Changes in IT Law - debate
Can we please all review below, agree on what is acceptable and raise exception to what doesnt and go back to FM
Kindly make note of the following changes in IT law that come into effect from 1-4-2017
(1) Limit for payment of expenses by cash (both, capital and revenue expenditure) reduced from Rs.20000 to Rs.10000 per day in aggregate per person. Capital expenses paid in cash beyond the said limit will not be taken into account for depreciation purposes. However, the cash payment limit for lorry fright etc. remains the same at Rs.35000.
(2) No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST) —
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion.
The penalty for violation of above is to be a sum equal to the amount of such receipt.
Examples for above -
more
Kindly make note of the following changes in IT law that come into effect from 1-4-2017
(1) Limit for payment of expenses by cash (both, capital and revenue expenditure) reduced from Rs.20000 to Rs.10000 per day in aggregate per person. Capital expenses paid in cash beyond the said limit will not be taken into account for depreciation purposes. However, the cash payment limit for lorry fright etc. remains the same at Rs.35000.
(2) No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST) —
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion.
The penalty for violation of above is to be a sum equal to the amount of such receipt.
Examples for above -
more
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View all 27 comments Below 27 comments
In my view the more tightness means more chances of corruption. The things would be worked out with finding alternatives and get rid of such system faults. The best way would have been to disincentivise cash payment and incentivise cheque and other plastic payments. In fact the cash payment has got incenives and plastic money is disincentives by charging transaction fee. more
Apr 03
Too much,too soon will not gel with the masses. Dont create a panic situation in the masses who want to play along with you. more
Apr 03
We want to make an air tight room but want have a hole in it. If Rs 10,000/- limit is set why the freight payments to the trucks are exempted. Truck companies can very much provide fuel cards to the truck drivers and the consumers can pay to the logistics company digitally. Rs 2 lakhs limit can be set as a limit for one individual entity to make total cash pay during a financial year. Thanks more
Apr 02
dEAR mODI JI " Jayada shakhti karne se khud ke bache bhi baagi ho jate hain janab" Probably you have never been to family affairs that is why you might not understand this complexity of life. more
Apr 02
our main concern is " transforming India". Now the question rise " which way are we heading? are we moving in a right direction? The answer is probably a big no . Making laws stricter wont really going to solve the problem. Making more tougher laws necessarily never lead to more compliance unless and until court verdict are time bound and tax collectors and tax payer gets parity in powers. Giving enormous powers to the officers having every type of social security will make them misuse their power the example is today's Central Govt. They are using powers at their will like ' the English did". there is hardly a difference between ' Gulaam India and today's Independent India. If recent IPDS- 2 is an indication ' which got so much lukewarm response , then Govt must understand that Compliance can not be increased by terrorizing the People , instead rate of tax should be so much people friendly that people should themselves come forward to pay the taxes. If People are not being able to pay 30% tax then how do the Govt Expect them to deposit 49.9% tax along with 25% deposit in PMGKY. So the approach needs to be rational . One example should have been like this" Govt should have allowed the people to deposit and declare their 100% black money without fear under PMGKY within a lock in period of 4 years for 33% percent , 6 years for next 33% and 8 years for the balance 33% . this all should have been interest Free . so the interest earned by the Govt should be treated as Income Tax." This way the Govt Should have nearly achieved elimination of parallel economy. Threatening and terrorizing is just like feeling the people as if they are slaves. How can one expect the people to give 33% of their earning to the Govt without any benefit to themselves our their future generations. Doesn't it amounts to "HAFTA VASSOLY by the Govt?" more
Apr 02
