Thursday, January 30, 2020

Income tax Assessment Procedures

For a return submitted under normal scheme, assessment is made after giving an opportunity of hearing. For returns submitted under Universal Self Assessment Scheme, the acknowledgement slip is considered to be an assessment order of the Deputy Commissioner of Taxes. Universal Self Assessment may be subject to “process and audit”.
Provided that a return of income filed under universal self assessment scheme, shall not be selected for audit where such return shows at least twenty per cent higher income than the income assessed or shown in the return of the immediately preceding assessment year and such return- (a) is accompanied by corroborative evidence in support of income exempted from tax; (b) does not show receipt of gift during the year; (c) does not show any income chargeable to tax at a rate reduced under section 44; or (d) does not show or result any refund.
Tax Recovery System :
In case of non-payment of income tax demand, the following measures can be taken against a taxpayer for realization of tax:-
  • Imposition of penalty.
  • Attachment of bank accounts, salary or any other payment.
  • Filing of Certificate case to the Special Magistrate/Collector of District.

Tuesday, January 28, 2020

Businesses without addressing the needs and expectations of stakeholders in a community cannot remain competitive in the contemporary era. A strategic approach to Corporate Social Responsibility (CSR) can bring benefits in terms of building reputation, brand value, customer relationships, operational risk management, driving up efficiency, access to new markets and better human resource management through employee motivation and retention. Responsible business conduct is especially important when private sector operators provide public services. CSR offers a set of values on which a more cohesive society can be built and on which the transition to a sustainable financial and economic system can be based. Enhancing CSR as a means for poverty reduction and sustainable development in a developing country like ours with modest resources requires joint initiatives by all stakeholder groups involved: governmental bodies, NGOs, and corporations, as well as primary producers and workers. Only through co- operation of stakeholders at all levels CSR can have a beneficial social and developmental impact. Moreover, multi-stakeholder initiatives are an appropriate tool for experience-sharing and the development of best practices for creating a link between corporate insight and the government agenda.
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