New Income Tax return Forms for AY 2015-16 too demanding?
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just like when you give a lot of money to your family you have to pay a gift tax and also you have to pay a tax on the interest that you earn on your money.
I agree, but how this makes india to worry when the money is coming from australia? Because afaik, these are in general applicable for anyone and it does not matter whether money is coming from abroad or its earned locally.
because... if I abduct you in India and extort a crore and then send that money to Australia. Australia has no way of knowing if it is legally earned money or blood money. so its important that people know where the money is coming from. This is one of the way in which money laundering happens.
^ No idea but beyond certain amount you have to make some decelerations when transferring money.
http://www.compareremit.com/money-transfer-guide/best-way-to-remit-large-amount-of-money/
http://www.compareremit.com/money-transfer-guide/best-way-to-remit-large-amount-of-money/
I think the information related to domestic bank accounts is being asked because most people evade the tax to be paid on interest income from saving account and Fixed deposits and is a fairly major source of tax losses. Even at my office, I am one of the very few people who declares all interest income voluntarily or make voluntary tax payments on such income. Most don't bother declaring such income or bother paying beyond the 10% cut as TDS by bank.
In any case, I think most of it should be automated. Bank accounts should all be linked through PAN number and Tax Dept should already have knowledge of interest income of the tax payers. I was surprised that the IT dept cannot track it already since PAN is taken for bank accounts.
There is also the issue of those who are not paying taxes at all, Tax Dept is doing nothing regarding those cases. IMO, the majority of tax loss is from the common people, not from the rich folk. They may be evading a few thousands of crores, but the tax losses form the crores of common folk will be of a considerably larger scale.
In any case, I think most of it should be automated. Bank accounts should all be linked through PAN number and Tax Dept should already have knowledge of interest income of the tax payers. I was surprised that the IT dept cannot track it already since PAN is taken for bank accounts.
There is also the issue of those who are not paying taxes at all, Tax Dept is doing nothing regarding those cases. IMO, the majority of tax loss is from the common people, not from the rich folk. They may be evading a few thousands of crores, but the tax losses form the crores of common folk will be of a considerably larger scale.
AFAIK, you need to declare information about any substantial amount transferred to your account from outside the country. This has to be declared while filing your returns even if its not income. Similarly you need to declare information about any transactions exceeding 10 Lac whether it is from your account or to your account. This information is already sent from all banks to RBI and IT Dept, So if you don't declare, there is a fair possibility that they will initiate scrutiny.
nRiTeCh
Oracle
All govt. sucks. Be it so called show-off modi or bad old congress.
Whoever enters politics becomes or converts into a criminal. Its a true fact.
May be he is doing it for good cause but this is way too personal extent of aam janata.
Bjp ka GHANTA!
Bring back tax policy of 2k8 and before when filing IT was a breeze.
I'm canceling my world tour coz its sponsored by my good friend and I got no idea if he is paying it from white or black or orange, red or blue money.
BJP- BADHAO JANTA ka PASEENA!
Whoever enters politics becomes or converts into a criminal. Its a true fact.
May be he is doing it for good cause but this is way too personal extent of aam janata.
Bjp ka GHANTA!
Bring back tax policy of 2k8 and before when filing IT was a breeze.
I'm canceling my world tour coz its sponsored by my good friend and I got no idea if he is paying it from white or black or orange, red or blue money.
BJP- BADHAO JANTA ka PASEENA!
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I fail to understand one thing. PAN number is linked to our accounts. Any high value amount going out or coming in can be linked to PAN. Then why is that one has to specify all these things?
We are supposed to be pretty good in IT(information technology) and cant our IT dept build proper triggering system to analyze these? Why cant a system pick up suspicious transactions and they track them rather than make lakhs of people spend huge amount of time gathering and entering all this info
We are supposed to be pretty good in IT(information technology) and cant our IT dept build proper triggering system to analyze these? Why cant a system pick up suspicious transactions and they track them rather than make lakhs of people spend huge amount of time gathering and entering all this info
^^ It should be in the tax e-filing form. I have used a third party filing service last two years, so I don't know how the form has evolved, but it used to be somewhere in the last sections.
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