This provision was already into practice.

Salaried people with no other income didn't used to file returns except in case of refund by claiming rebate or exemptions. Same will happen now.

I'd say its nothing but status quo

Salary returns from only a fractional part of a practicing CA’s income. According to me it wont be a major cause of concern.

dont worry...

i dont think a CA is required to file income tax returns for an individual who has got only salary income.

as mentioned by many frens above, the individuals having only salary income or very less.

moreover , when they approach for any loan, i hope  the banks will insist on income tax returns.

Already tax was deducted and paid by employer and now return will also be filed by employer. So, i. tax not to be called as personal tax because the responsilbity is taken by employer so not a personal responsibilty ,atleast for Salaried people.

Also it may happen that some salaried people may not consider other income ( which already many people dont consider). and tell the employer to file the return.

Other thing is that cos. may say that we pay salary by cheque so you will be haivng interest income and  you only need to file the return.

There is some solution to this problem as mentioned below, which may increase the income of CAs and increase their scope/area for  more earnings:

20 per cent and 30 per cent Tax on Income are not advisable, as higher income groups may consider it painful to pay high taxes and there are chances that they may opt to evade taxes in one way or the other.

Well, Income Tax may be considered to be charged at a single flat rate of 10 per cent on total Gross Income as TDS just like a Service Tax only, the minimum.

 However, this 10 per cent Income Tax amount on total gross income may be borne by Employer and Employee in the following ratio and amount:

The implementation of the above System of bearing the tax burden both by the Employer and Employees may be considered as an effective tool for reducing the tax liability on employees (individuals) and reduces the chances of evasion of Tax by Employers, as sometimes, employers show inflated/bogus/more salaries in their accounts to reflect less income or profits. 

Moreover, Government may consider reduced/lower single slab Income Tax rates i.e. 2 per cent, 4 per cent, 6 per cent and 8 per cent on  Total Gross Income upto 50,000, 1,00,000, 1,50,000, 2,00,000 respectively, in the form of TDS for lower income groups, which is to be wholly borne by the Employer, instead of Employee.

However, people below the poverty line may be given exemption of this 10 per cent Tax.

            Incomes of All small firms, different businessmen, wholesalers, retailers, Actors, Musicians, etc. may be considered to be charged at a single flat rate of 10 per cent either it is  25 lacs or 50 lacs or more.

            Spiritual organizations, Charitable Institutions, Clubs, Welfare Organizations etc. may be considered to be liable to Pay Tax at a single flat rate of 10 per cent on all incomes/donations/receipts.

Incomes from 1.  Interest 2. Dividends 3. Short / Long Capital Gain 4. House Property may be considered to be charged at a single flat rate of 10 per cent as TDS just like a Service Tax.  However, people below the poverty line may be given exemption of this 10 per cent Tax.

            Initially, Income Tax of single flat rate of 10 per cent on total Gross Income as TDS may be considered to be applicable for employees of Government, Public Sector Undertakings and Public Limited Companies.  Its scope may be further extended to Private Limited Companies, then small firms, then different businessmen, then wholesalers, then retailers and so on.

Wealth Tax may be considered to be abolished.

STT may be considered to be allowed to be continued and may not be considered to abolish the same.

One new Tax on trading of Shares in the Stock Market may be introduced i.e. 0.001% on delivery and 0.0001% intra-day, which will go into the pockets of individual companies, whose shares have been transacted or traded, proportionately according to their volume of transactions.  It is a pity that thousand crores of shares are trasacted every year, and the respective individual company gets not even a single paise, on whose name, the shares are traded purchased or sold.

When all the incomes are charged at a single flat rate of 10 per cent, then ultimately, the revenue from Income Tax shall definitely be manifold.  Then there are chances of less Tax evasion, less burden of filing returns.  

All investments and purchases should be free from any compulsion in liberalized economy and as such, all Tax Saving Investment Schemes may be considered to be abolished.  People should decide its own priorities for purchases and investments with 90 per cent amount available at its disposal - after paying 10 per cent Income Tax.  Then People shall have the option either to invest the savings or purchase some more items/things out of the savings. In both the cases, the Government will earn revenue either in the form of Tax on interests/Dividends or Tax on Excise/Sales Tax.

  The implementation of this single flat rate of 10 per cent Tax on Total Gross Income may be considered to be an effective tool for overcoming recession and will definitively increase production, employment opportunities and investments, in addition to reduction of black-money, un-accounted income and tax evasion.

