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INCOME TAX का बड़ा बदलाव जो मोदी जी छुपा गए | Taxpayers Charter ft @Tax Guru Ji - YouTube
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>> RISHABH- Friends
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You and I think that only the big scammers
and those who must be hiding crores of rupees
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are the ones who must be getting
tax scrutiny & notices.
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But you'll be shocked to know that
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According to a recent reform,
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even a foul play of 5-10 thousand can
lead a notice or scrutiny straight to you
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Till now all the salary persons
and most of the businessmen
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used to ignore the matters related
to tax and income tax saying that
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it would be handled by
our CA or Accountant
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and we don't have to
worry about it.
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But now things have changed
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We have already uploaded a lot of
good videos regarding income tax
[34]
and you can check them by
clicking the I button above
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But now, we need to know more about income
taxes as, on 13 August 2020, this happened.
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>>P.M.-Transparent Taxation,
Honouring the honest
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The new taxation system of 21st century
has been launched today
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Faceless assessment and taxpayer charter
have been implemented from today.
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Although, the service of
the faceless appeal will be available
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for all the citizens from 25 Sept ie
the birth date of Deen Dayal Upadhyay
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But one thing that he has
very conveniently ignored
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was "Expanding the scope of SFT"
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>>MANDEEP- Assessment, Appeal ... SFT!.
What's that?
[86]
>>RISHABH- Don't worry friends,
Today we will be talking about all this.
[89]
So in today's episode, we will discuss
the 3 benefits announced by our PM
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Faceless Assessment, Faceless Appeal,
and Taxpayer Charters. What's that?
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Apart from it,
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we will see, what happens behind
the scenes of the Income-tax department
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and why do all this scrutiny
and notices come?
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Will this new reform
make it easier to evade tax?
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We will understand what is SFT?
& how it will affect the common taxpayer.
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But I am not alone
enough qualified,
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that's why I have invited
my dearest friend.
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>>GAURAV- Hello, I am Gaurav
from the "Tax guruji" Youtube channel.
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and today I'll be joining Rishab
in answering all these questions
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related to Tax charters
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>>RISHABH- So, friends, I am Rishabh Jain
and you're watching Labour Law Advisor.
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[ Intro Music ]
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So why did the government
make all these changes?
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For tax payer's benefit?
LOL
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So friends as we know the government
needs tax payer's money to function.
[149]
No Tax means No revenue that means
No Government Projects and No Development
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When people will see that
work is not being done,
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they will not vote for the government
and it will lose the next election.
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Hence every government wants
a More Number of taxpayers,
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Honest taxpayers, and Regular tax payments.
There shall not be any inconsistency
[177]
One way to ensure this is to
make the law and compliances.
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more simple and organized and
introducing online portals.
[185]
That's what the government
has already been doing
[187]
But the Government has thought
of another way,
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as in India out of 133 cr only
1.5 crore peoples pay the taxes.
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So the government thought to remove the
the fear factor of tax from people's minds.
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Right now most people pay their
income tax out of fear.
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The government thought that if
we remove this fear then maybe.
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more people come forward to disclose their
income and pay their income tax comfortably
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That is exactly what this Transparent
Taxation Scheme wants to achieve.
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So let's first see the present scenario.
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Right now every taxpayer has to
give tax on his income and for this,
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he files an income tax return
mentioning all of his income.
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The Income Tax department checks
the credibility of this return.
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For this, they use
two types of tools
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The first one is Form 16 which
is used in an employee's case
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in which your employer mentions how
much TDS has been deducted,
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And you tell him about your investments
so that he can deduct TDS accrodingly
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your allowances, your Rank
and HRA, etc
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and all this information goes
to the income tax department.
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Second tool is this Section
of Finance Act 2014
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'Obligation to furnish statements of financial
transactions or reportable account'
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In shot Statement of
Financial Transaction, SFT.
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Under this government has
the power to direct
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big financial institutions like Banks and
even companies to provide the information
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of any large financial transaction
made by them to the government
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in the specified format.
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>> GAURAV- Suppose you are a salaried person
who is filing his ITR through form 16
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In form 16 you showed
the income of 10 Lakhs
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and Wrote it 6 Lakhs
while filing ITR
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Here since your data will be mismatched,
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you will receive an intimation from
the Income-tax department under 143(1).
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>>RISHABH- So the government appoints an officer
to scrutinize your account
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and to look for anything fishy.
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If the officer finds something suspicious
then he can ask for additional information,
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like Proof of expenditure,
invoice etc.
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If the officer is still not satisfied
& puts some charges over you
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to pay some amount of tax.
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Then you can appeal against it
to the income tax commissioner.
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>>GAURAV-As of now, if an assessee gets
a notice from the Income-tax office
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then he has to physically meet
the assessing officer
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which may lead to some
adjustment situations.
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When the taxpayer directly interact with
assessing officer, corruption begins.
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When the two will face each other
any of record conversation between them,
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will not be known by the department.
This gives rise to corruption.
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>> RISHABH- Prime minister in
his speech said
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>> P.M.- In the year 2012-13
amoung all the tax returns filed,
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only 0.94% out of them
were scrutinized.
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In the year 2018-19 the figure
has come down to 0.26%.
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Hence the scrutiny cases have been
reduced to 1/4th of their number.
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>>RISHABH- New reforms, Reform No.1
Faceless Assessment and Faceless appeal.
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Under this new system, a central
computer will analyze your filed returns
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and match the entry in the
SFT against your PAN card
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and check whether entries in the form
16 are matching with your returns or not
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Then it will pick some random
entries and send them to
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an assessing officer. Now this
assessing officer
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would neither be of your city,
nor would he know who he's scrutinizing.
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Nor you be knowing who he is
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As all these documents will be marked and
changed with DIN(Document Identification Number).
