax Returns, will play an important role in nation building. Besides nation building, Jaitley said that this will also help in bringing about the necessary change in the people's attitude at large to pay their due taxes on time. The Finance Minister said that payment of due taxes is the duty and responsibility of everyone. He said that to pay due taxes is an accepted practice in most parts of the world. The Finance Minister Jaitley was speaking while handing over Certificates of Government’s appreciation and acknowledgement of tax payers for their contribution towards nation building here today. The Finance Minister said that as the business will grow, there will also be change in attitudes with regards to payment of taxes.

The Government acknowledges the contribution of individual tax payers in paying taxes within the prescribed time and prompt filing of Income Tax Returns. The Finance Minister, Arun Jaitley today handed over certificates of appreciation issued by Central Board of Taxes (CBDT) honoring select tax payers for such contribution. While it is widely acknowledged that the Nation meets its obligations towards spending in various social sector and welfare schemes and infrastructure development out of revenues mobilized through tax payments by millions of honest tax payers, this step marks the first effort by the Government to directly communicate to the tax payer its appreciation for that contribution.

CBDT will be sending out such certificates of appreciation to individual tax payers by e-mail in various categories on the basis of the level of taxes paid by them for the current Assessment Year 2016-17 where taxes have been paid in full and tax payers have no outstanding tax liabilities and where the return is e-filed within the prescribed due date. The tax payers may display these certificates in their homes / offices.

The categories for individual taxpayers and the number of certificates being issued in the first round are:
Platinum: Tax contributed Rs. 1 Crore and above

About 8.43 lakhs tax payers will be issued this Letter of Appreciation in different categories for paying their due taxes.

The CBDT urges taxpayers to e-file their returns in time and verify their return by submitting the Electronic Verification Code online or sending their ITR-V within the 120 day period so that they can be also acknowledged for their contribution.

The Department is committed to continuous improvement of taxpayer services and seeks the cooperation of all taxpayers in contributing their fair share of taxes voluntarily.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting