Whispers Forum — 27 Dec 2019
DEBATE (1)
In my view, after Narendra Modi, Arvind Kejriwal, Nitish Kumar and Mamta Banerjee fall in this category.
Badal Garg
Treatment of LTCG in forthcoming Budget
The budget preparation is on and discussions are taking place at all levels. It looks very surprising neither finance ministry nor CBDT is worried about removal of LTCG on transfer of equity and equity oriented MF to boost market sentiments and increase consumption. There is no doubt economy is moving downwards and speed breakers like LTCG will create further problems and may result in crashing of stock market if irritants are not removed in the budget. It looks very surprising that income tax authorities are asking to fill up the details as per ITR 2 in case there is loss or LTCG is less than 1 lakh knowing well there is no tax liability. This is something unexplained even why such details are being asked in ITR. It gives rise to suspescion and may lead to harassment of tax payers in case of some mismatch. When we are moving to faceless scrutiny and pre-filled ITR regime why enter into complexity of asking the details without any tax obligations. If logic is further extended then nearly 35 crores people are required to file the ITRs to know that is there any tax liability on the income or not. Simply ask the information for reporting purpose as was being followed till FY 2017-18. Let the department to focus how to judge the correctness of income of professionals instead of asking un-necessary details on LTCG. There is no tools or methodologies available with tax officials to judge the correctness of income and tax obligations on professionals. There is differential treatment also in case of professionals and salaried class. Giving 50% rebate upto 5o lakhs income is no good idea to justify that there is expenditure on account of maintenance of office and staff etc. whereas in salaried class there is no such expenditure so no concessions. This is not logical. The standard deduction in case of salaried class is to be increased to bring at par with professionals for tax treatment. Excess flow of cash is also not good for economy in the country. This excess cash runs parallel economy and can be seen how big cash is being seized in raids. Govt. should consider no cash transaction of more than Rs. 10,000/-. Let it be digital or thru plastic cards as 90% people estimated are having bank accounts and Aadhar and they can be provided the facilities of any media for transactions. Govt. should consider removal of LTCG in case of equity transfer or equity oriented MF and may consider of increasing STT if necessary. Such policy oriented approach may increase the confidence of investors and will result in increase in investment and boost the sentiments which is very much required at this juncture to lift the overall economy. The mechanical approach like reducing repo rate will not boost the economic growth keeping in mind RBI to concentrate on Monetary Policies to maintain the price stability and control the inflation etc and Ministry on growth.
Naveen
Govt. attention required
These Assistant Commissioners were promoted on the basis of charity, to avoid stagnation, and 4000 posts were created for them on temporary basis. The same is being extended by CBIC as a goodwill gesture. Now, the same people, who have been shown generosity by the CBIC, are demanding for further promotion, knowing well that the ratio, as decided for the promotion posts as well as direct recruits, does not allow it. Are these promoted Assistant Commissioners, of 2014, as stated, willing for reversion to their earlier posts of Superintendents or Appraisers? If so, the government should think over it and revert them back, by abolishing 4000 posts created temporarily for them.
Vikas Singh
Why do always the most incapable get plum postings? Even post retirement?
Ashok Menon
In my view, after Narendra Modi, Arvind Kejriwal, Nitish Kumar and Mamta Banerjee fall in this category.
Badal Garg
Treatment of LTCG in forthcoming Budget
The budget preparation is on and discussions are taking place at all levels. It looks very surprising neither finance ministry nor CBDT is worried about removal of LTCG on transfer of equity and equity oriented MF to boost market sentiments and increase consumption. There is no doubt economy is moving downwards and speed breakers like LTCG will create further problems and may result in crashing of stock market if irritants are not removed in the budget. It looks very surprising that income tax authorities are asking to fill up the details as per ITR 2 in case there is loss or LTCG is less than 1 lakh knowing well there is no tax liability. This is something unexplained even why such details are being asked in ITR. It gives rise to suspescion and may lead to harassment of tax payers in case of some mismatch. When we are moving to faceless scrutiny and pre-filled ITR regime why enter into complexity of asking the details without any tax obligations. If logic is further extended then nearly 35 crores people are required to file the ITRs to know that is there any tax liability on the income or not. Simply ask the information for reporting purpose as was being followed till FY 2017-18. Let the department to focus how to judge the correctness of income of professionals instead of asking un-necessary details on LTCG. There is no tools or methodologies available with tax officials to judge the correctness of income and tax obligations on professionals. There is differential treatment also in case of professionals and salaried class. Giving 50% rebate upto 5o lakhs income is no good idea to justify that there is expenditure on account of maintenance of office and staff etc. whereas in salaried class there is no such expenditure so no concessions. This is not logical. The standard deduction in case of salaried class is to be increased to bring at par with professionals for tax treatment. Excess flow of cash is also not good for economy in the country. This excess cash runs parallel economy and can be seen how big cash is being seized in raids. Govt. should consider no cash transaction of more than Rs. 10,000/-. Let it be digital or thru plastic cards as 90% people estimated are having bank accounts and Aadhar and they can be provided the facilities of any media for transactions. Govt. should consider removal of LTCG in case of equity transfer or equity oriented MF and may consider of increasing STT if necessary. Such policy oriented approach may increase the confidence of investors and will result in increase in investment and boost the sentiments which is very much required at this juncture to lift the overall economy. The mechanical approach like reducing repo rate will not boost the economic growth keeping in mind RBI to concentrate on Monetary Policies to maintain the price stability and control the inflation etc and Ministry on growth.
Naveen
Govt. attention required
These Assistant Commissioners were promoted on the basis of charity, to avoid stagnation, and 4000 posts were created for them on temporary basis. The same is being extended by CBIC as a goodwill gesture. Now, the same people, who have been shown generosity by the CBIC, are demanding for further promotion, knowing well that the ratio, as decided for the promotion posts as well as direct recruits, does not allow it. Are these promoted Assistant Commissioners, of 2014, as stated, willing for reversion to their earlier posts of Superintendents or Appraisers? If so, the government should think over it and revert them back, by abolishing 4000 posts created temporarily for them.
Vikas Singh
Why do always the most incapable get plum postings? Even post retirement?
Ashok Menon