Commercial Tax: Myanmar cuts commercial tax to 5 pct for exporters

Commercial Tax: Myanmar cuts commercial tax to 5 pct for exporters

Myanmar has cut commercial tax for exporters to five percent from eight percent previously, with income tax of two percent remaining unchanged starting this month, local media reported Tuesday.

The measure was taken after depreciation of the U.S. dollar, which has caused loss among exporters, the Pyi Myanmar News quoted the Ministry of Finance and Revenue as saying.

The tax reduction was aimed at encouraging export and raising import, the report added.

Myanmar's foreign trade went up to 15 billion U.S. dollars in the fiscal year 2010-11 from 11.8 billion dollars in 2009-10, according to official statistics.

Despite the rise of foreign trade, the country's agricultural export dropped to 900,000 tons in 2010-11 from 1.3 million tons in 2009-10 and from 1.5 million tons in 2008-09.

Likewise, Myanmar's rice export also fell sharply to 500,000 tons in 2010-11 from 900,000 tons in 2009-10.

The decline was partly attributed to the depreciation of the U. S. dollar since the middle of 2010, which has also slashed exporters' earnings.

Natural disasters trimmed rice outputs in 2010. In October 2010, flood, triggered by heavy rain, occurred in many areas in Myanmar such as Mandalay, Magway, Ayeyarwady and Sagaing regions and Shan, Rakhine and Chin states, destroying some paddy fields in Ayeyarwaddy Delta region.

Meanwhile, Myanmar has projected to produce 41.8 million tons of paddy in 2010-11.

Myanmar mainly exports agricultural, animal, marine, mineral, forestry products and finished goods, while it imports cement, agricultural machinery and its spare parts, computer and electronic devices, motor cars, motorcycles, mobile phones and their accessories. Read More

Commercial Tax: Myanmar cuts commercial tax to 5 pct for exporters

Commercial Tax: Myanmar cuts commercial tax to 5 pct for exporters

Myanmar has cut commercial tax for exporters to five percent from eight percent previously, with income tax of two percent remaining unchanged starting this month, local media reported Tuesday.

The measure was taken after depreciation of the U.S. dollar, which has caused loss among exporters, the Pyi Myanmar News quoted the Ministry of Finance and Revenue as saying.

The tax reduction was aimed at encouraging export and raising import, the report added.

Myanmar's foreign trade went up to 15 billion U.S. dollars in the fiscal year 2010-11 from 11.8 billion dollars in 2009-10, according to official statistics.

Despite the rise of foreign trade, the country's agricultural export dropped to 900,000 tons in 2010-11 from 1.3 million tons in 2009-10 and from 1.5 million tons in 2008-09.

Likewise, Myanmar's rice export also fell sharply to 500,000 tons in 2010-11 from 900,000 tons in 2009-10.

The decline was partly attributed to the depreciation of the U. S. dollar since the middle of 2010, which has also slashed exporters' earnings.

Natural disasters trimmed rice outputs in 2010. In October 2010, flood, triggered by heavy rain, occurred in many areas in Myanmar such as Mandalay, Magway, Ayeyarwady and Sagaing regions and Shan, Rakhine and Chin states, destroying some paddy fields in Ayeyarwaddy Delta region.

Meanwhile, Myanmar has projected to produce 41.8 million tons of paddy in 2010-11.

Myanmar mainly exports agricultural, animal, marine, mineral, forestry products and finished goods, while it imports cement, agricultural machinery and its spare parts, computer and electronic devices, motor cars, motorcycles, mobile phones and their accessories. Read More

Commercial Tax: 20 pc increase in TN commercial tax collection in Q1

Commercial Tax: 20 pc increase in TN commercial tax collection in Q1

Commercial tax collection in Tamil Nadu registered about 20 per cent growth in the first quarter of this fiscal with the state netting Rs 8,720.53 crore. "In the first three months of 2011-12, a sum of Rs 8,720.53 crore had been collected and this is 20.04 per cent higher than the collection in corresponding quarter last year", Commercial Taxes Minister Agri S S Krishnamoorthy said after a review meeting with officials today The Minister advised the officials to increase collection of commercial taxes as the state government proposed to implement several welfare schemes, an official release said.

He assured that all infrastructure support required for good communication with the tax-payers would be provided, it added. Read More

Commercial Tax: 20 pc increase in TN commercial tax collection in Q1

Commercial Tax: 20 pc increase in TN commercial tax collection in Q1

Commercial tax collection in Tamil Nadu registered about 20 per cent growth in the first quarter of this fiscal with the state netting Rs 8,720.53 crore. "In the first three months of 2011-12, a sum of Rs 8,720.53 crore had been collected and this is 20.04 per cent higher than the collection in corresponding quarter last year", Commercial Taxes Minister Agri S S Krishnamoorthy said after a review meeting with officials today The Minister advised the officials to increase collection of commercial taxes as the state government proposed to implement several welfare schemes, an official release said.

