Accountech

Against the prevailing opinions in the markets today, we are in favour of this new income tax regime for individual in which you have to forego all exemptions to claim lower tax rates.

First being this is optional which mean that now you have another option of taxation as well. Second is that in old scheme you have to first invest your income in specified schemes and then you claim the tax deductions.

Now what government is saying that, that you take the tax benefits straight away and then spend money according to yourself anywhere you want to.

This might not give huge tax savings to lower income groups people directly but it will immensely benefit people living in metropolitan cities where Rentals, transportation etc. are very high and people are hardly left with any money in their hands at the end of month. Now what happens is that they don't get full tax benefits for this and they don't have much amount to invest as well. Now government is directly giving benefits to them.

Accountech

It's Union Budget today. What are your expectations? Share with us.

Team Accountech

AccounTECH Expert's take on Annual Return and Reconciliation Statement for FY 2017-18.

A lot of representations have been received by government in recent days seeking another extension of due date of filing of annual return of FY 2017-18. Also the stats of Annual Return filings as shared by government aren't very encouraging. Around only 20% of total eligible taxpayers have filed the reconciliation statement. Going by this we can expect another extension.

Though another extension is on the cards, however we can't be very sure about that as in recent times government made alot of changes in Annual Return and Reconciliation statement, and most of the problematic areas have been made optional. So in case there is an extension, be very well assure that it's going be to the last extension for FY 2017-18.

Another possibility which is arising now due to technical glitches in GST Portal, is that the government might think to make Annual Return and Reconciliation statement optional for FY 2017-18 for all category of taxpayers (or totally make it inapplicable, which are basically the same thing) As portal is having multiple issues and it needs an overhaul. Prime example of that is the mess which was created in this month while filing the monthly returns.