Income Tax Return Importance

Many people think that tax returns are voluntary and therefore they are dismissed as unnecessary and burdensome. As we look, it is not a very healthy perspective on tax filing.

Filing a tax return is an annual activity that is seen as a moral and social duty of every responsible citizen of the country. It is the basis for government to determine the costs and criteria of citizens and, between periods of other forms of relief, provides a platform for evaluation to claim refund.

1. Filing return is a sign that you are responsible for

The government has ordered that a person who earns a certain amount of annual income will have to pay a tax return within a pre-determined due date. Calculation tax must be repaid by individual Failure to pay tax will be invited to the income tax department's penalty.

Those who earn less than the fixed level income can voluntarily give compensation.

Filing Return is a sign that you are responsible. Not only that, it makes it easy for individuals and businesses to enter subsequent transactions because their income is paid by the tax department, if any, are paid.

2. In some cases filing returns are mandatory

Even if your income level is not qualified for compulsory filing of compensation, it may be a good idea to voluntarily file a return. In most of the states, there is proof of tax return for the last three years for registration of immovable property. Filing makes redemption easy to document.

3. Your loan or card company might see your return

If you are planning to apply for a home loan in the future, the home loan company will most likely insist on it as it is better to keep a record of filing returns in the future. In fact, if you want to apply for a loan as a co-borrower, you may also want to consider filing your spouse's return. Likewise, credit card companies also emphasize the evidence of return even before returning to the card.

Before dealing with you, financial institutions insist on seeing your return over the past few years. In fact, the government can make them compulsory to do so, which indirectly forces people to register regularly even when volunteering.

4. If you want to claim an adjustment against the past losses, the return is necessary

Filing timely returns have many advantages, even if you build a fixed level of required income to file a return.

Various losses made by individual or business, speculation recorded in tax returns in the financial year and non-speculative, short term and long term capital losses and other various types of damage can not be shown for liberation. In the subsequent years for tax calculation purposes, it is best to file a return regularly, because when you know when to make an arrangement against past losses?

5. Filing Return can be useful in case of a revised compensation

If the evaluation has not filed the original returns, then it will not be able to file a revised compensation later, even if it is actually needed. Under the Income Tax Act, the non-filing of returns is Rs. 5000 can attract a penalty so there is a voluntary activity while giving compensation, often when it has legal information for people who do not, especially if they have to register the revised compensation in the future.

‘GST on fuel: States’ nod key’

He said that it is difficult to maintain a GST in a country like India, although at the same level tax evasion will be required on essential commodities and luxury goods.


Chief Economist Advisor Arvind Subramanian said on Friday that the GST rate slab will go down further and Petroleum Products will be brought under Goods and Services Tax with the help of states.

He said, "In the next few months and years it will be ... and work cooperatively", he said in response to the question that when petrol and diesel are in the GST area and the states will agree for such a move.

(Petroleum Ministry has written a letter to the GST Council to GST Council which wants petrol and diesel to bring under GST, which is unlikely to be good with some state government because they are the main income tax on fuel, petrol and diesel. The other important recovery is the excise duty component. Pump prices are expected to fall if the fuel is brought under GST.)

Sreesum Babaman, who earlier said in the ICFAI Foundation for Higher Education in the lecture on 'Economic Policy Making in the Government', that it is difficult to have a GST rate in a country like India, however, it is essential to tax commodities and luxury items at the same level.

But the country is moving towards lower rates, he said. "What we have done [28] rates are broken [so] that they are only luxury consuming items, then overtime, 12 and 18% [slab] might break at one rate. We will see lower rates," he said.

When this is likely to happen, he said: "We should be comfortable and comfortable with income, I think we will find more ease in the next few months." One more question about the proposal to change the financial year from April - January to December, he said no decision has been taken yet.

In the context of the increasing popularity of the crypto currency, Mr. Subramanian said that officially Bitokon has been banned and the government has the privilege of issuing only currency. People, he added, would also trust the sovereign currency.

WITH 39% VACANCIES, GUJARAT INCOME TAX DEPARTMENT STARES AT EMPTY POSTS

During this period last year, Gujarat's Income Tax Department has struggled to overcome a huge burden of work after announcement of promoterization. This year, if there is no draft-related work load, the department continues to struggle to meet time-bound deadlines, staffing is severely reimbursed. Against the sanctioned strength of 5,829, the department has filled only 3,570 positions, out of which 2,259 vacancies are vacant.


It comes for 38.75% vacancy in the state. Department officials believe that the state needs more officers and officers to fill in vacancies. They believe that Gujarat can not produce enough income officials to fill the vacant posts of its cadre, badly hit the division. A senior official told the mirror, "Most of the officers in this department are from other states. The employees of junior positions are from other states.

Income Tax Return

Realtors want GST for sector be lowered to 6 per cent

NEW DELHI: The National Real Estate Development Council (Naredco) has urged the government to reduce the goods and services tax (GST) by six per cent to real estate sector to increase the demand for new homes.

