Complementary to each other
DEBATE(1)
Both are complementary to each other.
Shilpa Mohan
DEBATE (2)
Vicious circle
Vicious circle like wheels of a bicycle, one can’t move without support from another one.
Selesh Gupta
Taxpayers needs some relief
Income Tax Department has launched new e-filing portal 2.0 but still some problems are continuing. CBDT tries his best to make e-filing simpler and tax payers friendly but many other problems crop up during the process of implementation. Still some more time is needed to fix problems. But surprisingly tax authorities are not inclined to make it more efficient and tax payers friendly. For example when there is no tax liability on account of LTCG or STCG on transfer of equity or equity oriented MF, then why force tax payers to file ITR 2 if otherwise they are eligible to file ITR 1. Tax payers can show LTCG (less than 1 lakh) under exempt income under Sec.112A. It becomes easier not only for tax payers but also for tax authorities. It saves time, man power and energy which can be utilised for some other innovative work. The things should be managed professionally not by orthodox methods. It is quite logical why force for ITR 2 when tax payers can file ITR1. CBDT should look into the issue and give relief to tax payers by giving option to file ITR 1 or ITR 2 if there is no tax liability on account of STCG or LTCG on transfer of equity or equity oriented MF. It will ease out the problems of filing returns. In this pandemic situation and portal is not working smoothly, such relief can be considered by Finance Ministry. Even providing Form 16 date has been extended to 31st July 2021 and 26 AS is still being updated, the final date of filing returns may be further extended. Tax authorities have taken herculean task of providing pre-filled ITRs with dividend income and LTCG figures. There are thousands of companies giving dividend to people. It looks very difficult to get complete data about dividend. Similarly about LTCG, it is being talked and alleged that tax authorities does not have DMAT account numbers of all tax payers then how LTCG figures will be made available in pre-filled form. All these needs time and may be possible by this financial year 2021-22. This AY 2021-22 Govt. may consider giving some relief to tax payers in filing of returns keeping in view of Covid-19 pandemic situation and difficulty of every intermediaries proving DMAT services. These intermediaries have their own format to provide the information related to STCG or LTCG. To synch the data from all needs a coherent approach and this may be understood by software developers who has to fix the glitches. A clarification is requested to be issued for this by CBDT. giving an option to file ITR1 if otherwise eligible in place of ITR 2 if there is no tax liability on account of STCG or LTCG on transfer of equity or equity oriented MF. LTCG figure less than 1 lakh can be shown as tax exempt income in return.
Naveen
Both are complementary to each other.
Shilpa Mohan
DEBATE (2)
Vicious circle
Vicious circle like wheels of a bicycle, one can’t move without support from another one.
Selesh Gupta
Taxpayers needs some relief
Income Tax Department has launched new e-filing portal 2.0 but still some problems are continuing. CBDT tries his best to make e-filing simpler and tax payers friendly but many other problems crop up during the process of implementation. Still some more time is needed to fix problems. But surprisingly tax authorities are not inclined to make it more efficient and tax payers friendly. For example when there is no tax liability on account of LTCG or STCG on transfer of equity or equity oriented MF, then why force tax payers to file ITR 2 if otherwise they are eligible to file ITR 1. Tax payers can show LTCG (less than 1 lakh) under exempt income under Sec.112A. It becomes easier not only for tax payers but also for tax authorities. It saves time, man power and energy which can be utilised for some other innovative work. The things should be managed professionally not by orthodox methods. It is quite logical why force for ITR 2 when tax payers can file ITR1. CBDT should look into the issue and give relief to tax payers by giving option to file ITR 1 or ITR 2 if there is no tax liability on account of STCG or LTCG on transfer of equity or equity oriented MF. It will ease out the problems of filing returns. In this pandemic situation and portal is not working smoothly, such relief can be considered by Finance Ministry. Even providing Form 16 date has been extended to 31st July 2021 and 26 AS is still being updated, the final date of filing returns may be further extended. Tax authorities have taken herculean task of providing pre-filled ITRs with dividend income and LTCG figures. There are thousands of companies giving dividend to people. It looks very difficult to get complete data about dividend. Similarly about LTCG, it is being talked and alleged that tax authorities does not have DMAT account numbers of all tax payers then how LTCG figures will be made available in pre-filled form. All these needs time and may be possible by this financial year 2021-22. This AY 2021-22 Govt. may consider giving some relief to tax payers in filing of returns keeping in view of Covid-19 pandemic situation and difficulty of every intermediaries proving DMAT services. These intermediaries have their own format to provide the information related to STCG or LTCG. To synch the data from all needs a coherent approach and this may be understood by software developers who has to fix the glitches. A clarification is requested to be issued for this by CBDT. giving an option to file ITR1 if otherwise eligible in place of ITR 2 if there is no tax liability on account of STCG or LTCG on transfer of equity or equity oriented MF. LTCG figure less than 1 lakh can be shown as tax exempt income in return.
Naveen