BUDGET 2018 – TAX PROVISIONS EXPLAINED
The impact of the Tax proposals for the Individual and Corporate Tax payers, simplified and explained
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They know what you did last year
Many of us would remember having been scared watching the 1997 Hollywood blockbuster, I know what you did last summer.
While the mystery movie and its sequels, I still know what you did last summer and I’ll always know what you did last summer, had we scared out of our wits, it is now time to be really frightened and petrified, if you have earned income in India and have not filed your return of Income.
The Income Tax department, through its non-filer monitoring system, has identified about 13.7 million people with potential tax liabilities who have not filed their return of income.
In plain and simple words, it means, they know what you did last year.
Read More →Understanding Section 269ST
Understanding the new Section 269ST of the Income Tax Act, 1961
INR 3 lakhs ceiling on cash transactions
In the Union Budget, 2017, Finance minister Mr. Arun Jaitley had emphasised the need to address black money formation and had proposed a ban on cash transactions over INR 3 lakhs.
To enforce this, a new section 269ST has been proposed in the Income-tax Act, 1961.
This new Section states that no person shall receive an amount of INR 3 lakhs or more from another person in a single day, for a single transaction, in any other form other than a cheque, bank draft or an electronic bank transfer.
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