On Tuesday, the real estate builders' organization said that the GST 6% GST with the inset tax credit would be a win-win situation for all, with Finance Secretary Hashim Adiya and State Minister for Finance and Shipping P. Radhakrishnan. Participants

Naredco chairman Rajeev Talwar said that 6% GDP would encourage capping to encourage investment under construction, which is otherwise waiting to save 12% GST for complete properties. "Buyers stand to benefit because the developers give benefit to the buyers. The government also benefits, because it will raise more taxes due to increase in demand. All this is a win-win situation."

According to Enedo's President Niranjan Hiranandani, the industry has urged the government to increase the land limit from 50% to 30%, because the cost of land is the most important part of any real estate project expenditure.

Builders have claimed that the property of the compulsory property between the tax rate and the property under construction increased the problem.

"The GST rate for GrowthRate under construction is 12%, while it is 0% in ready-to-do properties. It makes comparison-ready assets attractive with the under-construction properties. The reduction in fresh and continuous demand,"Naredco  said.

Film industry estimates ₹200 crore hit due to GST

The Kannada film industry is estimated to have lost more than 200 crores in about five months in the reign of Goods and Services Tax (GST). Apart from this, the commercial tax department, based on the data generated so far, believes the tax reduction in entertainment segment has dropped by 30 percent.

"We expect to reduce the production of the film," said Umesh Bannar, vice-president, Karnataka Field Chamber of Commerce (KFCCC). The release of the GST by the end of this year will be able to cross 200 mark.

Regional films in Karnataka, which enjoyed entertainment tax exemption, now have to compete with other films due to GST. The government, which promises to reimburse the Kannada film industry, has failed to do so so far.

Incidentally, the eight-decade-old Kannada film industry has set a record in 2016 with the introduction of 180 films, and has been a small industry in Tamil and Telugu industries.

"So far, more than 160 Kannada Fields have been released and this year is expected to reach 190. If they were not for GST and Mudradian, then 50 other films would have been made and released, and turnover Rs 500 Exceeding a million mark. "

Most manufacturers, exhibitors and distributors believe that shortly after the process of promoting the Kannada film industry, the GST began to be brought out, which also affected the industry. Producers are not in a position to get a refund of the input tax paid under GST.

"If a producer makes a film with Rs 2 crore, it will have to pay the input tax. However, due to the problem with the tax system, the credit of the input tax can not be obtained against the tax," says P.H. Baba, producer of Kannada films, distributor, exhibitor and finance.

"The earliest production in the Kannada film industry is no money, the production has increased because new producers are coming up with the project, the film industry has floated, these manufacturers can also get out due to fear of higher taxation and declaration," Thomas D'Souza, exhibitor And former president of KFCCC said.

Dipping into the tax collection

"The income generated from entertainment tax is declining, the data has dropped by 30 percent, both multiplexes and single screens are affected," said an official of the Commercial Tax Department.

Sources said that the entertainment tax collection for April, May and June was ₹ 35 crores, while the collection decreased for August 26, August and September.

Tax officials said that due to technical problems, we can not accurately calculate entertainment tax collection.

The state wants to leave the center 8% CGST

The Kannada film industry is upset with the state government to fail to comply with the promise to save Kannada films, which was exempted from entertainment tax before the GST regime. Regional films in Karnataka are enjoying exemption for the past two decades.

KFCC delegation met Chief Minister Siddaramaiah to help the Kannada film industry. However, expressing his helplessness, the Chief Minister received the release of Finance Minister Arun Jaitley and 8% CGST, which will help him to get rid of the remaining 8% of SGST, "Vice President Shri Umesh Banarar said. KFCCC

He explained that the Kannada film industry is not ready to compete with films in other languages.

"Although Mr Siddhmaiya had agreed to charge 5% tax on films in other languages, the officials failed to implement it" SV Rajendra Singh Babu, President, Karnataka Chalanachitra Academy.

Sources in the Information and Public Relations Department said that the proposal is in line with the finance department.

Entertainment tax

* At one time, all the movies displayed in Karnataka were 110%

* To promote Kannada films, the successive government reduced the rate to 30%

* In the mid-90s, Kannada, Tulu, Koda, Konkani and Lemni films were exempt from this tax.

₹ Income of Rs 243 crore in the last financial year

* Six states have exempted films from tax in local languages

* Do not entertain in 10 states

From Income Tax rates cut to enhancing social security, what Finance Minister Arun Jaitley should target in Budget 2018?

India may be one of the fastest growing economies in the world, but the fact is that nearly 3% of its population currently pay income taxes, and many government efforts to increase tax compliance and tax base have failed to bear many results so far. Even though the new taxpayer has increased to 84.21 lakh in 2016-17 from 66.53 lakh to 26.6 percent in 2016-16, following monetization of high-value currency notes, is it enough? Have you ever wondered why a large number of people still in India are eager to pay taxes? One of the main reasons is that they believe they do not get anything in return, social security or other benefits, even if they pay taxes or more taxes than others, but it is not entirely true.