The implementation of this 10%  single slab  payable by both employer and employee in  some ratios, will enhance the scope of earnings for CAs,  as the following will also come forward to utilise the services of CAs for maintaining the accounts of salaried employees or part time workers :

 1.         Small firms

 2.          Wholesalers

  3.          Retailers

  4.          small factory owners

  5.          Agents dealing with Governments for liaisonining

   6.          Film Producers

   7.           Producers for TV Serials

   8.           Models working in Fashion Industry

   9.           Small contractors

   10.         Fruits & Vegetable Sellers

   11.         Sub-brokers, small agents  etc.

 1,     The work of existing Companies Pvt. Ltd. or Public Ltd. shall be increased for maintaining the  accounts of their  employees and audit work will increase considerably

      2.     The area and scope of filing returns on behalf of their employees will increase and the work of CAs \  will increase.

         3.   CAs services shall be utilised by the above mentioned 1-11 people, for maintaining their accounts and submission of returns on their behalf.

Please acknowledge receipt.

With regards

 Bobby

i think all the returns which will be filed by the employer is also done by C.A....only....they will only stamp them

MY DEAR FRIENDS, I AM NOT LOOKING AT INCOME TAX RETURNS BUT I AM LOOKING NEW WORT FULL AREAS LIKE IFRS, DIRECT TAX CODE, GST, NEW COMPANY BILL.   WE HAVE LOT OF OPPORTUNITY IN THIS AREAS. WHY WE THINK ABOUT ONLY JUST SALARY RETURNS !!!!!

THIS TIME IS FOR NEW NEW GENERATION CHARTERED ACCOUNTANTS.  IF WE HAVE EXPERTISE IN IFRS or DTC or GST THEN WE HAVE LOT OF CHANCES TO GENERATE WELTH. 

WE ARE LUCKY CAs !!   BECOUSE EVERYTHINK WILL BE NEW AFTER ONE YEAR. IFRS WILL BE IMPLEMENT  ENTITES AS ON 01/04/2011. DTC AND GST WILL BE APPLICABLE FROM 01/04/2012.

DEAR FRIENDS IF WE READY FOR HARD WORK THEN WE WILL ABLE TO MAKE GOOD CAREER AND  LOT OF MONEY IN PRACTICE FIELD AS CHARTERED ACCOUNTANTS.

WITH REGARDS

CA RAVI SISODIA

@ Ravi Sir - I totally agree with u bhaiya...

IFRS, GST and DTC has lots of scope. All it requires is good study and hardwork... 

agree with u sir ...ravi sir we can find our own ways

Agreed with Ravi sir...... there is always a scope for betterment which will be reflected in the upcoming times in the newly emerging areas of profession....

yeah bro agree with ur thought....... but CA can discover money from nywer

Originally posted by : CA Ravi sisodia
	MY DEAR FRIENDS, I AM NOT LOOKING AT INCOME TAX RETURNS BUT I AM LOOKING NEW WORT FULL AREAS LIKE IFRS, DIRECT TAX CODE, GST, NEW COMPANY BILL.   WE HAVE LOT OF OPPORTUNITY IN THIS AREAS. WHY WE THINK ABOUT ONLY JUST SALARY RETURNS !!!!! THIS TIME IS FOR NEW NEW GENERATION CHARTERED ACCOUNTANTS.  IF WE HAVE EXPERTISE IN IFRS or DTC or GST THEN WE HAVE LOT OF CHANCES TO GENERATE WELTH.  WE ARE LUCKY CAs !!   BECOUSE EVERYTHINK WILL BE NEW AFTER ONE YEAR. IFRS WILL BE IMPLEMENT  ENTITES AS ON 01/04/2011. DTC AND GST WILL BE APPLICABLE FROM 01/04/2012. DEAR FRIENDS IF WE READY FOR HARD WORK THEN WE WILL ABLE TO MAKE GOOD CAREER AND  LOT OF MONEY IN PRACTICE FIELD AS CHARTERED ACCOUNTANTS.   WITH REGARDS CA RAVI SISODIA

AGREE WITH YOU RAVIJI. WE ARE GOING TO BECOME NEW GENERATION CHARTERED ACCOUNTANTS AND WE SHOULD LOOK INTO THE NEW AREAS LIKE IFRS, DIRECT TAX CODE, GST, NEW COMPANY BILL, NEW RBI GUIDELINES, ETC. OUR INSTITUTE’S MOTIVE IS ALSO TO ENCOURAGE THE MEMBERS AND STUDENTS TO ADOPT THE NEW CHANGES QUICKLY.