NEW IT ACT |
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NEW IT TAX ACT FROM 2008 It refers to news of much-awaited new Income Tax Act being introduced from the year 2008 to replace existing IT Act 1961 which has undergone too many amendments since its implementation. Much has been talked about the new Act to be simplified. But it cannot be till present complicated structure of tax-rates with surcharges and cess is rationalised to merge these additives in tax-rate itself. Also there should be common rates of tax-deduction say 10 percent for all except on payment made to contractors and from unexpected huge earnings like lottery or horse race where TDS may be deducted at rate of 2 and 30 percent respectively. Exemption to certain transporters (contractors) for TDS at less than 2-percent creates confusion, and should not be there. Since TDS is only provisional, additives like cess or surcharge need not be added to complicate TDS. System to file annual TDS returns should be restored with a common last date of 30th June. It is unfair that small business-persons are now forced to spend too much time and energy to file quarterly TDS returns while the government gets its revenue from TDS every month. Last dates of filing IT returns can be pre-poned to 30th June and 30th September respectively abolishing absurd idea of spreading last dates between 30th April and 31st October. It is necessary because of October being the festive month. Posted by subhashmadhu on Friday Jul 27 reply Comments |
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