Absolute change on the Tax compliance front
- All filings with the Income Tax Authorities are E-filling. Complete change on the Tax compliance front.
- Scrutiny of all Filings, Assessments, Appeals, are faceless.
- All financial transactions are mapped with Permanent Account Number (PAN).
- No scope of any personal interaction with / by any Income Tax authorities for any reasons.
- Functioning of the Income Tax Department undergoes major changes. A landmark reform going unnoticed.
- A march towards ending a parallel economy and making India a cashless & compliant economy.
Information available with the Income Tax Department in the new scenario
- Annual Information Statement (AIS) with Income Tax Department, has all the information of the financial transactions fetched by PAN.
- AIS has information like :
- Incomes Expenditures Deposits & Withdrawals of cash from Bank
All transactions of :
Scrip wise Sale & Purchases of Mutual Funds and Shares
Short Term & Long Term Capital Gains bifurcations
Credit Card Transactions aggregating Rs. 2 lakh & above
Sale / Purchase of Immovable Properties
Investments in Fixed Deposits etc.
Assessee can give a response with evidence if the information in AIS is incorrect / inaccurate.
In the new scenario what NRI should be particular about :
- AIS information needs to be considered while filing annual Income Tax Return and pay tax accordingly.
- NRI should share complete information with the Tax Advisor, filing return in India, without fail.
- Contact details like Mobile Number & E-mail id with Income Tax records should be same as registered with Bank Account and should be regularly updated.
Details for which NRI should be very particular about :
- In India, the 1st Account holder is to considered as the owner of a bank account and for other financial assets.
- The 2nd & 3rd holders are merely for E OR S purpose or for signing / operating the bank account.
- Do not route the transactions of 2nd / 3rd holder in the same account.
- Open separate account for all persons having financial transactions in India.
- Refrain from opening multiple bank accounts of the same person.
