General Trading Chat

[timepass]

Absolutely correct. But forgot to mention, 4% cess on the income tax (tax liability amount) also needs to be paid.

For example: as per your first example, if your tax liability is 64,500, then add 4% cess to it and pay the tax. Which is Rs 2,580 extra.

That 4% cess : Any limits/ slabs in it ?

 

[timepass]

Ok, slowly, more "clarifications" will appear about the budget.

Income Tax Dept Will 'Suo Motu' Allot Fresh PAN to Those Using Only Aadhaar to File Returns

https://www.news18.com/news/busines...ing-only-aadhaar-to-file-returns-2220971.html

 

[timepass]

Electricity bill of about 8k per month.. won't that be usual for a home running 2 ACs throughout the month ? (in addition to the other appliances)

File tax returns if you have foreign trips, steep electricity bills

https://www.livemint.com/news/india...ps-steep-electricity-bills-1562483618331.html

 

[siddhant4u]

Electricity bill of about 8k per month.. won't that be usual for a home running 2 ACs throughout the month ? (in addition to the other appliances)

File tax returns if you have foreign trips, steep electricity bills

https://www.livemint.com/news/india...ps-steep-electricity-bills-1562483618331.html

Why dont they ask everyone who works (atleast in formal sector) and everyone who do any business (no matter how small it is) to file income tax returns?

Electricity companies now will have to share information with IT dept. Not sure how foreign trip information will be gathered! May be they will ask every travel agents booking flight, or airlines to share personal information?

To me it feels like undoing of prev several decades. Income tax collection increased bcos tax percentage came down.

Moreover, anyone earning more than 2 Cr will be doing so using corporate structures. So who will be affected?

 

[timepass]

You travel abroad, you have a passport, so you are already in the system. The information will be automatically generated.

Why dont they ask everyone who works (atleast in formal sector) and everyone who do any business (no matter how small it is) to file income tax returns?

Electricity companies now will have to share information with IT dept. Not sure how foreign trip information will be gathered! May be they will ask every travel agents booking flight, or airlines to share personal information?

To me it feels like undoing of prev several decades. Income tax collection increased bcos tax percentage came down.

Moreover, anyone earning more than 2 Cr will be doing so using corporate structures. So who will be affected?

 

[doctorshah]

Why dont they ask everyone who works (atleast in formal sector) and everyone who do any business (no matter how small it is) to file income tax returns?

Electricity companies now will have to share information with IT dept. Not sure how foreign trip information will be gathered! May be they will ask every travel agents booking flight, or airlines to share personal information?

To me it feels like undoing of prev several decades. Income tax collection increased bcos tax percentage came down.

Moreover, anyone earning more than 2 Cr will be doing so using corporate structures. So who will be affected?

Foreign trips information can be easily gathered from Passport details

 

[siddhant4u]

Passport info does not have how much you paid for the trip. Over 2 lakh you need to file IT. Payment information is only available with travel agents

 

[soft_trader]

That 4% cess : Any limits/ slabs in it ?

4% cess is like surcharge, which is like tax upon tax. So a flat 4% needs to be paid on the tax amount.

 

[soft_trader]

Passport info does not have how much you paid for the trip. Over 2 lakh you need to file IT. Payment information is only available with travel agents

All the payment info may not be available with tavel agents. For example if you book flight tickets only, and do dummy hotel bookings from another website, how would the govt know? Also one can use debit cards abroad to withdraw cash.
Besides, if one has cash he/she can easily exchange it to USD/Euro etc through any forex agent without even showing any documents, and then carry the dollar bills easily while travelling abroad.
There are so many loopholes in the system and it would be difficult for the tax authority to aggregate all the informations.

 

[soft_trader]

Electricity bill of about 8k per month.. won't that be usual for a home running 2 ACs throughout the month ? (in addition to the other appliances)

File tax returns if you have foreign trips, steep electricity bills

https://www.livemint.com/news/india...ps-steep-electricity-bills-1562483618331.html

I wonder how they would gather electricity bill details. In our area, almost all consumers have their spelling mis-spelt, pin code updated in the system is wrong, address incorrect. Approached them several times, given several requests to rectify the details, nothing happened. They always say "come next week/month" etc etc.