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It's quite possible that you,
who is in Bangalore
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is having an officer who
is in Jaipur.
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All the conversation would be either
in online mode or through e-mail
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Or you have to upload
the documents.
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There wouldn't be any
telephonic conversation.
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It means, Neither you can bribe
him, nor he can harass you.
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So, these faceless assessments are running
live from 13th August 2020.
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And you can also do faceless appeal,
if you are not satisfied with
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this online assessment or if
an officer has put a charge over you.
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Again all this process would be
online and all names would be confidential.
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The second benefit is
Taxpayer charter.
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Charter means when a sovereign body
transfer the power to a lower body.
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So, what powers this reform offers
to the taxpayer of our country?
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The government says that an income tax
officer cannot harass you unless
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he is having some solid proof
against you and he can't order
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for Raid or seizer or scrutiny
without solid proof.
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All your assessments and appeals
would be faceless, Unless you have
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committed a major crime,
like money laundering or international fraud.
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Everything would be in a
time-bound manner
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Whether it's a pending refund or
a pending appeal.
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So, this is all the government
has to offer under taxpayer charter,
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but this charter comes with
some responsibilities as well
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Here it is our responsibility to
use all these powers honestly.
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So as I have told you earlier
SFT means that
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whenever there is a big transaction
with a bank or other financial institutions,
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they have to give the data of
the PAN cardholder to the Government.
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>>GAURAV- Till now only big transactions
were included in the SFT,
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but now small and recurring transaction
are also being included in SFT.
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>>RISHABH- For example 1.If you
have paid a fee or Donation
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of any financial institution worth
rupees more than 1 Lakh
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or you stayed in a hotel
whose bill is more than 20 thousand,
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or you have traveled in business
class in(Foreign or Domestic) flight
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or your life insurance premium is
above Rs 50 thousand.
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Or your health insurance
premium is more than ₹20,000
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or electricity consumption above
Rs 1 Lakh Per Anum, or
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if you own a share account,
bank account or bank locker.
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So don't worry if the government is
having the info about your shares,
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So it doesn't mean that you
won't be opening your Demat account.
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You only have to give tax when
you earn a profit, No profit earn means no tax.
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If you haven't opened your Demat account
yet, then the link is in the description.
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Upstocks might be free, and there
could be more additional offers.
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you can check the description
below for details.
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So in all the above cases
your PAN information
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will be shared with the IT Department.
When you will see your Form 26AS
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Those who don't know what is
form 26AS.
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It consists of all your details
which are with the income tax department.
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By seeing it even the taxpayer
could know, that the
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The income tax department has all the
details of his expenses made
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such as paid hotel bills,
Donation of more than 1 Lakh etc.
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And suppose you are showing
your income is 2.5 Lakh
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and from that, you made a
donation of 1.5 lakh,
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then the question would arise
how you made such a transaction.
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The system itself notice the mismatching
of your expenditure and substantial income.
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Then you will be caught
and scrutinized for sure.
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>> GAURAV- Here I would like
to add one more thing
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that these SFT transactions, which
would be reflecting on your 26AS
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so till now, the procedure was
like that you don't have to
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give the proof of the expenses
you are claiming under 80 C,80 D.
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So anyone could get the refund
of any shown expense,
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even without showing
the proof.
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So till now many service persons
used this malpractice of
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mentioning an expense which
does not apply to them.
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Suppose I'll take life insurance
as an example,
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they used to claim their refund
by claiming life insurance under 80C.
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But since from now your insurance
premium will be reflecting in form 26AS,
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so you have to keep that amount
in mind while claiming a refund.
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because if you have claimed the
amount,& it's not there in 26AS,
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then you won't be getting any
deduction for that,
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instead, you will be facing
an inquiry for this.
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>>RISHABH-Finally I think
it's an intelligent move
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and in the direction in which
government is moving
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it's possible in the coming future
you will be seeing
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two tax regimes working in
our country, new and old.
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and you can use any one of
them to pay your taxes.
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You can claim the deduction, reduction
under the old regime, if you want to
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as you won't be able to
claim any under the new regime.
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But no country can have two
regimes running simultaneously,
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so it's my intuition that gradually
this old tax regime will phase out,
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along with all of its
deductions and reductions.
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and government move towards a
more streamlined process,
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in which you cant hide something
which the government couldn't verify later.
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And the government is trying to plug
in all those things which could be
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fabricated by the taxpayers.
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Like in old tax regime the HRA
you have claimed is actual or not
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Suppose you have claimed
the HRA in your company,
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but there isn't any big transaction
shown in your records or book
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then the government will
know about it.
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Same if you have claimed
expenses of Rs 2 Lakh
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and if they won't be real,
then you will be caught.
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Suppose you are having an unauthorized
income and you spent that on vacation
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then those details will also
go to the government,
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as the government will be having
all the details of your passport
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and foreign trip, as according to
this new forms and new SFT.
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So all in all, it's a
welcome move which would be
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beneficial for the honest
taxpayers of our country
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since he doesn't have to face the
unnecessary harassment anymore
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and the overall system will become
a lot easy and better.
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If you want to know more about
income tax, Income, Deduction
[784]
then I have already made this video
over it in a very easy language
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for non-commerce students, you can
watch it by clicking the I button.
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So that's all for today's episode.
If you have any queries or doubts
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please write them in the comment box,
we will be pleased to answer them.
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If you like our content
you can like our video
[801]
And if you are an honest taxpayer
then write "Jai Hind" in the comments
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That's all for today. This is
Rishabh Jain signing off.
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Jai Hind, Jai Bharat
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>>RISHABH- You can turn on the
fan now.
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I will repeat this.
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Yeah, stay down stay down
very good.
[816]
Don't hurt yourself while
getting up.
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