[The author is a CA, CS and CFPCM. Presently
working as Company Secretary of Bombay Oxygen Corporation Limited. Views
are personal. He can be reached at jainbalwant@gmail.com and @jainbalwant (Taxguru)]
Dear Mr Balwant Jain,
L I C of India, on orders of the Supreme Court of India, disbursed some amounts to some of its pensioners in September 2015 without providing them with detailed calculation sheets but with a gratuitous piece of advice to " include the whole of the amount in your Income Tax return for the financial year 2015 - 2016" which advice, as I see it, flies in the face of Section 89 of the Income Tax Act, 1961, (and will, I learn, be disbursing some amounts again to some of its pensioners during this week : 11/05/2016 - 14/05/2016) and so I addressed the Chairman, Central Board of Direct Taxes and various other officers of the Board and in the Ministry of Finance (including the Minister of Finance) mentioned in the website of the Income Tax Dept. (vide my trailing mail) and, failing to get any response from any of them, I brought the matter to the attention of Dr E.M.Sudarsana Natchiappan, Member of Parliament (Rajya Sabha - House of Representatives),CHAIRMAN, Parliamentary Standing Committee on Personnel, Public Grievances, Law and Justice (vide trailing mail) and am yet to hear from him. (Perhaps I may not hear from anyone).
I should like to know your take and guidance on the matter.
Thank you for your time and patience.
Sincere regards.
P. Ramanathan.
Dear Mr Balwant Jain,
L I C of India, on orders of the Supreme Court of India, disbursed some amounts to some of its pensioners in September 2015 without providing them with detailed calculation sheets but with a gratuitous piece of advice to " include the whole of the amount in your Income Tax return for the financial year 2015 - 2016" which advice, as I see it, flies in the face of Section 89 of the Income Tax Act, 1961, (and will, I learn, be disbursing some amounts again to some of its pensioners during this week : 11/05/2016 - 14/05/2016) and so I addressed the Chairman, Central Board of Direct Taxes and various other officers of the Board and in the Ministry of Finance (including the Minister of Finance) mentioned in the website of the Income Tax Dept. (vide my trailing mail) and, failing to get any response from any of them, I brought the matter to the attention of Dr E.M.Sudarsana Natchiappan, Member of Parliament (Rajya Sabha - House of Representatives),CHAIRMAN, Parliamentary Standing Committee on Personnel, Public Grievances, Law and Justice (vide trailing mail) and am yet to hear from him. (Perhaps I may not hear from anyone).
I should like to know your take and guidance on the matter.
Thank you for your time and patience.
Sincere regards.
P. Ramanathan.
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