In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
This taxation applies to all types of transfer of property.
After sending notices to 1.21 million Permanent Account Number (PAN) cardholders who had not filed their income tax (I-T) returns, the I-T department has now identified another 2.17 million potential non-filers. It had already sent letters to 50,000 potential non-filers in the first batch.
Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
Right steps you can considerably reduce the tax outgo.
'The prime minister's advisers might have told him that going along with this AIADMK government will damage his image.'
Transcript of the Ganesh Natarajan chat on rediff on Friday.
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