Public Opinion On Income Tax Amendments Act 2016-17 Passed By The Lok Sabha?
The finance bill passed for 2017 spoke volumes about the income tax return with the idea of early reporting of the income by the taxpayers. There came a number of changes in the aspects of the income tax return filing. Before the Income Tax amendments act, a taxpayer could file income tax returns for previous two years. However, this was reduced to one meaning that now income tax returns could only be filed for one year. This means for the financial year 2018-2019, you can now file income tax return for only this one financial year in the assessment year 2019-2020.
What Is Mandatory Fee Need To Paid
Also there is a mandatory fee to be paid for the delay in filing you income tax returns. If you did not file your income tax returns in the due date which was 31st August for the assessment year 2018-2019, the income tax officer can then charge you will a penalty of INR 5000 for such failure even after giving you notice to explain your case. Therefore you can no longer file income tax returns after the surpassing of the assessment year according to the Income tax amendments.
What About Prior To This Amendment –
The income tax amendments also allowed time limits in order to revise the income tax returns filed by you. Prior to this amendment, you were not allowed to remove any error or discrepancy from your income tax filed before the due date but now you can revise your income tax return even if you’ve filed it before the due date. The income tax slab for people earning 3 lakhs to 5 lakhs was also decreased from 10% to 5% owing to the fact that majority of Indians fall under this category.
All in all, the income tax amendments led to a clearer and transparent picture of the income generated by an individual within a financial year than what used to happen previously and this received positive reviews from the taxpayers.