Tuesday, July 3, 2018

Trace is not capable of showing all earning by Indian citizen and due to all this kind of loophole in system promoting corruption practice in country

एक कदम देश को corruption  Free  बनाने की ओर।

Response from CBDT: The issue raised in your grievance pertains to Policy matter. Your grievance is being forwarded to JS, TPL-I, RNO: 148-A, Ministry of Finance, Dept of Revenue, North Block, New Delhi -110001, Tel: 011-23092988, for further necessary action.

Transparency is Key of successful government, tax charging or not is the sole decision of Government of India


Reference: 
CBODT/E/2018/10242- TRACE
PMOPG/E/2018/0323272 – TRACE


Challenge 1: People have earned from the rented property which is not reflecting into Trace System From 26AS irrespective of rent even (below 1 lakhs yearly)
Effect on Country: No trackability in TRACE is promoting corruption in rent claim and promoting black money due to all this kind of transaction

Solution:  Minimum 10 Rupees TDS monthly should have to deduct against the Flat / House Owners so that this will be reflected into both Tennent and Owner both form 26AS, this should be the responsibility of both Owner as well as the tenant.



Challenge 2: People have earnings from the Shares equity mutual fund. it has been observed that trading company like Indiabulls, Motilal Oswal, ICICI. many more are not able to give a clear cut report which state clearly Total Amount Invested Yearly, Brokerage Paid During Year, and after all charges GST, Stamp duty, Demat a/c fee what is net earnings in which Tax need to be paid. 

The report provided by a trading company like 
Capital Gain/Loss report for Financial Year is not cover all and giving insufficient information on which tax need to pay or total brokerage taken in a year, total stamp duty paid, total GST paid Demat account charges…..


Solution
Clear cut tax need to pay on short-term gain after deducting all GST, Brokerage, Transaction charges, SEBI Turnover fee, Stamp Duty need to be provided by the trading company
Also by default Minimum, 10 Rupees TDS yearly should have to deducted against this Trading account or PAN Number So that short-term gain or long-term gain will be reflected in to TRACE From 26 AS



Challenge 3: Interest credited into saving account not shown into ITR and form 26 AS, People have multiple saving accounts few are linked with Aadhar and few are not linked.

Solution: All bank should have to deduct TDS Rs 1 for interest credited into saving account irrespective of amount. People need to claim interest benefit in 80TTA
Benefit: all account income traceability increase, transparency will increase

Challenge- 4: All NPS contribution under 80CCD (1), 80CCD (2) , 80CCD(1B) need to be reflect in form 26AS. No clear year report which say total NPS account annual charges taken and yearly fees collected during contribution, and GST paid.

Solution: to achieve this aim NPS Body should have to deduct Rs 1 TDS and deposited against PAN Number so that all contributors will be reflected into TRACE Form 26AS

Challenge- 5: All Employee PF contribution under 80C and interest credited into this account need to be reflected in form 26AS.

Solution: EPF office must have to deduct Rs 1 TDS deducted against PAN every year during interest transfer also every year EPF office must deduct Rs1 TDS and reflect total PF contribution of the employee, so that this will reflect in to form 26 AS

Challenge- 6: All PPF contribution under 80C and interest credited into this account need to be reflected in form 26AS.

Solution: PPF Body or BANK must have to deduct Rs 1 TDS deducted against PAN every year during interest transfer also every year PPF body/ bank must deduct Rs1 TDS and reflect total PF contribution of the employee so that this will reflect in to form 26 AS.

Challenge- 7: All GOLD purchased in a financial year need to be reflected in form 26AS.
Taking the pan card copy is not enough during gold purchased.

Solution: Jewellers Must have to deduct Rs 10 TDS against Pan for Gold purchased and need to mention the value of gold bill amount. so that it will reflect in Trace Under Total wealth of Tax Payer. This will stop corruption in both end purchaser and seller.

Challenge- 8: All House/ Flat purchased in a financial year need to be reflected in form 26AS.
Taking the pan card copy is not enough during house/ Flat purchased.

Solution: Flat buyer Must have to deduct Rs 10 TDS against Pan for Flat / House purchased and need to mention the value of House Purchased amount in which registry is going to be done.So that it will reflect in Trace Under Total wealth of Tax Payer. This will stop corruption in both end purchaser and seller.
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