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  • Category: Miscellaneous

    Finance Minister asks Income Tax Officers to trust the assessees

    Finance Minister Arun Jaitley has said the government's intention is to keep a "moderate" taxation rate and emphasized that the tax department needs to start trusting the assessees. He also said that all grey areas are being made clearer when it comes to taxation and the tax department. Mr. Jaitley has also assured that the communication with the tax officials will be more eased. The Finance Minister has stated that in the last few months, procedures have been simplified and the "assessees have never seen such an easy and friendly approach of the taxation department". His remarks also come against the backdrop of various initiatives being taken to ensure that the taxation system becomes more friendly towards taxpayers.

    After the announcement of the Finance Minister, it can be expected that the Income Tax authorities will be more co-operative to the assessees who try to file the returns honestly but make some technical or procedural lapse.
  • #570014
    Reforms in taxation procedures is an ongoing process. The Finance Minister of India , as the leader of the financial matters, issue broader guidelines from time to time, almost every year while presenting budget and in between also as and when required.
    Though taxation is a very complicated process, but it can be made very simplistic also for the purpose of understanding by a common man as follows -
    Paying tax means parting with hard earned money by the salaried class in organized sector. However in businesses, it determines the profit margin. If tax is saved, then the margin of net profit increases. Because of this reason, there in rampant corruption in the taxation departments, as seen from the media reports.
    The businessmen are likely to pay lakhs of rupees as bribe, in case they are able to save crores of rupees.
    Therefore reforms are required in such areas instead of announcing cosmetic measures to further strangulate the small tax payers.

    Let us encourage each other in sharing knowledge.

  • #570023
    Isn't 'something is better than nothing'? If the Government is trying to help the common tax-payers, we must appreciate this and expect further reforms. Gradual improvement is always better than drastic change.
    “Whenever I feel the need to exercise, I lie down until it goes away.” - Paul Terry

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