Indore (Madhya Pradesh): The Union Budget 2022-23 has once again delegated the right of carrying out income surveys to income tax officers (ITOs). They will just require permission from the chief commissioner. In the ‘Faceless Assessment’ system this right was withdrawn from ITOs. This provision may impact the traders and accesses.
Income tax expert CA Manish Dafaria, said this while decoding the Union Budget 2022-23, here on Friday during a budget discussion organised by the Tax Practitioners Association (TPA). CA Indore Branch was the partner of the event.
Speaking as a keynote speaker Dafaria said that a total of 84 amendments have been made in the Income Tax laws. Prime amendments include taxing cryptocurrency at 30%, taxing gifts of crypto at the normal rate, The most significant amendment made is restoring the right of income tax officers (ITOs) to conduct income tax surveys. ITOs just require permission from the chief commissioner before launching the survey.
Possibility of reassessment revived
Important amendments have also been made in the section of tax reassessment, in which the powers of the department have been increased, due to which there is every possibility of increasing the cases of reassessment.
Earlier, delivering the welcome address CA Shailendra Singh Solanki, president of TPA said that the budget is visionary and development-oriented and has given a lot of emphasis on infrastructure. Apart from
this, it includes promoting digital technology, increasing the use of technology in agriculture or providing homes to homeless people, providing clean water to every household and connecting rivers to provide water for agriculture and drinking. Steps have been taken towards realizing the vision of India.
Source of income of loan taker and the giver has to be disclosed now
CA Dafaria further said that a new amendment has been brought in section 68 of the Income Tax Act, in which not only the source of income of that person but also the source of the person from whom the loan has been taken will have to be proved, otherwise, that loan amount will be taxed under section 68 and section 115 of BBE.
