Retirement age
Yes, PM can do this. Regarding Rs. 1 lakh Cr., it is one months income for Govt.
Anil
Attention, Finance Minister
Faceless e-assessment scrutiny which is likely to start from October 8, 2019, is a welcome step. The first and foremost requirement is, tax rules should be simple and easy and understandable to both taxpayers and tax authorities but it is not so at present. There are many areas which require immediate attention. LTCG from transfer of equity or equity oriented mf is tax exempt up to 1 lakh. It means there is no tax liability on the part of tax payers. It was good enough till FY 2017-18 under section 10(38) but now it is replaced by section 10(112A) upto 1 lakh and more than 1 lakh is taxable. The simple implementation would have been to put sec 10(112A) in pull down menu under exempt income up to 1 lakh in place of sec 10(38) but it is not done. The salaried class and pensioners who file their ITR1 are facing biggest problem in filing ITR2 when there is LTCG on account of transfer of equity even Rs.10000/-. There is no tax liability but details are being asked unnecessarily. There may be some error or mistake in furnishing details of all scripts and mismatch which may invite bigger trouble without any gain to the tax authorities. Faceless assessment system will raise red flag and notices will start from tax authorities and replies from tax payers and will continue and may lead to harassment of tax payers as tax authorities may keep the issue alive. There is no gain to either parties as neither there is any tax revenue nor tax liability. The logic of tax authorities to get the details of transaction is not sound but arbitrary. If same logic is extended then we have to get the details of at least 50 crores people to know their income whether it is taxable or not. Such irritants should be removed before e-assessment scrutiny. Secondly Govt. has no tools or methodologies to assess the income of professionals. Many are dealings in cash only and difficult to trace unless cash transaction more than Rs.1000/ is banned and 2000/ and 500/ currency notes are considered to be withdrawn. Let all transaction more than 1000/- is thru plastic or digital when most of the people are having bank accounts. Let some tools be developed for assessing the income of professionals and small traders. Govt. may consider no more than three accounts to be allowed for individuals in all the banks. These are some points which should be considered and debated for successful implementation. There may be some more issues which may require attention. Let tax authorities to work out the plan for successful implementation but feedback from tax payers should be obtained to know where the shoe pinches.
Naveen
Anil
Attention, Finance Minister
Faceless e-assessment scrutiny which is likely to start from October 8, 2019, is a welcome step. The first and foremost requirement is, tax rules should be simple and easy and understandable to both taxpayers and tax authorities but it is not so at present. There are many areas which require immediate attention. LTCG from transfer of equity or equity oriented mf is tax exempt up to 1 lakh. It means there is no tax liability on the part of tax payers. It was good enough till FY 2017-18 under section 10(38) but now it is replaced by section 10(112A) upto 1 lakh and more than 1 lakh is taxable. The simple implementation would have been to put sec 10(112A) in pull down menu under exempt income up to 1 lakh in place of sec 10(38) but it is not done. The salaried class and pensioners who file their ITR1 are facing biggest problem in filing ITR2 when there is LTCG on account of transfer of equity even Rs.10000/-. There is no tax liability but details are being asked unnecessarily. There may be some error or mistake in furnishing details of all scripts and mismatch which may invite bigger trouble without any gain to the tax authorities. Faceless assessment system will raise red flag and notices will start from tax authorities and replies from tax payers and will continue and may lead to harassment of tax payers as tax authorities may keep the issue alive. There is no gain to either parties as neither there is any tax revenue nor tax liability. The logic of tax authorities to get the details of transaction is not sound but arbitrary. If same logic is extended then we have to get the details of at least 50 crores people to know their income whether it is taxable or not. Such irritants should be removed before e-assessment scrutiny. Secondly Govt. has no tools or methodologies to assess the income of professionals. Many are dealings in cash only and difficult to trace unless cash transaction more than Rs.1000/ is banned and 2000/ and 500/ currency notes are considered to be withdrawn. Let all transaction more than 1000/- is thru plastic or digital when most of the people are having bank accounts. Let some tools be developed for assessing the income of professionals and small traders. Govt. may consider no more than three accounts to be allowed for individuals in all the banks. These are some points which should be considered and debated for successful implementation. There may be some more issues which may require attention. Let tax authorities to work out the plan for successful implementation but feedback from tax payers should be obtained to know where the shoe pinches.
Naveen