Tax rate reduced to 5% on income Rs 2.5L - 5L

Stating that India is largely a non tax compliant society. Finance minister arun jaitely today sought to remedy that by reducting the base tax consultant in India rate to 5 per cent from the earlier 10 per cent on income of between Rs 2.5 lakh to Rs 5 lak. The minister imposed a surcharge of 10 per cent for those whose annual income is Rs 50 lakh to Rs 1 crore. The 15% surcharge on incomes adove Rs 1 crore will continue.

The minister also said the government plans to extend the basket of financial instruments to which the capital gains can be invested without the payment of tax advisor in India.

There is also a proposal to allow a carry forward of Minimum Alternative Tax for a period of 15 years up from the current 10 years now.

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Tax grievances: Income Tax department to ensure ‘E-nivaran’

The income tax department has launched a special electronic grievance redressal system called ‘e-nivaran’ in order to fast track taxpayer grievances and ensure early resolution of their complaints.

A separate and dedicated window for grievance redressal has been launched recently in the has been launched recently has been launched recently in the income tax business application (TBA), the new smart electronic platform for the regular operations of the department.

The facility is called ‘e-nivaran’ (electronic solution and acts to integrate all online and physical complaints gathered by the department at this platform which will be monitored by the Assessing officer of the case upto the supervisory officers in a paperless environment.

The new system is called unified grievance management system and is acronymed ‘e-niravan’ The system not only records the origin of the grievance on the electronic platform it works on but it also keeps tracking it till it reaches its logical conclusion for final resolution “a-senior IT official said.

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