Issue/Justification

Income tax return forms are such that they have reasons to capture some Information about other tax payments like service tax, VAT etc. The return form should be made more elaborate so as to give comprehensive information about the other indirect taxes paid.

Thereafter, the said information be shared with the relevant Department of the Government for verification. This will ensure that the data being reported by the assessee matches with the data provided by him in other Departments. In the long run, it will improve the quality of the data being received in the return forms as the assessee will not take the risk of mentioning the wrong data.

Suggestion

It is suggested that the forms of income tax shall incorporate all the relevant details of tax payments made under other legislations like central excise, VAT, service tax etc.

(SUGGESTIONS TO INCREASE THE TAX BASE)

Source-  ICAI Pre- Budget Memorandum–2018 (Direct Taxes and International Tax)

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Category : Income Tax (27492)
Type : News (13629)
Tags : Budget (1956) Budget 2018 (399) ICAI (2600)

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