Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India :: form 3cd :: TDS :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: due date for vat payment :: cpt
« News Headlines »
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17
 Non-taxing GST apps to make filing income tax return less painful

Scheme for those earning up to Rs 3 lac
November, 15th 2006

Taxpayers who have an annual income of Rs 3 lakh would be able to avail the service of a tax preparer. The income tax department which is finalising the details of the scheme has decided that the facility should be availed of by small taxpayers.

Central Board of Direct Taxes officials said 5,000 tax preparers would be selected through an all India exam, who will then be trained extensively by NIIT. These would then be given a special identification code by the department. They said would be working under guidance from the department.

On apprehensions expressed in certain quarters questioning redressal if the conduct of these tax preparers was not up to the mark, they said that the identification code would be given by the department and that they are empowered to take action.

But, they said chances of this happening are rare as the scheme is aimed at creating self employment and a self-employed professional, who wishes to enhance his business, would prefer to have a clean image.

Questions have been raised on the issues like protection of privacy of clients as chartered accountants are bound by conduct rules of their institute, there are no such norms for the tax preparers . But, the officials said since these tax preparers will work in coordination with the department, their conduct would also get monitored in a way.

Echoing similar views, BSR & Co director Vikas Vasal said, the scheme would lead to enhanced tax compliance. He pointed out that a large number of salaried were not filing returns even though their income tax was deducted at source because of the sheer effort involved.

With the help of a tax preparer, who could help them file returns at minimal costs, these small taxpayers would be more than willing to file returns. This is more so as now to avail loans one needs to show ones returns. In fact, he felt that chartered accountants could well employ these certified tax preparers and move on to greener pastures.

Another chartered accountant said the number of returns has been on a rise ever since the tax rates started coming down. With such a help at hand a small taxpayer who does not understand the intricacies of the taxation law, will be keen to file returns.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions