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New ITR e-filing portal: Here's all you need to know

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The portal e-filing new portal (www.incometax.gov.in) will be integrated with immediate processing of (ITRs) to issue quick refunds to taxpayers

The new Income Tax Returns (ITRs) e-filing website will be launched on June 7, with new features to make the process smoother. (Image: Moneycontrol)

The new Income Tax Returns (ITRs) e-filing website will be launched on June 7, with new features to make the process smoother. 

The new Income Tax Returns (ITRs) e-filing website will be launched on June 7, with new features to make the process smoother.

"The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers," the Central Board of Direct Taxes (CBDT) said in a statement.

The new portal (www.incometax.gov.in) will be integrated with the immediate processing of ITRs to issue quick refunds to taxpayers.

Taxpayers to get free software: All you need to know

The CBDT, which comes under the Ministry of Finance, also said that a mobile app of the portal will be released after the launch of the portal.

Here are the features of the new ITR e-filing portal:

All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayers.

Free of cost ITR preparation software available with interactive questions to help taxpayers for ITRs 1, 4 (online and offline) and ITR 2 (offline) to begin with; Facility for preparation of ITRs 3, 5, 6, 7 will be made available shortly.

New feature for Faceless Scrutiny Scheme

Taxpayers will be able to update their profile with details of income including salary, house property, business/profession which will be used in pre-filling their ITR. Detailed enablement of pre-filling with salary income, interest, dividend, and capital gains will be available after TDS and SFT statements are uploaded (due date is June 30th, 2021)

New call center to respond to taxpayer queries. Detailed FAQs, user manuals, videos, and chatbot/live agent will be provided.

Functionalities for filing Income Tax Forms, add tax professionals, submit responses to notices in faceless scrutiny or appeals would be available.

In a tweet, the Income Tax Department said the new portal will be available shortly.

"We are at the final stages in the roll-out of the new portal and it will be available shortly. We appreciate your patience as we work towards making it operational soon.

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Income tax returns: Here's how you can file IT returns from your mobile phone

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The mobile app facility will be rolled out on June 7, 2021, along with the new ITR e-filing portal.

As per the income tax law, individual taxpayers filing ITR-1 or 4 are required to file their return for the previous financial year (2020-21), which ended March 2021, by July  31, 2021.

As per the tax law, individual taxpayers filing ITR-1 or 4 are required to file their return for the previous fiscal year (2020-21), which ended March 2021, by July 31, 2021.
One can use his/her mobile to file an tax return or ITR filing. The tax department of India informed about the event from its official Twitter handle saying the tax e-filing portal 2.0 will have an all-new mobile app also .

The tax department claimed that the new IT return e-filing portal and therefore the new mobile app are going to be easy to use for taxpayers. it'll enable taxpayers to collect information like ITR form, pre-filled tax details, Saral tax facility, etc.

The mobile app facility are going to be unrolled on June 7, 2021, along side the new ITR e-filing portal.

Image

The tax department is functioning on compliance check utility also . While replying to a question of a taxpayer, the tax department said, "The ‘Compliance Check Utility’ for deductors/collectors for determining the applicability of section 206AB/206CCA (including bulk mode) is under development and can be made available soon."

For further information to the income taxpayers, all important features of the tax portal available on the desktop are going to be made available on the tax mobile app also . The tax mobile app are going to be enabled subsequently for full anytime access on a mobile network.
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World food price index surges in May to highest level since 2011: FAO

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FAO also issued its first forecast for world cereal production in 2021, predicting output of nearly 2.821 billion tonnes -- a new record and 1.9 percent up on 2020 levels.

Source: Reuters

World food prices rose in May at their fastest monthly rate in more than a decade, posting a 12th consecutive monthly increase to hit their highest level since September 2011, the United Nations food agency said on Thursday.

FAO also issued its first forecast for world cereal production in 2021, predicting the output of nearly 2.821 billion tonnes -- a new record and 1.9 percent up on 2020 levels.

The Food and Agriculture Organization's food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat, and sugar, averaged 127.1 points last month versus a revised 121.3 in April.

The April figure was previously given as 120.9.

On a year-on-year basis, prices were up 39.7 percent in May.

FAO's cereal price index rose 6.0 percent on May month-on-month and 36.6 percent year-on-year. Maize prices led the surge and are now 89.9 percent above their year-earlier value, however, FAO said they fell back at the end of the month, lifted by an improved production outlook in the United States.

The vegetable oil price index jumped 7.8 percent in May, lifted primarily by rising palm, soy, and rapeseed oil quotations. Palm oil prices were boosted by slow production growth in southeast Asia, while prospects of robust global demand, especially from the biodiesel sector, drove up soyoil prices.

The sugar index posted a 6.8 percent month-on-month gain, due largely to harvest delays and concerns over reduced crop yields in Brazil, the world's largest sugar exporter, FAO said.

The meat index rose 2.2 percent from April, with quotations for all meat types buoyed by a faster pace of import purchases by East Asian countries, mainly China.

