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FM Nirmala Sitharaman's Budget goal: Lower rates, simple structure The FM disagreed with experts who termed the new tax regime complex and unavailing saying it would benefit some taxpayers, if not all Current Affairs :Account Minister Nirmala Sitharaman on Sunday said the new expense system proposed in her subsequent Budget would at last lead to bring down rates with straightforward structure. Rejecting analysis that the new system would not be generally useful to the assessees, she stated, “in the long run this should prompt a framework where individuals are exhausted at the most reduced conceivable rate and are given a basic framework. I am beginning a plan, which will in the long run end there. For this, I’m not driving individuals.” She was addressing the media in a casual collaboration daily in the wake of showing the Union Budget in Parliament. The FM couldn’t help contradicting specialists who named the new duty system unpredictable and unavailing. She said the ne...

Linking PAN with bank mandatory for refunds from March: I-T to taxpayers Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers The  Income Tax Department  will “just” issue discounts through the e-mode into financial balances of citizens starting one month from now and they should connect PAN with their records, the  taxman  said in its most recent open correspondence. The office said discounts will be sent to ledgers as it will issue “just e-discounts from March 1, 2019.” Connection your  PAN  (lasting record number) with your ledger toget your discount specifically, quickly and safely, the office said in an open warning issued Wednesday. It included the financial balance could be either reserve funds, current, money or overdraft. Till now, the office used to issue discounts to citizens either in their fin...