Whispers Forum — 16 Jan 2020
DEBATE(1)
Subramanian Swamy, Rajnath Singh and Uma Bharti are my choice for prime ministership of the biggest democracy of the world
Shreya Singh
DEBATE(2)
Sharad Pawar is my candidate for pm of india
Sharan Gupta
Progressive step by CBDT
It is welcome step by the Govt. withdrawing amendments issued on 3rd January 2020 for filing ITR1 by salaried class considering the concerns of salaried class who owns house in joint names. This will give relief to large number of tax payers. Similarly Govt. may also consider bringing back Sec 112A in place of earlier sec 10(38) in drop down menu under the "income for reporting purpose" in case LTCG is less than 1 lakh related to transfer of equity or equity oriented MF to avoid the hardship of tax payers as no tax liability as per Sec 112A and are required to file lengthy ITR2 form. This will save lot of resources. In such cases Govt. do not receive any revenue only wasting man power and time. In case of mismatch, notices are likely to be issued in e-assessment procedure and may lead to unnecessary correspondence. This can also be simplified adopting old time tested system simply in column of income for reporting purpose only. Taxation is completely Govt. prerogative but submission can always be made to the Govt. for considerations. Govt. may also give some relief to salaried class like professionals getting 50% deduction whose income is upto 50 lakhs. Govt. employees can never aspire to reach near this level. Relief can be given in terms of standard deduction. Fiscal deficit can easily be reduced just by amending income tax act 1961 bringing all NGOs, truts, parties etc. under income tax regime ie donations, contributions etc received will be counted towards income and liable to pay tax as decided by Govt. This much is sufficient to reduce fiscal deficit but it is bold step. These organisations are already serving the society at large but now they will also contribute to the Govt. for Nation Building. Halwa Ceremony Budget 2020 is likely to take place next week. Let us hope for good budget. Good luck.
Naveen
Subramanian Swamy, Rajnath Singh and Uma Bharti are my choice for prime ministership of the biggest democracy of the world
Shreya Singh
DEBATE(2)
Sharad Pawar is my candidate for pm of india
Sharan Gupta
Progressive step by CBDT
It is welcome step by the Govt. withdrawing amendments issued on 3rd January 2020 for filing ITR1 by salaried class considering the concerns of salaried class who owns house in joint names. This will give relief to large number of tax payers. Similarly Govt. may also consider bringing back Sec 112A in place of earlier sec 10(38) in drop down menu under the "income for reporting purpose" in case LTCG is less than 1 lakh related to transfer of equity or equity oriented MF to avoid the hardship of tax payers as no tax liability as per Sec 112A and are required to file lengthy ITR2 form. This will save lot of resources. In such cases Govt. do not receive any revenue only wasting man power and time. In case of mismatch, notices are likely to be issued in e-assessment procedure and may lead to unnecessary correspondence. This can also be simplified adopting old time tested system simply in column of income for reporting purpose only. Taxation is completely Govt. prerogative but submission can always be made to the Govt. for considerations. Govt. may also give some relief to salaried class like professionals getting 50% deduction whose income is upto 50 lakhs. Govt. employees can never aspire to reach near this level. Relief can be given in terms of standard deduction. Fiscal deficit can easily be reduced just by amending income tax act 1961 bringing all NGOs, truts, parties etc. under income tax regime ie donations, contributions etc received will be counted towards income and liable to pay tax as decided by Govt. This much is sufficient to reduce fiscal deficit but it is bold step. These organisations are already serving the society at large but now they will also contribute to the Govt. for Nation Building. Halwa Ceremony Budget 2020 is likely to take place next week. Let us hope for good budget. Good luck.
Naveen