Union Finance Minister Nirmala Sitharaman on Friday said Pre-filled tax returns to contain info from salaries, bank interest, capital gain and dividend income to be made available. Faceless assessment of tax returns in electronic mode is being launched this year in a phased manner, said FM. The FM has proposed to increase the surcharge for those earning Rs 2-5 cr 3 per cent and for those earnings above Rs 5 cr to 7 per cent.
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Watch Budget 2019: Pre-filled tax return forms, faceless assessment proposed With HD Quality.
Union Finance Minister Nirmala Sitharaman on Friday said Pre-filled tax returns to contain info from salaries, bank interest, capital gain and dividend income to be made available. Faceless assessment of tax returns in electronic mode is being launched this year in a phased manner, said FM. The FM has proposed to increase the surcharge for those earning Rs 2-5 cr 3 per cent and for those earnings above Rs 5 cr to 7 per cent.
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Watch Budget 2019: Pre-filled tax return forms, faceless assessment proposed With HD Quality
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Delhi में faceless services लागू | घर बैठे मिलेंगी सुविधाएं|faceless driving licence renewable delhi
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The Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (“the Rules”), were notified on 21st August 2020 and came into force from 21st September 2020. A 30-day period was given to importers and other stakeholders to familiarize themselves with new provisions. The Rules are primarily intended to prevent undue claims of benefits under Foreign Trade Agreements and consequently protect the domestic industries in India. These rules prescribe the procedural and compliance requirements for importers along with processes and timelines for verification by the Customs authorities, among other aspects.
FICCI organised a Masterclass on CAROTAR and discussed the rules, compliance requirements for importers, processes and timelines and other crucial aspects in detail.
Master Class on Customs Rules, 2020 and Faceless Assessment
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Tax dept to promote faceless scrutiny. It will reduce tax harassment from Vijay Dashmi day, says Finance Minister Nirmala Sitharaman.
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The faceless assessments scheme is one of the biggest tax reforms in India introduced by the Government last year based on Key Principles of Efficiency, Transparency and Accountability. The first cycle of faceless assessments is nearing completion and a fair number of assessments have already been concluded by the tax authorities. The feedback regarding the first experience of this digital tax adjudication has many aspects to ponder upon, evaluate whether the underlying objectives behind introduction of this scheme are achieved.
FICCI along with EY conducted a webinar on “Impact Analysis of faceless assessment under Income Tax” to discuss the way forward and also to provide an opportunity to the participants to raise questions and get valuable insights from the renowned experts.
Impact analysis of faceless assessments under Income Tax
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When the corporate tax rate was reduced to 25 per cent last month, it was termed as an early Diwali for the corporate sector. Now, taxpayers are hoping the government will gift them a similar tax relief. The Akhilesh Ranjan taskforce, set up to suggest an overhaul of the Income Tax Act, has also recommended sweeping changes in the tax slabs. ET's Babar Zaidi explains the impact on your income tax. Watch now. (Text: ET Bureau)
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Watch Proposed Direct Tax Code: How it could cut your income tax | Economic Times With HD Quality
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#Chaos witnessed at CCP over Ashtami forms- Mayor Monserrate informs that forms will be distributed tomorrow
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