Government New Order On Transaction Of 20 Thousand Rupees To Stop Tax Evasion
Government Order On Transaction || New Transaction Rule || Tax Evasion Rule || Income Tax Rule || Government New Rule On Payment || New Payment Rule || Payment Detail
Government New Rule On Tax Payers
The people will also have to give information of 20 thousand transactions to prevent tax evasion to the Government. After reinforcing theft of indirect taxes through goods and services tax (GST), the central government has stepped in to improve direct tax. Under this, the auditors will have to provide information of every transaction exceeding Rs 20,000 for the real estate in the returns recorded in the income tax department on behalf of their clients.
Government Order On Transaction Details
This will increase transparency in transactions and curb tax evasion. This change, implemented from the financial year 2016-17, will come into effect from 19th July, 2017. For the audit tax filing, the form 3 CD has been amended for filing income tax returns so that more than Rs. 20,000 for real estate. Every transaction can be recorded in the prescribed format.
New Transaction Rule Notified
In the auditor report, detailed information should also be given about the payment like name of the borrower or the depositor with the address and permanent account number (PAN), i.e., to indicate that the account payee has used check or buyer check has been used for payment or else it has been executed through electronic means.
Government New Rule On Payment Method
According to the arrangement till now, the auditor had to give only information about the transactions of more than 20 thousand rupees in case of real estate loan or repayment, but now every such information will be filled in the fixed format.
Income Tax Rule
It is noteworthy that under the Income Tax Act, it is mandatory for those who earn Rs 50 lakh annually and audited accounts for companies with turnover of more than Rs 1 crore. In the case of companies, the turnover limit has been increased to Rs 2 crores from assessment year 2018-19.
So we this is also good move from government side if it is implemented successfully to reach one step more forward to stop tax evasion and to stop such people those don’t show interest in paying tax to the government.