Whatever the case, tax experts believe that salaried individuals often follow taxation, because the tax on wages income is deducted from the source by the employer. Likewise, the income received by individual taxpayers, such as interest on bank deposits on a particular threshold, is subject to tax registration by banks automatically registered by tax officials.
"The challenge is sometimes wrong in the case of income earned by businesses and businesses. There are various reasons for inadequate compliance, including high rates of taxation, fear of verification and evaluation procedures, in case of time and effort, lots of complaints, including co-operation to satisfy compliance requirements, excessive litigation etc. In addition to the cultural decades, people are not compatible with tax rules Due to the lack of waste and strong enforcement this issue is added. Therefore, we can say that in some cases there is lack of mentality issues and law enforcement in the society, "says Vikas Vasal, Partner and National Leader-Tax, Grant Thornton India LLP.
How can tax compliance be increased?

Tax experts say that tax awareness in India is low. People are not adequately educated to understand that the taxes they pay will ultimately lead to the development of the nation and therefore contribute to overall well-being. "There are many facilities that the common man needs today and this requires huge investments, tax is a significant part of this and therefore all the taxpayers need to pay regularly," says Chetan Chadak, head of tax research, H & R Block India.
After knowing about how Indian taxation is used, India will pay more taxes, which are already done by the government through various advertisements and awareness programs, but more needs to be done. "People need to be encouraged by non-infiltrators to meet the tax liability and need to take strong action to send a message to any clear case of tax evasion, Vassal says, at the same time, keep in mind that actual taxpayers will not be late in the process. Should
Experts also believe that by providing social security, more and more people will be encouraged to pay taxes because they believe they get compensation. In fact, "Generally in a country where the government can provide a strong social security system, people do not worry about any potential and there is little concern to raise large amounts," says Chandak.

Another aspect that needs to be addressed is that many positive changes have been introduced at the policy level, the ground level experience has been similar and needs to be modified. Superbly, "In the recent past, a number of initiatives have been initiated by the government and the results will be seen on time, including the addition of support for PN, mobile phones, bank accounts etc. Further, with the introduction of GST, we hope that once things get stalled We should see more and more businesses coming under the tax net. Similarly, post remuneration, the number of personal tax increased, "said Vassal Is.

Some tax experts believe that in the last few years the government has taken considerable steps to increase the overall taxpayer base and reduce effective tax rates, there is still a lot to be done in this regard. "By taking some bold action, such as certification, digitization, support implementation, direct benefit transfer, and GST implementation, the current government has proved that it has the desire and enthusiasm to take things at the next level. However, if it is more and more taxpayers in the tax net If you have a desire to bring it, then it will have to focus more on the digital economy, reduce corruption and tax rates (both directly and parochial J) he will bring down, "observes candaka.
Digitization will help the government by breaking tax evasion, increasing revenue and reducing tax rates. In turn, reduction rates can help the government in promoting voluntary compliance by taxpayers, resulting in higher tax evasion.
"It is generally seen that if the rate of tax is brought down, tax compliance increases, and in the Indian context, there is a hope that tax recovery will increase, so that the budget 2018 can be a good opportunity for the government to adopt this path. Vasal says that the tax rate Decrease.
However, will it happen? It remains to be seen.

Aadhaar for PAN, ITR: SC questions maintainability of plea

The Supreme Court today questioned the maintenance of the application challenging the provision to file a support and income tax return with PAN number.


The apex court said that the provision of the Income Tax Act has been approved by making a compulsory mandatory filing of a tax return in the allotment of permanent account number (PAN) and the judgment given in June this year.

Now, how can this application be maintained? We supported the bribe (provision), now the verdict on the right of privacy has come, but there is no verdict on the basis. How has this application been filed? "Justice AK Sikri and Ashok Bhushan asked.

Leader of CPA, petitioner Benois Visamam, appealed to the lawyers, withdrew the argument.

The bench allowed the freedom to file an application for intervention in the main case, which is scheduled to be scheduled for hearing before the Constitution Bench in the last week of this month.

The Supreme Court upheld the income tax department section 139A on June 9, in which compulsory support was made for filing a PAN card and filing a tax return, but partly on implementation of the privacy rights by the bench in the Bench Invested.

Later, the dissolution of the Constitution was declared as the fundamental right of privacy.

In the Section 139 of the Income Tax Act, this year, for filing income tax returns from July 1st this year, the name of the PF or the support application form has been filed for issuing compulsory tickets and allotment of PAN.

Meanwhile, the Supreme Court today refused to hear a separate application, which gave the challenge to link support to bank accounts.

The court said that it can not hear many applications arising out of such problem and the applicant has ordered an application for intervention in the main case.