Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: cpt :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD
Indirect Tax »
 States set separate dates to implement e-way bill
 What are direct and indirect taxes?
 Indirect transfer conundrum continues
 We expect significant changes in income tax slabs, say taxpayers
 Indirect taxes collection could fall short of target due to GST
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018

High-income taxpayers to get priority treatment and extra facilities
July, 11th 2017

Welcome priority taxpayer, how may I help you? That could be the greeting you may get from the taxman, an encounter that's traditionally been far from friendly.

Central Board of Direct Taxes (CBDT) has begun work on a plan based on the recognition that 80 per cent of India's direct tax is paid by 20,000 individuals and entities.

There is a strong view in government circles that they be accorded better treatment along the lines of priority customers, an official said.

Such a priority taxpayer will be able to meet a tax official across the table to resolve questions over liability.

Any assessment order on such taxpayers will be vetted by aspecialist in that sector before being issued to the company, according to the proposal under discussion. This will help reduce litigation and disputes that India's tax system is burdened, it is hoped. "A taxpayer is like a customer to the department," said the official. "One who pays more tax should have some additional facilities."

Another category of taxpayers comprises those who will get better treatment but are prone to evasion and therefore need to be monitored through data feeds. A third category is of individual taxpayers in the Rs 5-10 lakh annual pay bracket. They will get completely non-intrusive service with an emphasis on e-filing, e-assessment and escrutiny, said the official.

As part of the plan, the income tax department is also working on jurisdiction-free assessment, which means the officer concerned doesn't have to be located in the same area as the taxpayer. It is also moving to an environment in which all communication between the department and the taxpayer will be electronic.

"All these changes will require amendment to the income tax law that can be taken up in the next budget," the official said. Some of these changes have been already presented to Prime Minister Narendra Modi and he has backed a taxpayerfriendly, non-adversarial regime, the official said.

"There is a dire need to have a resolution mechanism at the first stage of the dispute itself, wherein tax payers, especially large tax payers, could discuss with revenue authorities and arrive at a decision/resolution in time," said Vikas Vasal, national leader, tax, Grant Thornton India LLP. "This would go a long way in India bringing in transparency, ease of doing business and will cut down on unnecessary disputes and litigation in the country."

Tax jurisdictions across the globe have adopted different practices to address tax issues and provide guidance to taxpayers, especially large ones, to help facilitate ease of doing business, provide certainty and cut down on costly litigation.

Bridge the Trust Deficit
Building trust between taxpayer and the tax department makes eminent sense, and is in sync with the recommendations of the Shome panel. The goal should be to minimise taxpayer interface. Now, the goods and services tax is creating multiple audit trails that will help widen and unify the tax base. What India really needs is a modern networked tax administration that is equipped to use big data analytics.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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