Budget 2018 MPs salary rule extend to it exemptions deductions limits

Kashmir Times. Dated: 2/7/2018 2:54:24 PM

Dear Editor,
The Parliamentarians have got maximum benefit in the Budget 2018 by safe guarding themselves against inflationary trend -which the government is unable to control from any angle/ measure. As it is provided in the Budget that there will be automatic revision of emoluments of Parliamentarians every five years indexed to inflation. This kind of benefit should be extending it to all citizens by linking income tax exemption limit; and raising all the other deductions and exemptions amounts mentioned in various sections of Income Tax Act and Rules etc.
Most damaging proviso of the Budget is loss of claiming deductions under provisions of Chapter VIA under the heading "C, if the return is not filed within the due date, indirectly exemption limit with deductions available till now is reduced drastically in the cases of filing a belated return. It will also encourage of not filing the returns by those who could not file within due date under section 139(1) and thus there shall be revenue loss to the government and forcing of non-compliance of income tax law by innocent citizens-making them unnecessarily tax law breakers.
In fact, earlier provision of Belated income tax returns for last two years must be reintroduced without any penalty to encourage filing of I. T. Returns if by mistake or other causes beyond an assessee control - who failed to file income tax return before due date. Also, government’s objective of filing maximum returns shall be achieved only if these amendments are carried out in this budget.
—M. Kumar,
B-49 Gulmohar Park,
New Delhi.

 

Video

Indian History... Read More
 

FACEBOOK

 

Daily horoscope

 

Weather