Direct tax revenue will soon slip in the financial year 2019-20
You must have read in the newspaper that direct tax revenue will soon slip in the financial year 2019-20. The Income Tax Department is conducting Survey U / s 133A of the Income Tax Act on assessee’s business premises in order to recover higher tax sums and to meet budgeted tax collection. The income tax department will even conduct a tax recovery survey and TDS test to recover higher taxes.
In view of the above situation, we request you to take necessary steps:
(1) keep books of account updated
(2) Unwanted chits/papers/ noting always create a problem. So you should not keep such papers in your drawer/computer/ laptop/personal diary. Please destroy it.
(3) keep advance tax working ready for the installment of March 2020
(4) pay advance tax on the basis of booking of flats/ shops made during the year
(5) ledger confirmations of all sundry Creditors should be always obtained.
(6) Name and address of loan depositor with PAN should be always readily available at your office.
(7) provisions of the Benami Property Act are very severe and therefore never enter into such transactions. “ Hawala Loan “ transactions are covered under the Benami Property Act
(8) Always pay tax as per Law
(9) Pay TDS, Advance tax, GST within the time limit allowed under Law.
(10) keep the Labour Contract agreement ready.
(11) partners should have complete knowledge in relation to transactions entered in books of accounts
(12) Please note that income declared under section 68 to 69D of income tax Act is liable to tax at 75% provision of section 115BBE of Income-tax Act.