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We are group of few CAs who were involved in a limited manner when new ITD Portal was launched on June 7,2021. We have regularly provided our feedback to the best of our ability and understanding about various issues faced by all in general and lots of issues have promptly addressed by active involvement of CBDT Team members as well as Infosys Team members and for the same they deserve accolades from all of us. It was complete team work which is reflected in Press release issued yesterday mentioning details of ITRs filed till December 15,2021 on real time basis including various statutory forms as applicable under the provisions of the Income Tax Act 1961.
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Madam FM introduced Tax on LTCG which was earlier exempted also introduced tax on Dividend income which was subject to taxed at source
common man and salaried employees who has invested their hard earned money in Shares and securities are facing extreme hard ship to fill up the ITR 2 which is cumbersum and hard to understand and fill up. Salaried employees, having investment in shares and securities are bound to file in ITR 2 only .
Instead of filling up the details taxpayers may be given option to attach the statement of Capital Gains STCG or LTCG or speculation income or loss as issued by the depository participants ,brokers,broking houses where the Demat accounts of the tax payers are maintained.
On thethe scenario of falling interest rates on Fixed Deposits and other saving instruments in banks, Post offices etc., overall Sarda Narada episode, small investors are attracted to investment in Share,securities and Mutual fund .This is a fatal blow to them
Small investors who have no taxable income as such but have LTCG and dividend income are facing much trouble .filling up the schedule 112A on ITR 2 is beyond capacity of common man ,they will just skip to file ITR at the expenses of surrendering 10% TDS on Dividend ,but if no return filed it may go up to 20 % am I right Sir?
More over it is trouble-sum to keep track of all the Divided received and credited to Bank accounts and offering for tax ,it was better to suffer tax in old regime where dividend distribution tax was deducted and investors received tax free income .
Earlier system of exemption on Dividend upto 10 lakh and full exemption on LTCG was much better and Madam FM should be back to old system.
Madam FM introduced Tax on LTCG which was earlier exempted also introduced tax on Dividend income which was subject to taxed at source
common man and salaried employees who has invested their hard earned money in Shares and securities are facing extreme hard ship to fill up the ITR 2 which is cumbersum and hard to understand and fill up. Salaried employees, having investment in shares and securities are bound to file in ITR 2 only . instead of filling up the details taxpayers may be given option to attach the statement of Capital Gains STCG or LTCG as issued by the depository participents ,brokers,broking houses where the Demat accounts of the tax payers are maintained
Small investors who have no taxable income as such but have LTCG and dividend income are facing much trouble .filling up the schedule 112Aon ITR 2 is beyond capacity of common man ,they will just skip to file ITR at the expenses of surrendering 10% TDS on Dividend ,but if no return filed it may go up to 20 % am I right Sir?
More over it is trouble-sum to keep track of all the Divided received and credited to Bank accounts and offering for tax ,it was better to suffer tax in old regime where dividend distribution tax was deducted and investors received tax free income .
Earlier system of exemption on Dividend upto 10 lakh and full exemption on LTCG was much better and Madam FM should be back to old system.
THE NEW INCOME TAX PORTAL CONSUMES 5 TIMES TIME TO FILE AN ITR-3 RETURN ONLINE. ONCE FILLED UP AND SAVED DATA DISAPPEARS ALONG WITH SCHEDULES FROM THE PORTAL WHILE RELOGGING AND HENCE SCHEDULES HAVE TO BE ADDED OR SELECTED FROM THE PORTAL AGAIN AND AGAIN. THE PORTAL STILL SHOWS ERRORS.GOVERNMENT OUGHT TO CONSIDER SUCH PROBLEMS BEING FACED BY TAX PROFESSIONALS ON VARIOUS PORTALS.
Due date extension is absolutely essential since all practioners need to go through various data in order to file retuns correctly