Income Tax filing: Government rolls back changed eligibility norms for ITR-1, 4

Agencies
January 11, 2020

Those owning a single house in joint names would continue to file their income tax returns (ITRs) in much simpler ITR-1 (Sahaj) and ITR-4 forms (Sugam) for assessment year 2020-21 with the government issuing a clarification in this regard.

The clarification has come days after the government modified the eligibility for filing the returns in ITR-1 and ITR-4, stating that those owning a property jointly, spending Rs 2 lakh on foreign travel and paying electricity bill of Rs 1 lakh in a year would not be able to file returns in the simpler forms.

They would have to file their returns with much more detailed information in other specified forms.

Following the changes in the eligibility for filing returns in the two forms, concerns were raised over it with taxpayers claiming that it will cause huge hardship for them.

"The matter has been examined and it has been decided to allow a person, who jointly owns a single house property, to file his/her return of income in ITR-1 or ITR-4 Form, as may be applicable, if he/she meets the other conditions," a Finance Ministry statement said.

"It has also been decided to allow a person, who is required to file return due to fulfilment of one or more conditions specified in the seventh proviso to section 139(1) of the Act, to file his/her return in ITR-1 Form," it added.

Tax practitioners welcomed the government’s move of going back to the previous position.

"This is a welcome clarification allowing middle class taxpayers owning a single house property to file simpler ITR forms, 1 and 4, and not the detailed ITR forms even if they own house property in joint names," said Shailesh Kumar, Director, Nangia Andersen Consulting.

It may be noted that taxpayers holding multiple house properties would have to file more detailed return forms.

In the major changes notified earlier this month by the Income-Tax department, individual taxpayers were disallowed to file return either in ITR-1 or ITR 4 if he or she was a joint-owner in house property.

In another change, those who deposited more than Rs 1 crore in bank account or spent Rs 2 lakh on foreign travel or paid Rs 1 lakh on electricity bill in a financial year were also barred from using the easy-to-fill return forms.

"By today's clarification, the government has maintained status quo. Now, the taxpayers can continue filing their returns in the same fashion in which they did last year," said Naveen Wadhwa, Deputy General Manager (DGM), Taxmann.

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News Network
June 19,2020

Kolkata, Jun 19: The nationwide clamour for boycott of Chinese goods is getting louder amid the Ladakh face-off, with traders urging the Centre to direct e-commerce firms to restrict the sale of items from the Dragonland, which imports products worth USD 74 billion to India annually.

Of the total import from China, retail traders sell goods worth around USD 17 billion, mostly comprising toys, household items, mobiles, electric and electronic goods and cosmetics among other things, which could possibly be replaced by Indian products, a national trading body said.

"We, at 'Federation of All India Vyapar Mandal', are advising our members to clear their stocks of Chinese products and refrain from placing fresh orders. We are also requesting the government to restrict e-commerce companies from selling Chinese products," V K Bansal, the association's general secretary, told PTI.

Sushil Poddar, the president of the Confederation of West Bengal Traders Association, said its members have been told to shun trading in Chinese goods as much as possible.

Another national traders' body, The Confederation of All India Traders (CAIT), has decided to step up its movement against the boycott of Chinese goods, under its campaign 'Bhartiya Samaan-Hamara Abhimaan'.

It released a list of over 450 broad categories of commodities, comprising 3,000 Chinese products.

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Agencies
January 7,2020

New Delhi, Jan 7: Services at various bank branches and ATMs are likely to be affected as hundreds of employees will go on a bank strike across the country on Wednesday.

The bank strike is part of the Bharat Bandh call given by trade unions to protest against the labour reforms and economic policies of the Central government, according to reports.

The protestors' main demand during the Bharat Bandh is that the Centre should drop the proposed labour reforms.

A Bill in this regard was passed and proposes to merge 44 labour laws into four codes -- wages, industrial relations, social security, and safe working conditions.

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Agencies
June 15,2020

New Delhi, Jun 15: Average temperature of India experienced a rise of 0.7 degree Celsius, along with decline in rainfall, significant increase in frequency of very severe cyclonic storms and droughts in over a decade due to human activities, the Ministry of Earth Sciences in its research report said.

The contentions were made in a report issued by the ministry on the impact of climate change. It will be published by Union Minister Harsh Vardhan on June 19.

According to the report, "Since the middle of the twentieth century, India witnessed rise in temperature; decrease in monsoon; rise in extreme temperature and rainfall, droughts, and sea levels; and increase intensity of severe cyclones.

The report, prepared by researchers of the Centre for Climate Change Research, a cell under The Ministry's Indian Institute of Tropical Meteorology, Pune, further stated that there is compelling scientific evidence that human activities have influenced these changes in regional climate.

India's average temperature has risen by around 0.7 degrees Celsius during 1901-2018, it said, adding that the rise is largely on account of GHG-induced warming and partially offset by forcing due to anthropogenic aerosols.

It states that the average temperature over India is projected to rise by 4.4 degrees Celsius, while the intensity of heat waves is likely to increase by 3-4 times by the end of the century.

In the 30-year period between 1986 and 2015, temperatures of the warmest day and the coldest night of the year have risen by about 0.63 degrees Celsius and 0.4 degree Celsius.

According to the report, by the end of the century, the temperatures of the warmest day and the coldest night are projected to rise by approximately 4.7 degrees Celsius and 5.5 degrees Celsius, respectively.

Alarmingly, sea surface temperature of the tropical Indian Ocean has also risen by one degrees Celsius on average during 1951-2015.

"The frequency of very severe cyclonic storms during the post-monsoon season has increased significantly (+1 event per decade) during the last two decades (2000-2018)," it added.

This came in the backdrop of Cyclone 'Amphan' and 'Nisarga' which made landfalls on May 20 and June 3 and killed several people, flattened villages, and destroyed farms.

"This is the first-ever climate change assessment report for India. This report will be very useful for policy makers, researchers, social scientists, economists, and students," said M. Rajeevan, secretary, the Ministry of Earth Sciences.

Besides this, the report also highlighted various other unnerving data on climate change in the country. Both the frequency and extent of droughts have increased significantly during 1951-2016.

The overall decrease of seasonal "summer monsoon rainfall" during the last 6-7 decades has led to an increased propensity for droughts over India.

"In particular, areas over central India, southwest coast, southern peninsula and north-eastern India have experienced more than 2 droughts per decade, on average, during this period. The area affected by drought has also increased by 1.3 per cent per decade over the same period."

The Hindu Kush Himalayas (HKH) also experienced a temperature rise of about 1.3 degree Celsius during 1951-2014.

Several areas of the Himalayas have experienced a declining trend in snowfall and also retreat of glaciers in recent decades. By the end of the twenty-first century, its annual mean surface temperature is projected to increase by about 5.2 degree Celsius.

The summer monsoon precipitation from June to September over India has also declined by around 6 per cent from 1951 to 2015, with notable decreases over the Indo-Gangetic Plains and the Western Ghats, the report further states.

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