ਇੱਕ ਫਰਵਰੀ ਨੂੰ ਆਮ ਬਜਟ ਪੇਸ਼ ਹੋਣ ਜਾ ਰਿਹਾ ਹੈ, ਜਿਸ 'ਚ ਪੁਰਾਣੇ ਟੈਕਸ ਕਾਨੂੰਨਾਂ ਵਿੱਚ ਬਦਲਾਅ ਹੋ ਸਕਦੇ ਹਨ, ਪੜ੍ਹੋ ਮਾਹਿਰਾਂ ਨੇ ਕੀ ਕਿਹਾ...
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00:00Sir, there is a new law on income tax in the country, can you give us some information about it, what kind of law it is, what will be the process and what provisions will be in it?
00:12Yes, first of all, I am very impressed with this topic, your channel has chosen a very good topic which will influence all our lives and future businesses.
00:22The government has announced that they will bring a new law, I will tell you a little bit about it from a historical point of view.
00:30When our country became independent, there was a law in 1922, in 1925 there was a law commission in which it was seen how the law on income tax can be improved.
00:42The law on income tax that we are talking about today was passed in 1968, then in 1981 a new law was brought in which the income tax act was passed in 1981.
00:58As we can see, the economic, social, international and current changes in the law on income tax have brought about a lot of changes.
01:12As per the law on income tax, a lot of amendments have been made, like capital gains, house property, gift tax, wealth tax, corporate tax, income tax, etc.
01:24And as of today, there are 298 sections and 134-35 rules in the act.
01:32Now the Minister of Finance and the Central Government is trying to simplify this law, which I think is a very good thing.
01:46I would like to tell you a little bit about the international perspective and the national perspective.
01:52We say that our economy will go into trillions, 5 trillions, India is going to become a manufacturing hub.
02:01Whenever an international businessman wants to invest his money in India, he should know what is certainty, what is stability.
02:09If you say today that we will make a mobile phone and give it up, and after two years the government says that it has stopped giving it up, then I cannot invest money.
02:16The first attempt of the government is that when we bring the law into force, then in the next 10, 20, 25, 30 years we will bring stability.
02:24The second need is progressive taxation. Progressive taxation means that the rich should be taxed and the poor should be left behind so that the government can build a society.
02:37The third need is revenue collection. The law has been made, but how will it be implemented?
02:43You will see that earlier our transactions were done by hand, not by paper.
02:48The goods were sold and we had a record of the goods.
02:51Now our major economy is in the service sector.
02:53Now when I am giving someone a service, no one can see the service.
02:56If a person does not pay the bill after giving the service, then how will they be caught?
03:02Now the government is trying to figure out how much is the expenditure, how much is the TDS, how are the banking operations, how are their own investments.
03:10Therefore, taxation should be such a system that when the law is made, it can be collected.
03:16If you look at it today, the law that was made from 1981, in all these years, in today's date, I think there are more appeals than 10 lakh crores in tax disputes and appeals.
03:29I don't know when there will be a decision in 10 years, when people will get a refund, or when their tax will be paid, how much money will they have to pay?
03:38So there are disputes when there is no clarity.
03:42So we are going to do this.
03:44Approximately 650 provisions have been made that the laws will be conditional.
03:48The word conditional has been written about 650 times in the Income Tax Act.
03:52So the conditional should be simple.
03:55There are statements from the Honourable Minister that we will make it tabular, simple, so that the common man can understand.
04:03Another thing I remember is that for the salaried class, there is simplification on the salaried class and non-salaried.
04:11The first five heads are business profession, capital gain, house property, other sources and salary.
04:18The provision is that only two heads of income should be kept, either salaried or non-salaried.
04:22This will be done so that our employee class, the day we come into employment, the tax starts being paid from day one.
04:32So there will be simplification for them as well.
04:35So by eliminating the complex structure of deductions and exemptions, they will know that there is so much tax on their salary.
04:42So a person with a minimum salary can easily pay their return.
04:47The first law will be presented.
04:51Because this is also very processional.
04:53It is not like it was written overnight.
04:55Approximately 22 committees have been made.
04:57Approximately 500 to 800 suggestions have been made.
05:00In total, in Section 298, there are approximately 500 suggestions.
05:04We will implement those suggestions.
05:08As a chartered accountant, it is always our role to be partners in nation building.
05:15A new law will be introduced.
05:16We will explain it in a good way.
05:18It will be very historical.
05:20The 1981 law has been in force for the past three and a half years.
05:24I hope that the law will be strong for the next 100 years as well.
05:32So that businessmen can invest where common people can invest.
05:37So that there is an environment of certainty in our country.
05:41So that we can progress.
05:43This is what I hope for.