swamilook

Saturday, January 12, 2013

Rev Sec. on Rev Officers; Simplification of 'law', but with unintended hardship !; AT News: Regulatory Bill for Realty, Matter of common Concern, >>>>

Top-up

1. Rev. Sec.>

Zero Tolerance For Malpractice And Corruption In Tax Dept: Revenue Secretary

a very stimulating Cir. to Depts. ????!!!!

2. « How To Argue Matters Before The Tribunal: Shri. H. L. Karwa, President, ITAT

Complex Tax Laws & Hostile Tax Dept Are Responsible For Tax Avoidance

 

>previous

http://www.itatonline.org/blog/

  1. Top 10 Landmark Tax Judgements Of 2012 (... and a few honourable mentions)

   2. Dear Dr. Shome, We'll Help You Solve Taxpayer Problems. Please Listen To Us! @

   3. Dear Law Minister, Please Appoint A Judge To Probe Alleged Corruption In ITAT
» Go to Blog

@<> The write-up has made to focus on certain areas which have, for long, been of commonly worrisome concern to that section, however limited that be, of the people who could rightly claim and be virtuously categorised as honest/not dishonest tax payers. It comprises significantly those having income from sources on which the law mandates TDS; that is, salaries, besides interest income from bank deposits, and the like.
As none can afford to be unaware, even so, there could be instances in which, howsoever honest he be, tax payer may still, as lawfully considered, or advised by his consultant, put up a genuine claim for excluding a particular item in computing his taxable income. For example, that could be anything which is clearly not in the nature of a ‘perquisite’, or not in the nature of a ‘revenue’ receipt, or excess interest adjusted and withdrawn in a later year hence not received,- such as on premature encashment of a long-term bank deposit, so on.
Also, none can prudently remain unaware that, however, in the prescribed tax return forms (Form 2 or Form 1), having been mandated to be a paper-less form, a tax payer has no way or scope for him to disclose, at least in a brief manner, or furnish his explanation/ the reasons for any such claim.
But, then, for no fault of his, taxpayer could be alleged to have failed to make a 'proper' or 'complete' disclosure, and in the result, be confronted with the same hardship the penal provisions of the Act entail, albeit, those are intended to apply to the basically recalcitrant, regardless of whether or not basically dishonest. Obviously, though left untouched, unwittingly or otherwise, that is an area which requires to be seriously looked into/reviewed and suitable remedial steps taken; so as to avoid / obviate any untended consequence of simplification of the tax retun forms; soonest done, the better rather than late or never.

The foregoing comment/observations, for that matter,it requires to be realised,would equally obtain/hold good , besides for income under the head of, – salaries and other sources, for ‘capital gains’, as well.

AT News

1.  Real Estate Regulation Bill nearing in Budget session

2. How far Play can be Controlled in a Society ?
Posted by vswaminathan at 7:10 PM
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Labels: Realty Regulatory, REGULATORY for REALTY

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