NEW SCHEME FOR COLLECTION OF INDIAN TAX.

Friend’s Indian economy has the third place in whole of world, and is in growing phase. Indian economical structure are running through the collection of revenue by Indian Government from different sources like collection through levies of different tax or Government engage in different business activities. Collection of Indian Tax is so Important for Indian economy that it give heavy contribution to reach upward to Indian economy i.e. most of the collection of Indian government is arising from Indian Tax system, but this structure is so complex that normal tax payer’s are unable to understand this because of the following;
1. Fulfillment of various tax compliance like payment of tax on due date, filing of tax return on due date and produce various information and documentations before the authorized officer as require by him.
2. Amendment in legislature from time to time to fill up the low fall and insertion of new explanation & section, due to this it is difficult to update for every tax payer and they fell burdensome and don’t make 100% concentrate in their business/profession.
3. If a normal business man conducting business innocently, it is not possible for him to aware all the legislature which is levies on transaction occurring in his business and he has to spend lots of money for hiring of consultant.
4. Heavy expensive structure, because Indian Government spends almost 16% per year in the process of collection of Indian Tax Revenue.
In order to remove these inconveniences I have an idea in my mind to make easy this structure which will be easy to follow and simple to understand. There will be no need to follow various formalities by tax payer from time to time and neither requires spending more time and money to comply provision of various nor need to spend various expenditure by government to collect tax.

PROPOSAL
Government of India should adopt a process for collection of tax through banking channel.
The following process should be adopted.
1. For the removal of black money it will require to stop the transaction in cash i.e. make a scheme for conducting all the transaction through banking channel which is exceeding Rs. 3000/-
2. Give the instruction to Indian Bank to deduct tax @ 2.06% on each transaction (except exempt transaction) and remit the remaining balance to the beneficiary.
3. Further make the bifurcation of deducted tax into the following.
i. .70% Secure for Central Government.
ii. .70% Secure for those States Government in which beneficiary of transaction are conducting business\profession.
iii. .30% secure for Education sector
iv. .30% Secure for agriculture sector
v. .06% for Banks for its management purpose


The following are the exempt transaction.
1. Transaction is occurring for agriculture purpose.
i. Transaction for hiring of agriculture land
ii. Purchase various fertilizer by agriculturist for growing
iii. Sale of agriculture product by agriculturist.

Hi all!!
We have recd a notice which states " assesse has claimed loss under the head Business and profession; however has not filled BS and P&L and not got the books audited." (error code 32) I have following queries:
1) If we claim loss (which we have), is it mandatory to fill complete p&L? We had filled " No accounts case" part because proper books are not maintained
2) Do we have to get the books audited?
The t/o does not crosses 60L or 1 Cr
What should be appropriate response to the notice.

service tax is charged on rent includes TDS (rent + tax deducted at source )
or
only on gross amount of rent


????? on what amount service tax is required to be chargeable.

i have purchased land, which is having government value more than the actual market value of that land.
so, is in this case the difference would be charged as deemed income or else ?

and, what are the remedies available for reducing tax liability ?

please reply
thank you

Friends..i need a clarification. .. my IFHP is Rs.250000 long term capital gain is Rs.100000..and 80c ded is Rs.100000..I want to know hw much tax i has to pay for this F.Y

If i have total income of Rs.300000 in fy 2012-13,out of which Rs.100000 is LTCG then, 1. what will be the tax amount. 2. How can i apply the basic exemption limit.

Hello Everyone,

Please Guide me on this,
My friend is working in his father's Architect Service providing concern, working as an Employee, his salary is Rs. 40,000/-p.m. The thing is, he dont want to take salary, & since 7 months he is not taking his Salary. But the Accoountant is deducting the TDS from his Salary every month.

Is it correct on the Accountant's part?
Please explain me the whole thing.
Thank You.

Please explain me what amount of TDS to be deducted if there are two seller one is Indian and other is Indian but holding passport of Overseas Citizen of India and property is already sold and TDS is deducted @ 1% can anyone explain the consequence and how can it we resolve the same and the seller (OCI passport holder) has applied for PAN Card but same is in process.

Can an assessing officer visit the official business premises of the assessee during the scrutiny proceedings u/s 142 of past A.Y.?

Please reply.

what is the position of the wealth tax liability in case of pvt ltd companies having depreciable assets and land on which plant is constructed also vehicle and business debtors and cash and bank balances. no other assets in held. in liability side having authorised and paid capital approx 40 lacs. than bank limit as well as unsecured loans and few current liability only.