Interviews
AEPC requests govt to enhance depreciation rate
22 Feb '12
4 min read
This cumbersome process can be reviewed and simple procedure introduced.
After a return is processed at CPC any correction is to be made only by the Assessing Officer concerned. Invariably they plead lack of infrastructure including lack of adequate ministerial staff and the work load of the Assessing Officers.
The refund has to be given within a time frame.
5. TDS
The threshold limit prescribed under various TDS provisions are outdated and / or not in tune with the present inflationary trend. The amounts may be re-fixed at a very substantial higher amounts.
There should be an option to an assesse either to allow the deductor to deduct tax or to pay taxes by himself as advance tax. In view of the stringent provisions regarding levy of interest for short payment of advance tax, any apprehension about an assessee not paying his advance tax is not well founded. An assessee can opt to pay advance tax and in such case, he can file a declaration with the deductor directing him not to deduct any tax while making payments referred to in the Act by furnishing PAN / proof of filing Return of Income.
As a matter of safety to the revenue, where a person files such a declaration and still does not pay advance tax as well he can be suitably penalized.
Click here to read more details:
After a return is processed at CPC any correction is to be made only by the Assessing Officer concerned. Invariably they plead lack of infrastructure including lack of adequate ministerial staff and the work load of the Assessing Officers.
The refund has to be given within a time frame.
5. TDS
The threshold limit prescribed under various TDS provisions are outdated and / or not in tune with the present inflationary trend. The amounts may be re-fixed at a very substantial higher amounts.
There should be an option to an assesse either to allow the deductor to deduct tax or to pay taxes by himself as advance tax. In view of the stringent provisions regarding levy of interest for short payment of advance tax, any apprehension about an assessee not paying his advance tax is not well founded. An assessee can opt to pay advance tax and in such case, he can file a declaration with the deductor directing him not to deduct any tax while making payments referred to in the Act by furnishing PAN / proof of filing Return of Income.
As a matter of safety to the revenue, where a person files such a declaration and still does not pay advance tax as well he can be suitably penalized.
Click here to read more details:
Apparel Export Promotion Council (AEPC)
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