In the Budget Speech on 1.2.17, the Honble Finance Minister mentioned that the assessees, having taxable income upto Rs.5 lakhs other than business income, will not be subjected to scrutiny unless there is specific information available with the Department regarding his high value transaction
At present, we have different ITR forms for different assessees which make filing of ITR a cumbersome task. There should be a single form for all the assessees so that filing of return will be done in a simplified & effective manner.
Income tax return forms are such that they have reasons to capture some Information about other tax payments like service tax, VAT etc.
There are classes of persons who are filing income tax returns but are not declaring their income properly. Either the income is suppressed or various deductions are being claimed which are not legally permissible.
The Finance Act, 2016 introduced a tax rate of 29% of total income to (domestic) company assessees provided its total turnover or the gross receipts in the previous year 2014-15 does not exceed five crore rupees.
Most Income tax return forms contain a Schedule FA where the resident assessee has to provide details of any asset located outside India (including financial asset) or signing authority in any bank account located outside India.
Internal mechanism is to be developed to ensure adherence of the timelines mentioned in the Citizens charter of the Department about performance of services and adherence to the timelines should be made as a part of performance appraisal of the concerned officer.
The misuse of PAN details of assesees is prevalent since long. There is a need to provide new age chip enabled PAN cards so as to prove the identity of the concerned person rather than using the photo copy of the card.
CBEC has issued 9 UTGST Tax Rate Notification, 10 Integrated Tax (Rate) Notification and 9 Central Tax (Rate) Notifications which in total amount to 27 Notifications to give effect to Changes in GST Rate and its related Provisions as recommended by 25th GST Council Meeting on 18.01.2018. List of Such notifications is as follows :- […]
One of the fundamental features of GST is seamless flow of input credit across the chain (from the manufacture of goods or provider of services till it is consumed) and across the Country. Input Tax Credit (ITC) is the backbone of the GST regime. GST is nothing but a value added tax on goods & services combined.