He assured that all infrastructure support required for good communication with the tax-payers would be provided, it added. Read More

Income Tax: Mumbai income tax commissioner, two others held for graft

Income Tax: Mumbai income tax commissioner, two others held for graft

The Central Bureau of Investigation (CBI) arrested an income tax commissioner, his aide and a chartered accountant in Mumbai in a graft case, an official said Saturday.

"Income Tax Commissioner (Appeal) R.P. Meena and chartered accountant U.P. Pai were arrested Friday from Mumbai following a complaint," said the official.

A tax assessee filed the complaint against Meena with the CBI.

The complainant said that he was being harassed by the commissioner who was not clearing his file. He directed the complainant to pay him money through Pai. On failure to do so, Meena threatened to impose a heavy penalty on them.

"The complainant told us that the commissioner made it clear to him that the closure report would not be given till illegal gratification is paid," said the official.

Pai on behalf of Meena asked the complainant to give Rs.2.2 lakh as bribe Friday at a restaurant near the Chhatrapati Shivaji Terminus.

"We laid a trap and arrested Pai," said the official.

During interrogation, Pai told the CBI that he took the bribe to pass it on to an aide of Meena. "We arrested the aide and then Meena from his residence," said the official. The CBI also conducted searches at the residences and offices of the accused men. Read More

Income Tax: Mumbai income tax commissioner, two others held for graft

Income Tax: Mumbai income tax commissioner, two others held for graft

The Central Bureau of Investigation (CBI) arrested an income tax commissioner, his aide and a chartered accountant in Mumbai in a graft case, an official said Saturday.

"Income Tax Commissioner (Appeal) R.P. Meena and chartered accountant U.P. Pai were arrested Friday from Mumbai following a complaint," said the official.

A tax assessee filed the complaint against Meena with the CBI.

The complainant said that he was being harassed by the commissioner who was not clearing his file. He directed the complainant to pay him money through Pai. On failure to do so, Meena threatened to impose a heavy penalty on them.

"The complainant told us that the commissioner made it clear to him that the closure report would not be given till illegal gratification is paid," said the official.

Pai on behalf of Meena asked the complainant to give Rs.2.2 lakh as bribe Friday at a restaurant near the Chhatrapati Shivaji Terminus.

"We laid a trap and arrested Pai," said the official.

During interrogation, Pai told the CBI that he took the bribe to pass it on to an aide of Meena. "We arrested the aide and then Meena from his residence," said the official. The CBI also conducted searches at the residences and offices of the accused men. Read More

Income Tax: 'Wisemen' income tax proposal isn't going anywhere

Income Tax: 'Wisemen' income tax proposal isn't going anywhere

“The Wisemen” promised a verdict on how to solve the budget mess by Friday, and they delivered a day early. Politico’s James Hohmann writes: “Surprising no one, the commission organized by Walter Mondale said Thursday that tax increases are the way to solve the Minnesota budget impasse that has shut down the state government for a week. 

Mondale’s bipartisan group of six took only two days to recommend a 4 percent, across-the-board income tax hike on all Minnesotans, an increase in the cigarette tax by $1.29 per pack and a boost in the alcohol tax. Over time, they also want fewer items to be exempt from the sales tax. But it seems unlikely to make things move. 

Democratic Gov. Mark Dayton, who campaigned last year on a ‘tax the rich’ mantra, quickly put out a statement disagreeing with the group’s call for an across-the-board income tax hike. ... Republican Speaker of the House Kurt Zellers blasted the Mondale commission for taxing ‘Joe Six Pack’s six pack.’ ” Read More

Income Tax: 'Wisemen' income tax proposal isn't going anywhere

Income Tax: 'Wisemen' income tax proposal isn't going anywhere

“The Wisemen” promised a verdict on how to solve the budget mess by Friday, and they delivered a day early. Politico’s James Hohmann writes: “Surprising no one, the commission organized by Walter Mondale said Thursday that tax increases are the way to solve the Minnesota budget impasse that has shut down the state government for a week. 

Mondale’s bipartisan group of six took only two days to recommend a 4 percent, across-the-board income tax hike on all Minnesotans, an increase in the cigarette tax by $1.29 per pack and a boost in the alcohol tax. Over time, they also want fewer items to be exempt from the sales tax. But it seems unlikely to make things move. 