Dairy prices rose 1.8 percent on a monthly basis and were up 28 percent on a year earlier. The increase was led by "solid import demand" for skim and whole milk powders, while butter prices fell for the first time in almost a year on increased export supplies from New Zealand

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FAO said its forecast for record world cereal production this year was underpinned by a projected 3.7 percent annual growth in maize output. Global wheat production was seen rising 1.4 percent year-on-year, while rice production was forecast to grow 1.0 percent.

World cereal utilization in 2021/22 was seen increasing by 1.7 percent to a new peak of 2.826 billion tonnes, just above production levels. "Total cereal food consumption is forecast to rise in tandem with world population," FAO said.


GDP Print: Second COVID wave has pushed back normalisation of consumption demand by few quarters

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The RBI will not have any further room to reduce rates as inflation remains on the higher side, so it is the Centre that will have to look for ways to revive consumption demand.


The Indian economy was within the process of getting back on its feet after it had been severely hit by a really stringent lockdown within half of the last fiscal. From a contraction of 24.4 percent Q1FY21 and after two consecutive prints of negative numbers, GDP prints turned positive within the third and fourth quarters of FY21. The full-year GDP growth was at -7.3 percent, better than -8 percent projected by the CSO. this is often excellent news little question.

However, beyond the initial joy, as you scratch the surface, the emerging story might not be as rosy. allow us to check out the expenditure side composition of the GDP that comprises private consumption, government consumption, investment demand, and net trade.

The data shows that growth within the Q4 FY21 was led by government consumption expenditure that grew by 28 percent and capital formation (or investment demand) increased by 11 percent. the expansion in capital formation was presumably thanks to a pointy increase within the government cost.

Unfortunately, the private consumption expenditure that comprises the majority of Indian GDP did not grow by any significant extent. Private consumption expenditure growth was at 2.7 percent in Q4FY21, only relatively better than the contractions witnessed within the first three quarters of the year. The share of personal consumption expenditure in current prices in Q4FY21 was at 59.2 percent, weaker than 60.4 percent in Q4FY20.

It was a known incontrovertible fact that the consumption demand was weak even before COVID-19 hit us. Last year's lockdown forced people to remain reception, while incomes were also hurt thanks to job losses and salary cuts. This led to an erosion in consumer sentiment but because the economy opened, some amount of pent-up demand came to the rescue. The second wave of the virus is probably going to possess squarely hit the method of normalization of consumption demand and will scar the economy for an extended period than is being expected.

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In the second wave, the infection has spread deep into the agricultural areas and data indicates that salaried jobs lost within the rural segment are quite within the urban segment. MNREGA is seeing pressure to supply employment, resulting in a widening gap between people seeking jobs under the program and other people getting it. While this gap can close because the sowing season gets underway, not all displaced workers will probably find work. There have been tons of reverse migration last year and possibly some this year too. Generally speaking, wages in rural areas also are less than those in urban areas.

For the urban population which has been hit by the virus, high medical expenditures and also precautionary savings to require care of future such expenditures could see consumption spending lagging whilst the economy exposes once more. Further, as long as the second wave hit us with such rage, there might be some aversion among people to venturing out, implying travel and tourism-related expenditures might be limited.

All this suggests that the expected normalization of consumption demand is often pushed back by a couple of quarters. The unintended consequence of the virus is that the inequality of income is probably going to possess widened again, a negative for consumption demand. India thrived on aspirational demand on robust expectations on future income generation and this might be truncated.

A speedy vaccination of the population is perhaps how which may enable recovery in consumer sentiments by reducing the uncertainty of the virus and fears of being suffering from further waves of infection. While the pace of vaccination had slackened, we remain hopeful that starting June supplies will end up to be better with domestic production also as imports of vaccines being ramped up.


The Federal Reserve Bank of India (RBI) won't have any longer room to scale back rates as inflation remains on the upper side. So, it's to be the Centre which might need to take up the mantle of reviving consumption demand. Higher allocations for MNREGA, implementation of an urban employment guarantee scheme, and a few cuts for the lower tax brackets could also help support demand.



Fuel prices: Cost of petrol, diesel remains unchanged; check today's pricing here

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Fuel prices remained unchanged across major metropolitan cities of India on June 2, days after breaching the Rs 100-mark in cities such as Mumbai.

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.

The price of petrol remained above the Rs 100-mark in Mumbai and stood at Rs 94.49 per litre in the national capital.

Fuel prices vary across states depending on local taxation like value-added tax (VAT) and factors such as freight charges. Rajasthan reportedly levies the highest VAT on petrol in the country, followed by Madhya Pradesh and Maharashtra.

In Rajasthan's Sri Ganganagar district, petrol was priced at Rs 105.52 per litre and diesel at Rs 98.32 a litre, according to the Indian Oil Corporation.

The state-run oil marketing companies (OMCs) – Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum – decide the rates of domestic fuel against global crude oil prices by taking into account changes in foreign exchange rates.

