In a bid to disseminated awareness about tax provision in Union Budget-19, a seminar was organized by the Institute of Chartered Accountants of India (ICAI), Ranchi Branch in the State capital on Saturday.
Addressing the gathering tax expert Sanjay Agarwal said that the budget presented in July has not made any changes in the tax slab but the tax rate on the super-rich has been made at 42.74 per cent as well as the purchase of electronic vehicles and there is a provision for interest deduction in the purchase of Affordable House.
Agarwal discussed in detail the changes came in the income tax provisions due to the Budget. Simultaneously, he said about the change in the income tax return form, that the process of filing an Income Tax Return (ITR) for the assessment year 2019-20 has begun.
“The Income Tax Department has issued e-filing utilities for ITR 1, 2 and 4 for Assessment year 2019-20 which is essential for individual taxpayers. The Income Tax Department has made significant changes in the ITR form this year. You now have to give full details of other income in the ITR-1 form. Taxpayers, who are directors or partners in any company, must give the information of that company or firm also in the income tax return. It is also necessary to give information on investing in unlisted shares in ITR. For the purpose of promoting the cashless economy, there is also provision of 2 per cent TDS on the withdrawal of more than Rs 1 crore from the bank,” said Aggarwal.
Aggarwal said that with the use of modern technology the government has complete information about our financial transactions. Therefore, we need to be careful while filing our returns.
In the second session of the seminar, Directors of Direct Taxes CA Ashu Dalmiya, discussed the changes came in indirect taxes by the Union Budget 2019, saying that the provision of this budget was approved by all State governments in GST to approve these provisions after that the changes will be applicable. He said that this budget has encouraged the movement of e-vehicles in the country by reducing the GST rate on the purchase of e-vehicles.
Earlier, addressing the inaugural session of the seminar, President of Ranchi Branch of the Institute, CA Sandeep Jalan, said that the country is going through a period of reconstruction, due to which laws related to tax are changing every day for its information, especially for the Chartered Accountants Professionals whose profession is based solely on knowledge, to keep themselves updated, This requires them to take part in the discussion.
Ranchi and around 100 chartered accountants from around this seminar participate in this seminar.