INCOME TAX:
Income Tax Authorities have come out with an innovative idea to have authenticated contact details in e-Filing of Income Tax Returns for the financial year 2013-2014. Now every assessee has to share their email-id and mobile phone number with the tax department at the time of filing of their I-T returns this year. The new step has been taken in order to communicate directly with the taxpayer with regard to any issues arising after the returns are filed. One mobile number or email ID can be used for a maximum of 10 user accounts as the Primary Contact- Mobile Number and Email ID in e-Filing. This is to ensure that family members (not exceeding 10 separate users) not having personal email or mobile can be covered under a common email or mobile, but in general taxpayers should have their own unique email ID and Mobile registered with the Department. The new measures have been implemented both for e-filers and manual filers of I-T returns.
SEBI:
The Securities and Exchange Board of India has introduced new framework on 07-01-2014 to strengthen the supervisory and monitoring role of depositors and their participants for issuance and processing of Delivery Instruction Slips (DIS). However, on the request of the depositors and the depository participants (DPs), the same is deferred for 3 months and now will come into force form October. A DIS is used by seller of securities to instruct their depository participants to debit their Demat account.
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