Democratic Gov. Mark Dayton, who campaigned last year on a ‘tax the rich’ mantra, quickly put out a statement disagreeing with the group’s call for an across-the-board income tax hike. ... Republican Speaker of the House Kurt Zellers blasted the Mondale commission for taxing ‘Joe Six Pack’s six pack.’ ” Read More

income tax, income tax india, incometax, incometaxindia: Top Income Tax official, aide arrested for taking bribe

income tax, income tax india, incometax, incometaxindia: Top Income Tax official, aide arrested for taking bribe

Mumbai: A top Income Tax official and his Chartered Accountant aide were arrested on Friday night for accepting bribe from a software engineer for giving a closure report in an income tax scrutiny case, CBI officials said today.

The accused, Ramphool P Meena (51), Commissioner of Income Tax (Appeals) and his aide U P Pai (65) were arrested for demanding and accepting bribe of Rs. 2.20 lakh from a complainant working in a private firm, said Joint Director of CBI, Rishiraj Singh.

According to CBI Anti Corruption Bureau (ACB), the 42-year-old software engineer was asked to pay income tax of Rs. 20 lakh for the assessment year 2006-07. He challenged the order in the appeal wing of the I-T department saying his tax liability was wrongly calculated and it worked out to only Rs. 9 lakh, CBI officials said.

"The victim approached Meena a year-and-half ago. The Commissioner demanded Rs. 10 lakh through his aide Pai for giving the closure report," said Superintendent of Police Abhin Modak.

The victim showed his inability to pay the huge bribe when Pai asked him to shell out Rs. 5 lakh. Finally, the victim agreed to pay Rs. 2.2 lakh to get his work done, Modak added.

Subsequently, the victim approached CBI which asked him to go the IT official's office in South Mumbai with a recorder to record his conversation with Meena and Pai. Read More

income tax, income tax india, incometax, incometaxindia: Top Income Tax official, aide arrested for taking bribe

income tax, income tax india, incometax, incometaxindia: Top Income Tax official, aide arrested for taking bribe

Mumbai: A top Income Tax official and his Chartered Accountant aide were arrested on Friday night for accepting bribe from a software engineer for giving a closure report in an income tax scrutiny case, CBI officials said today.

The accused, Ramphool P Meena (51), Commissioner of Income Tax (Appeals) and his aide U P Pai (65) were arrested for demanding and accepting bribe of Rs. 2.20 lakh from a complainant working in a private firm, said Joint Director of CBI, Rishiraj Singh.

According to CBI Anti Corruption Bureau (ACB), the 42-year-old software engineer was asked to pay income tax of Rs. 20 lakh for the assessment year 2006-07. He challenged the order in the appeal wing of the I-T department saying his tax liability was wrongly calculated and it worked out to only Rs. 9 lakh, CBI officials said.

"The victim approached Meena a year-and-half ago. The Commissioner demanded Rs. 10 lakh through his aide Pai for giving the closure report," said Superintendent of Police Abhin Modak.

The victim showed his inability to pay the huge bribe when Pai asked him to shell out Rs. 5 lakh. Finally, the victim agreed to pay Rs. 2.2 lakh to get his work done, Modak added.

Subsequently, the victim approached CBI which asked him to go the IT official's office in South Mumbai with a recorder to record his conversation with Meena and Pai. Read More

incometaxindia, income tax india, income tax, incometax, income tax department

incometaxindia, income tax india, income tax, incometax, income tax department

Log on to file your tax returns

The deadline of filing returns, July 31, is round the corner, so you better rush. While most delegate the task to consultants and agents, increasingly people are doing it themselves through e-filing. The total number of e-filing in assessment year (AY) 2010-2011 was 9.2 million, about 25% of the

estimated total taxpayers’ base of 36 million. In the retail category, about three million e-filed last AY. A large chunk of this was done through the income-tax (I-T) department site and many were done by chartered accountants on behalf of their clients.

Why e-filing

E-filing not only offers you the convenience of filing taxes anytime and anywhere, it also speeds up the process. “Online filing is pretty safe. Tax auditors have to file company ITR online compulsorily. Many tax consultants are also choosing the online route,” said Anil Rego, CEO and founder, Right Horizons, an investment advisory and wealth management firm.

Where you can e-file

The I-T department offers the e-filing facility, other sites include Taxspanner.com, Taxyogi.com, Taxsmile.com and taxshax.com. Independent mutual fund portal, Fundsindia.com, has also tied up with Taxyogi.com to facilitate free e-filing. A few banks including Canara Bank Ltd, Punjab National Bank, Syndicate Bank and Dhanlaxmi Bank Ltd also have a tie-up with Taxspanner.com.

