‘Taxpayers should disclose source while filing I-T returns’

Source: The Hitavada      Date: 12 Feb 2018 10:28:05


Business Bureau,

CA Chetan Tarwani called upon taxpayers to disclose their source of income while filing Income-Tax returns. CA Tawrani who is from Raipur was speaking at the Budget-2018 analysis programme organised by JCI Nagpur Green City Zone IX in association with Axis Mutual Fund. Seated on the dais were chief guest Sunil Lahane, Deputy Commissioner of State GST, Vinay Jain, Secretary of JCI Nagpur Green City, CA Deepak Rahangdale, Programme Manager, Anju Jais, President, Ashish Jichkar, Zone President, Vijay Godhe, Founder President and Ashish Jain, Vice-President.

CA Tarwani continued that a provision of heavy penalty has been made under the Income-Tax Act, wherein if the assessee fails to produce source of income then has to face the music of taxmen. After demonetisation i;e December 19, 2016, there were huge deposits in the banks. Those who failed to explain the source of income, they were taxed 70.25 per cent under section 115BB of Income-Tax Act. “We have demanded the Government to make changes in the tax structure,” he said. Those who are making registry of property more than Rs 30 lakh, their names will surface in the Income-Tax Department list. If any customer makes a single purchase of Rs 2 lakh from a trader, then the trader has to mention his name in the AIR. Even, traders have to mention the PAN of such customer. Earlier, the cash transaction limit was Rs 20,000 per day which had been reduced to Rs 10,000 after April 1, 2017, he said.

For keeping gold, silver and diamond jewellery, there is no limit. But they have to mention the source. For instance, a married lady can keep 500 gm of gold, unmarried lady 250 gm of gold and for male candidates, the prescribed limit is 100 gm.

CA Tarwani suggested people to make their personal balance sheet and take suggestion from their respective chartered accountants from time to time.
“As far as personal Income-Tax is concerned, there has been no changes in the Union Budget 2018. Cess has been hiked from 3 per cent to 4 per cent,” he said.
He analysed the Union Budget in detail and replied queries of the participants.

Sunil Lahane said, the tax burden indirect taxes is visible when inflation increases. Since 8 months, India had embraced a new tax regime-- Goods and Services Tax (GST) which revolves around the slogan--one nation, one tax and one market.

“Under GST, there is faceless administration. State GST Department is not sending notices physically to the taxpayers those who have failed to filed GST returns. We are sending notices on e-mail. GST is completely a techno-driven system,” he said.

Shedding light on E-way Bill, Lahane said, E-way Bill is an intelligent tool to track the movement of goods. E-way Bill is a very good system. Anju Jais conducted the proceedings.
The programme was largely attended by the members of the JCI Green City.
The Hitavada was media partner and radio partner was 93.5 RED FM.