Thursday, Oct 30, 2014

Short changes: I-T dept asks assessees filing returns online to send ITRV by speed post

Press Trust of India | New Delhi | Posted: March 31, 2014 3:40 am

I-T dept asks assessees filing returns online to send ITRV by speed post

If you are filing your income tax return online, the paper copy of the ‘ITRV’ should only be sent through “speed post” to the Central Processing Centre (CPC) of the department in Bangalore. ITRV or ‘Income Tax Return – Verification’ form is issued as an acknowledgement to returns filed online. As part of facilitating better taxpayer services, the income tax department has now changed the procedure and has disallowed sending the paper statements through ordinary post or to a designated post box number.

EPFO makes it mandatory for PF trusts to file returns online

Retirement fund body EPFO has made it mandatory for private provident fund trusts to file their returns online every month from April this year to improve the monitoring of these employers. “(private PF trusts) are required to file e-return. This is mandatory return from April 1, 2014 onwards … all such existing establishments (trusts) have to compulsorily file e-return as on March 31, 2014 (for FY14) and thereafter at regular monthly intervals,” an order of Employees’ Provident Fund Organisation said. Private PF trusts are formed by firms that manage the money and accounts of their workers themselves. The members of these trusts enjoy income tax and other benefits on par with EPFO subscribers. There are over 3,000 such trusts which are regulated by the EPFO.

Investors pour $12 million into emerging market funds: EPFR

Investors have pumped in $12 million into equity funds focused on emerging markets including India during the week ended March 25, the first inflow since mid-October, says a report by funds tracking company EPFR Global. Thailand, Chile, Brazil, India and Russia have seen inflows during the week, it said. The report further noted that inflows into equity funds focused on India climbed to 26-week high during the week. Overall, investors worldwide pulled out $8.3 billion from stock funds during the week. Equity funds focused on developed markets accounted for most of the withdrawal.

Sebi to develop mobile app for investor awareness

Capital market regulator Securities and Exchange Board of India (Sebi) plans to bring out a mobile application to increase financial literacy among the public for which it will garner ideas from students. Sebi which has been looking at ways to leverage technology and social media for its financial literacy and investor awareness campaigns, will hold a countrywide contest for students to create mobile applications. Sebi is planning to initiate campaigns through mobile and Internet platforms besides collaborating with industry bodies in FY15, starting April 1.

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