Sunday, October 2, 2022

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ITR

‘Expenditure Tax’ in place of Income Tax : Indeed a block-buster reform

The concept of Expenditure Tax instead of Income Tax will be useful in the sense that a person should be charged for the expenditure he is able to make and not from one's income which if saved in Bank is already under tax bracket. A person capable of spending more should be taxed more.

GST reforms: Recent issues and reforms required

GST was a huge bargain when States gave up their rights to collect sales tax while the Centre gave up excise and service tax. Australia also shares the GST anniversary with us where the rates have been constant at 10%. Thus, a single rate in India can be a huge reform, and a matter of discussion too! But there is an urgent need for structural reforms in GST, in order to be a leading economy.

PAN No. of unlisted co.

equest CBDT to revisit it's decision to file ITR with unlisted shares' holding list showing PAN No. of concerned Co. whereas Company Master Data page of MCA do not contain this PAN detail that's why for we seniors it is a problem.

Do Not Forget to Declare Loan and Card Payment Over 2 Lakhs in Cash In ITR

These new ITR forms and the rule for declaring cash transaction over 2 lakhs during the demonetisation period is an initiative taken by the government purely to trace the tax evaders.

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