How to e-file

Step 1: Gather all relevant documents — Form 16, permanent account number (PAN), statements of income from other sources, including savings bank account statements, investment proofs and insurance policy details.

Step 2: Register with the site of your choice and fill in your details in the applicable ITR form online. You could choose among the various packages according to your requirements. A basic package is for salaried individuals and pensioners having an interest income and income from house property and from other sources. Apart from providing basic facilities, the advanced package comes with value-added services such as review by tax experts. The professional package is meant for those having their own consulting firms or are professionals.

While the I-T department lets you file your returns online for free, most other portals charge a fee.

Step 3: Make the payment after you have reviewed your form. In case you need to pay some tax, visit www.tin-nsdl.com, select the required challan and make a payment through Internet banking. Once you receive the challan identification number, acknowledging your payment, your taxes are paid. Ensure that you save a copy of the challan.

Step 4: The portal will email your ITR form in a digital format (XML file). Upload this form at the I-T department's website (www.incometaxindia.gov.in) after registering with it. Download the acknowledgement receipt (ITR V) and take a printout. Sign the printout and send it to the I-T department, Bangalore, within 120 days of e-filing. Once you receive a confirmation from the department, your e-filing is complete.

You can even sign ITR V digitally. Some websites offer a digital signature, an electronic signature that authenticates your identity and your documents to the income-tax department. It comes for a fee and has to be renewed every year. Read More

बहुत 'सहज' है रिटर्न भरना

सत्येंद्र जैन

इनकम टैक्स विभाग ने करदाताओं को रिटर्न भरना आसान करने के लिए नया टैक्स रिटर्न फॉर्म 'सहज' जारी किया है। इसे आईटीआर-1 नाम दिया गया है और इसे सिर्फ सैलरीड लोग ही इस्तेमाल कर सकते हैं। इस फॉर्म का इस्तेमाल करने के लिए जरूरी है कि सैलरी पाने वाले शख्स के पास एक से ज्यादा मकान न हों, उसे रेसकोर्स और लॉटरी से कोई आमदनी न हो, टैक्स फ्री के अलावा कोई दूसरा कैपिटल गेन न हो, व्यावसायिक आमदनी न हो और उसकी खेती से होने वाली आमदनी पांच हजार रुपये से ज्यादा न हो। यानी सहज फॉर्म का इस्तेमाल सैलरी पाने वाले वही लोग कर सकते हैं, जिनके पास एक ही मकान हो और दूसरे सोतों से आमदनी लॉटरी और रेसकोर्स छोड़कर हो। ध्यान रहे अगर किसी और शख्स जैसे नाबालिग संतान या पति-पत्नी की आमदनी भी आपकी आमदनी में जुड़नी है, तो उनकी आमदनी भी इन्हीं सोतों से हो।

इसके अलावा, इस फॉर्म में पिछले बरसों से लाई गई हानि या अगले सालों में ले जाई जाने वाली हानि को दिखाना मुमकिन नहीं है। इसलिए जो लोग ऐसी हानि दिखाना चाहते हैं, वे भी इस फॉर्म का इस्तेमाल नहीं कर सकते। इतनी सारी ना-ना सुनने से घबराए नहीं। यह फॉर्म महज दो पेज का है और भरने में बहुत आसान है। इसमें दूसरे फॉमोर्ं की तरह आमदनी का ब्यौरा देना जरूरी नहीं है। बिना कोई कागज जैसे टीडीएस सटिर्फिकेट आदि लगाए आप इसे जमा कर सकते हैं। अगर आप चाहते हैं कि टैक्स रिटर्न जल्दी प्रॉसेस हो और आपको रिफंड भी जल्दी मिले, तो टैक्स रिटर्न ऑनलाइन जमा करें। इसके लिए इनकम टैक्स की वेबसाइट www.incometaxindia.gov.in पर जा सकते हैं। Read More

incometaxindia, income tax india, income tax, incometax, income tax department

incometaxindia, income tax india, income tax, incometax, income tax department

Log on to file your tax returns

The deadline of filing returns, July 31, is round the corner, so you better rush. While most delegate the task to consultants and agents, increasingly people are doing it themselves through e-filing. The total number of e-filing in assessment year (AY) 2010-2011 was 9.2 million, about 25% of the

estimated total taxpayers’ base of 36 million. In the retail category, about three million e-filed last AY. A large chunk of this was done through the income-tax (I-T) department site and many were done by chartered accountants on behalf of their clients.