Check fuel prices in some of India’s major cities:

Mumbai - Petrol: Rs 100.72; Diesel: Rs 92.69

Delhi - Petrol: Rs 94.49; Diesel: Rs 85.38

Chennai - Petrol: Rs 95.99; Diesel: Rs 90.12

Kolkata - Petrol: Rs 94.50; Diesel: Rs 88.23

Bengaluru - Petrol: Rs 97.64; Diesel: Rs 90.51

Hyderabad - Petrol: Rs 98.20; Diesel: Rs 93.08

Ahmedabad - Petrol: Rs 91.48; Diesel: Rs 91.93

Jaipur - Petrol: Rs 101.02; Diesel: Rs 94.19

Guwahati – Petrol: Rs 90.20; Diesel: Rs 85.23

Stock Market Tips With High Accuracy

Should GST compensation be extended beyond 2022?

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We should not forget that the ongoing pandemic is not only affecting the revenue of states, it is impacting the Centre too Types of GST and everything you need to know about GST | Alankit.com

The 43rd GST council happened on May 28 under the shadow of the COVID-19 second wave. needless to say , the difficulty of compensation to states was a key issue of dialogue aside from changes in GST rates on supply of products and services, and changes associated with GST law and procedure. As we all know , states agreed to hitch the new tax regime provided they were compensated for any revenue loss within the first five years from Dominion Day , 2017 to June 2022.

Today, state governments are battling their declining revenue and increased expenditures. The lower revenue growth curtails growth in expenditure and it seems that any revenue loss will further hurt spending. the most source of revenue for states are taxes. consistent with their allow FY21, about 70 percent of revenue comes from taxes. The revenue growth for states within the current fiscal is almost zero percent as compared to previous year. The second wave and accompanying lockdowns are likely to impact revenue this year too. it'll cause states demanding a better compensation.

Section 18 of the Constitution (101 amendment) Act, 2016 and Section 7 of GST (Compensation to State) Act, 2017 permits that the loss of revenue are going to be compensated to states at the top of each two months for five years. The shortfall is calculated assuming a 14 percent annual growth in GST revenue over the bottom year of 2015-16. Now, two questions arise: One, whether the compensation period should be extended; and, two, whether the compensation amount should be calculated at 14 percent revenue rate of growth .

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First, we are within the last of the five-year compensation period promised to states. Some states are asking that the amount of compensation be extended. Rajasthan Chief Minister Ashok Gehlot has written to Prime Minister Narendra Modi and asked that the payment of GST compensation to states be extended till 2027. The experts of Gulati Institute of Finance and Taxation (GIFT), which is affiliated to the Cochin University of Science and Technology, are of an equivalent view, and argue that as long as there's GST there should be GST compensation for states.

India is moving towards a one-nation, one-tax concept. Thus, the absence of GST compensation threatens the concept of GST. during this backdrop, minister of finance Nirmala Sitharaman assured states that a separate meeting of the GST council are going to be held to debate the difficulty of extending the GST compensation beyond 2022.

Second, whether the compensation should be calculated at 14 percent revenue growth. As per GIFT, while states had surrendered 51.8 percent of total tax income , the Centre sacrificed only 28.8 percent of gross tax income for getting into the GST regime. this suggests that the value of the introduction of the GST wasn't shared equally by the Centre and states, but they're sharing the GST revenue equally. This strengthens the case for the states to urge compensated at 14 percent.

At an equivalent time, one must not forget to ascertain the difficulty at hand from the Centre’s point of view.

We should not forget that the continued pandemic isn't only affecting the revenue of states, it's impacting the Centre too. The Centre’s total revenue has declined by 23 percent, the gross tax income by about 21.6 percent, and therefore the expenses have surged 13.4 percent in FY21. Hence, the fiscal deficit reached to Rs 18.2 lakh-crore (9.3 percent of the GDP) and Debt/GDP to about 90 percent.

Given this, is it right the a part of the states’ demand of a 14 percent compensation? Would the Centre be ready to compensate at that rate? Former Chief Economic Adviser Arvind Subramanian has suggested that the Centre and states negotiate a one-off political solution considering the effect of the pandemic on the economy.

The Centre, through the statement by Revenue Secretary Tarun Bajaj, has made its stand clear that the govt will take an equivalent methodology and formula as last year to calculate the gap for FY22. He expects the states’ revenue deficit would be around Rs 1.58 lakh-crore this fiscal. The Centre has estimated the entire state revenue deficit of Rs 2.69 lakh-crore, and expects to gather over Rs 1.11 lakh-crore though cess. Hence, Rs 1.58 lakh-crore would be borrowed this year. The formula for compensation borrowing is in situ since 2020.

In the last fiscal, the govt calculated Rs 2.35 lakh-crore of the entire revenue deficit for states after deducting the compensation cess of Rs 0.65 lakh-crore. The deficit was further bifurcated into GST revenue shortfall (Rs 0.97 lakh-crore) and therefore the rest was due to the pandemic. In FY21, the Centre had borrowed on behalf of the states and released Rs 1.10 lakh-crore for compensating the states.

It is hoped that this year the states are going to be entirely compensated by the Centre because the government is certain that the GST revenue collection will follow an equivalent path it's followed since October 2020. Data issued by the Controller General of Accounts for April 2021 also shows that there'll be limited impact on the economy as compared to 2020.

All said, it's likely that the Centre and therefore the states will find a middle way on GST compensation.

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