In order to widen the tax base, all the traders and businessman were asked to pay advance tax rather than paying at the end of the financial year. The motive is to calculate assesses in the starting and helps in making critical decisions. The Government asked the tax man to bring one crore new tax payers within the current fiscal year.
Central Board of Direct Taxes asked the taxman to include 5.32 lakh new assesses. With this initiative, income tax department is now holding public sessions called ‘ Seedha samvad’ with the industry and trade bodies in the public places. One session was organized in the kamla market near Delhi University(Delhi), with the North Delhi Traders Federation. Department did Pan mapping in Kamla market, it was disappointing that the tax returns have decreased as compared to last financial years. There can be several reasons for it. Traders were requested by the department to pay advance tax on time and spread this message in friends and community.
Advance tax is known as ‘pay as you earn tax’ and a person having a tax liability greater than Rs.10,000 in a fiscal, needs to make the payments in instalment rather than doing it at the end of the year.
It will surely help Indian Government to pre-assess the budget and to apply new techniques in order to make sure that no businessman or trader left who have a tax liability.
Filing tax returns on time helps the government as well as you to improve the economy. These changes occur frequently, but you do not have to worry about these changes. You can consult any chartered accountant firm. Ruchi Anand and Associates, the top tax consultants in India can assist you to understand this process.
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