Financial Daily from THE HINDU group of publications
Wednesday, Mar 09, 2005
Financial Daily from THE HINDU group of publications Wednesday, Mar 09, 2005 |
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Industry & Economy
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Income Tax Filing of returns may be made mandatory for more persons K.R. Srivats
New Delhi , March 8 FILING of income-tax returns may become mandatory for more persons in the coming days. The Finance Ministry is not averse to identifying more provisions that enable assessees to get away without filing any return of income on account of the tax exemptions on certain types of incomes. As an important step towards widening the tax base, the Budget has already sought to shift the basis for filing of return from total income to gross total income. All persons claiming deductions under Chapter VIA or Sections 10A, 10 B or 10BA would be required to file their return even if their income after claiming such deductions or exemption is below the taxable limit. If their total income before giving effect to the provisions of Sections 10A, 10B or 10BA and Chapter VI A exceeds the maximum amount not chargeable to tax, then a return of income would have to be furnished. The Institute of Chartered Accountants of India has now made suggestions to the Finance Ministry that the same logic could apply for exemptions provided by certain sub-sections of Section 10. "We will look at Section 10 to see if some cherry-picking of sub-section is possible," a revenue department official said. Tax experts feel that the exemption enjoyed by charitable institutions and educational institutions or even exemption on long-term capital gains on sale of equity shares or mutual fund units could qualify for such an examination by the Ministry.
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