The Friday of the month when IT Return has to be filed, some thoughts…
Our PM is very keen to unearth Black Money, his plea…”dear brothers and sisters, please avail of this golden chance to disclose your undisclosed income”. The amnesty ends September 30th.
Only 1.4 million people have Income of more than Rs 1 million (according to IT returns), but 2 million cars are sold every year!!!!!!!!
Slowly but surely technology is catching up. PAN is now needed for almost every transaction and the NRI routes are also gradually closing. All NRIs who have income from all sources above 2.5 lakhs in India must file their Return before end July.
Even income from Shares held for more than a year and sold in the stock exchange which is non-taxable has to be included for total income. It’s getting tougher to Round Robbin.
India has signed DTAA (Double Taxation Avoidance Agreement) with more than 90 countries. NRIs must find out from experts which income is taxable in India and the procedures and forms involved.
India has one of the most competitive and low Income taxes in the World. It is important that all Professionals – Doctors, Lawyers, Chartered Accountants, Architects, Interior Designers, Coaching Classes etc etc etc start paying taxes.
Let’s support to move our 200 million out of Poverty. Let’s Support Nation Building, the SEEGOS way.