News Analysis India

Tag: taxpayer

  • File of income tax case older than three years will not open now

    A major relief has been given to the taxpayers in the general budget that now the Income Tax Department cannot open cases more than three years old. But in the special case, if the Income Tax Department is feeling that the taxpayer owes more than 50 lakh tax, then the Income Tax Officer can open a 10 year old case.

    But in this also he has to keep in mind that permission from the higher officer is to be obtained. Only then can the case be opened. According to the information received from tax experts, along with this, a big relief has also been given that in the case of digital transactions, the limit of audit has been increased to 10 crores.

    The period for submission of revision returns and delayed returns can be reduced. Tax experts say that this will bring great relief to taxpayers. Businessmen will also get rid of mental stress. Business has also been affected by the fear of action.

    Scheduling time has been reduced and it will be proposed to determine it within nine months. Earlier this period was 12 months. Tax experts say that these changes in income tax will be beneficial for taxpayers. With this, both TDS and TCS provisions are applicable, so now only TDS provisions will be applicable as per the new rule. These provisions made in the General Budget are considered to be quite beneficial.

  • Taxpayers in the state crossed six and a half million rupees in three years

    In the last three years, the number of income tax payers in Chhattisgarh has increased by more than four lakhs. A total of 650000 taxpayers in the state had filed tax in the financial year 2016-17, which increased to 1065714 in the financial year 2018-19. Whereas in the financial year 2019-20 and assessment year 2020-21, so far more than nine lakh taxpayers have submitted the returns and the audited taxpayers have to submit the return by 15 February.

    Tax experts say that the main reason behind increasing number of income tax payers in this way is that taxpayers are also becoming aware that it is prudent to fill their tax honestly. For this, taxpayers are constantly being made aware by the tax experts along with the Income Tax Department.

    The Income Tax Department has become very strict these days in the matter of benami property. Along with this, new rules have also come. Now, those possessing benami property will also have to face the jail air along with the fine. Tax experts say those with benami property will have to pay a penalty of 25 per cent as penalty. Also, he will have to face seven years of jail. The Income Tax Department is keeping a close watch on such assets. According to information received from tax experts, when the law of benami property was made 28 years ago, it was not as strict at that time, but in 2016, these rules have been amended. Now it can be said that if you bought or deposited the property in the name of others, then you will suffer. The issue of demonetisation of taxpayers by the Income Tax Department is also being investigated. Tax expert Dinesh Tarawani says that taxpayers should fill the entire tax honestly and do not do anything wrong. Don’t even think about benami property in particular. Taxpayers with audits have to submit their income tax returns by 15 February.