New Income Tax Bill: Finance Minister Nirmala Sitharaman tabled the long-awaited expense for the brand-new tax obligation code in the Lok Sabha on Thursday, February 13.
While the brand-new expense is a substantially much shorter variation of the Income Tax Act of 1961, it mandates that assessees would certainly need to share their computer system “ access codes” with tax obligation authorities throughout search and seizure procedures, reported The Print.
What does the brand-new Income Tax Bill state concerning search and seizure regulations
One of the significant objections of the existing Income Tax Act was the wide powers it approved to tax obligation authorities, permitting them to get in properties, perform searches, and confiscate properties or details without giving a clear factor. However, the brand-new Income tax obligation Bill has stipulations that need even more teamwork with tax obligation authorities than was formerly laid out in the Act.
According to the brand-new Bill, an earnings tax obligation authorities can get in any kind of service or charity properties and need that any kind of owner, trustee, staff member, and even “any other person” existing at the time give accessibility to delicate things or solutions, reported The Print.
Give authorities the technological help
The existing Income Tax Act provides police officers the powers to see account books or various other papers, check or confirm the cash money, supply “or other valuable article or thing which may be found therein”, and need “any information as he may require as to any matter which may be useful for, or relevant to, any proceeding under this Act,” states The Print report.
The new Income Tax Bill expands the powers, stating that the person at the premises being inspected must also provide income tax officials the necessary technical assistance “including access codes” to make it possible for the evaluation of account books or various other papers, or computer system, or any kind of various other pertinent product kept online.
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‘Tax year’ introduced in new Income Tax Bill
The draft Bill eliminates the terms ” evaluation year” and ” previous year,” replacing them with a new concept called the ” tax obligation year.”
The intro of ‘Tax year’ suggests that timelines and calculation in the Bill are “now with reference to the financial year for which the income is liable to be taxed.”
