She said the three enforcement wings of the revenue department - the Income Tax department, the Enforcement Directorate and Directorate of Revenue Intelligence - should share the information about assessees
base and profile of assessee
for better coordination in identifying of tax evasion and avoidance.
It is not clear in case of a dispute between the controlling authority and the assessee
, who would issue the demand note and who would adjudicate the case," he adds.
He said the government can ask the source of income from any assessee
under countrys law.
- Self-assessment Scheme should be introduced whereby if the annual income of an assessee
increases by at least 20 per cent, then he should be exempted from detailed tax scrutiny.
had to file multiple returns, entertain multiple inspectors and additionally face the inefficiency with trucks being stranded at state boundaries for days altogether.
Bupathi, former president of the Institute of Chartered Accountants of India (ICAI), said that a clause to levy income tax on 'global income' of NRIs who stay for more than 60 days back home in India will not have any impact on Indians living in the Sultanate as according to the double taxation avoidance treaty, only the country from where the income is generated can tax the assessee
. The new tax code will be effective from April 1, 2012.
Income Tax: Radical changes are being made thereby chaning the concept of "Total Income" by treating and taxing the entire amount of Imports and Receipts as Income of the assessee
and adjusting the tax collected/deducted therefrom as final discharge of tax liability.
However, there shall be no extension of the due date for the purpose of section 234A (Explanation 1) of the I-T Act, 1961 pertaining to interest for defaults in furnishing return, and the assessee
shall remain liable for payment of interest as per provisions of section 234A of the Act, it added.
should verify tax credits available in Form 26AS/ NSDL websites.
With a view to incentivise affordable housing sector as a part of larger objective of 'Housing for All', the Bill also propose to amend the Act so as to provide for 100 per cent deduction of the profits of an assessee
developing and building affordable housing projects if the project is approved before the March 31, 2019.