Why e-filing

E-filing not only offers you the convenience of filing taxes anytime and anywhere, it also speeds up the process. “Online filing is pretty safe. Tax auditors have to file company ITR online compulsorily. Many tax consultants are also choosing the online route,” said Anil Rego, CEO and founder, Right Horizons, an investment advisory and wealth management firm.

Where you can e-file

The I-T department offers the e-filing facility, other sites include Taxspanner.com, Taxyogi.com, Taxsmile.com and taxshax.com. Independent mutual fund portal, Fundsindia.com, has also tied up with Taxyogi.com to facilitate free e-filing. A few banks including Canara Bank Ltd, Punjab National Bank, Syndicate Bank and Dhanlaxmi Bank Ltd also have a tie-up with Taxspanner.com.

How to e-file

Step 1: Gather all relevant documents — Form 16, permanent account number (PAN), statements of income from other sources, including savings bank account statements, investment proofs and insurance policy details.

Step 2: Register with the site of your choice and fill in your details in the applicable ITR form online. You could choose among the various packages according to your requirements. A basic package is for salaried individuals and pensioners having an interest income and income from house property and from other sources. Apart from providing basic facilities, the advanced package comes with value-added services such as review by tax experts. The professional package is meant for those having their own consulting firms or are professionals.

While the I-T department lets you file your returns online for free, most other portals charge a fee.

Step 3: Make the payment after you have reviewed your form. In case you need to pay some tax, visit www.tin-nsdl.com, select the required challan and make a payment through Internet banking. Once you receive the challan identification number, acknowledging your payment, your taxes are paid. Ensure that you save a copy of the challan.

Step 4: The portal will email your ITR form in a digital format (XML file). Upload this form at the I-T department's website (www.incometaxindia.gov.in) after registering with it. Download the acknowledgement receipt (ITR V) and take a printout. Sign the printout and send it to the I-T department, Bangalore, within 120 days of e-filing. Once you receive a confirmation from the department, your e-filing is complete.

You can even sign ITR V digitally. Some websites offer a digital signature, an electronic signature that authenticates your identity and your documents to the income-tax department. It comes for a fee and has to be renewed every year. Read More

बहुत 'सहज' है रिटर्न भरना

सत्येंद्र जैन

इनकम टैक्स विभाग ने करदाताओं को रिटर्न भरना आसान करने के लिए नया टैक्स रिटर्न फॉर्म 'सहज' जारी किया है। इसे आईटीआर-1 नाम दिया गया है और इसे सिर्फ सैलरीड लोग ही इस्तेमाल कर सकते हैं। इस फॉर्म का इस्तेमाल करने के लिए जरूरी है कि सैलरी पाने वाले शख्स के पास एक से ज्यादा मकान न हों, उसे रेसकोर्स और लॉटरी से कोई आमदनी न हो, टैक्स फ्री के अलावा कोई दूसरा कैपिटल गेन न हो, व्यावसायिक आमदनी न हो और उसकी खेती से होने वाली आमदनी पांच हजार रुपये से ज्यादा न हो। यानी सहज फॉर्म का इस्तेमाल सैलरी पाने वाले वही लोग कर सकते हैं, जिनके पास एक ही मकान हो और दूसरे सोतों से आमदनी लॉटरी और रेसकोर्स छोड़कर हो। ध्यान रहे अगर किसी और शख्स जैसे नाबालिग संतान या पति-पत्नी की आमदनी भी आपकी आमदनी में जुड़नी है, तो उनकी आमदनी भी इन्हीं सोतों से हो।

इसके अलावा, इस फॉर्म में पिछले बरसों से लाई गई हानि या अगले सालों में ले जाई जाने वाली हानि को दिखाना मुमकिन नहीं है। इसलिए जो लोग ऐसी हानि दिखाना चाहते हैं, वे भी इस फॉर्म का इस्तेमाल नहीं कर सकते। इतनी सारी ना-ना सुनने से घबराए नहीं। यह फॉर्म महज दो पेज का है और भरने में बहुत आसान है। इसमें दूसरे फॉमोर्ं की तरह आमदनी का ब्यौरा देना जरूरी नहीं है। बिना कोई कागज जैसे टीडीएस सटिर्फिकेट आदि लगाए आप इसे जमा कर सकते हैं। अगर आप चाहते हैं कि टैक्स रिटर्न जल्दी प्रॉसेस हो और आपको रिफंड भी जल्दी मिले, तो टैक्स रिटर्न ऑनलाइन जमा करें। इसके लिए इनकम टैक्स की वेबसाइट www.incometaxindia.gov.in पर जा सकते हैं। Read More