Minimizing Tax Harassment post Demonetisation
Members in this circle had raised the issue of minimizing undue tax harassment of citizens and utilization of big data techniques to conduct targeted investigation and the collective inputs had been communicated to key Government stakeholders.
We are pleased to share that today, the Income Tax department has come out and said no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns.
If you have any additional inputs on how tax harassment can be minimized, please feel free to share.
Using Big Data analytics, the Income Tax Department has segregated different kinds of deposits and large ones like more than Rs 1 crore that do not match with income tax returns filed in previous years will be taken for "layer enforcement".
The CBDT has already sent SMS/emails to 18 lakh people who have made suspicious deposits over Rs 5 lakh during the 50 day demonetisation period. more
We are pleased to share that today, the Income Tax department has come out and said no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns.
If you have any additional inputs on how tax harassment can be minimized, please feel free to share.
Using Big Data analytics, the Income Tax Department has segregated different kinds of deposits and large ones like more than Rs 1 crore that do not match with income tax returns filed in previous years will be taken for "layer enforcement".
The CBDT has already sent SMS/emails to 18 lakh people who have made suspicious deposits over Rs 5 lakh during the 50 day demonetisation period. more
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To be a meaningful search the tax dept should find intelligent ways from the history to filter out the suspicious deposits and catch the defaulters rather than harassing and punishing lakhs of people for depositing their hard earned money. The hard earned money is naturally deposited for the future and old age is my humble opinion. More so when the Govt has forced a cash shortage. more
Mar 03
Inspector Raj.vadakhilafi ? Garibo ko pareshan mat karo.netao Amiro roadpati se Arbopati bane benami sampati ki janch kyo nahi? school college hospital Pvt.IT ke esi dar bhay ke karan return nahi bharte h.unlimit power Se. On 7 Feb 2017 17:33, "LocalCircles Manager" wrote: > more
Feb 11
Dear Sir;I have some suggestions to be sent to you abou the Govt of India economic policy.Can I send this in this mail,. Thanking You and with Regards Sincerely Yours Lalit Kumar Singhania Mo. 9425208189 / 9301193400 205 Main Road, Samta Colony, Raipur (C.G.) 492001 INDIA From: "LocalCircles Manager" Sent: Tue, 07 Feb 2017 19:23:38 To: lks1954@rediffmail.com Subject: New post "Minimizing Tax Harassment..." in [Transforming India] more
Feb 11
i wish to comment all deposits are not income. It is part of cash turnover. many individuals use their sb account for their business.for example a cash turnover of 10 lacs my bring income for only 50 thousads.So an enquiry from tax dept and its reply is not an issue as long as both have good intention.Problem arises when there is lack of mutual faith .now we have to work for change of this system by raising this faith level, HOW it has to be discussed one way is transperency as GOD has sent us without any cover and so i beleive transperancy is natural.l more
Feb 10
in case of current a/c and c/s a/c limit was of rs 12.50 lacs then why notice of deposit amount less then 12.5 lacs in c/c and c/a was issued . and fresh non banned cash deposit holders, petrol pump holders, gas agencies owners have received notices. On Tue, Feb 7, 2017 at 6:28 PM, LocalCircles Manager < support@localcirclesmail.com> wrote: > more
Feb 10
