Sales and purchases of shares exceeding a specified amount respectively in the case of day traders. This information can be filed by the concerned brokers who are dealing with the day traders.
Section 282A provides for issue of any income tax notice or other document without it being signed by the requisite authority. Although, the said section has been provided in the context of computerized generation of notices and other documents
Section 281B empowers Assessing Officer to invoke bank guarantee wholly or in part if demand raised on the assessee is not paid within time limit provided in the demand notice served. Very wide powers are conferred upon Assessing Officer.
When the present Income Tax Act was enacted way back in 1961, the per capita income of this country was extremely low. During the course of five decades of the working of the Income Tax Act, the national per capita income has increased multifold
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.
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.
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.
