Issue/Justification

The scope of filing return of income should be widened.

Suggestion

The scope of filing return of income should be widened so as to include in its ambit the persons entering into the following transactions:

> A person having foreign tour twice in a block of three years or thrice in a block of five years should file his/her return of income mandatorily.

> A person having huge agriculture income or is in a possession of large agriculture land should also come within a purview of return of income.

> A person paying electricity expense above certain limit (say Rs. 60000 pa)

> A person paying school fees above specified limit (say Rs. 72000 pa) should also come under the scope of return of income.

> If the aggregate amount deposited in the current account exceed certain limit (say Rs. 30,00,000) then provisions of filing of return should apply to that person mandatorily.

> The person has AIR/SFT transaction should also come under the scope of return of income, and if he/she does not file return of income then penalty u/s 271F/234F should be levied instead of giving notice for filing return of income.

> Cash withdrawals from saving bank account above certain limits should also take place in the annual information return/statement of financial transaction.

(SUGGESTION TO WIDEN THE TAX BASE)

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

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Category : Income Tax (27874)
Type : News (13806)
Tags : Budget (1957) Budget 2018 (400) ICAI (2670)

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