Get Ready to be More Taxed With Finance Bill 2012


Bangalore: In the new Finance Bill 2012, in which introduction of online tax filing forms is the most excellent one, reports Amarpal S Chanda, on behalf of ET. He is a Tax Partner of Ernst & Young.

In a cite to improve, the Indian tax authorities has put forward the new form of filing tax return and made it mandatory for a particular category, the Centralized Processing Centre.

They have brought out the ‘disclosure’ principle for individuals, even though other corporate governance policies mandatorily require companies to all aspects to all stake holders.

The Finance Bill of this budget recommends that ‘every individual who has an asset outside India has to file the tax return mandatorily irrespective of income’, which will come into effect from tax year 2011-12. In Amarpal’s words, “income is not the only criteria to file an income tax return in India.”