ITOs regain the right to conduct computer investigations

Indore (Madhya Pradesh): The Union Budget 2022-23 again delegated the right to conduct income surveys to Income Tax Officers (ITOs). They will simply need the permission of the chief commissioner. In the “Faceless Assessment” system, this right has been withdrawn from ITOs. This provision may impact merchants and access.

Income tax expert CA Manish Dafaria, said so when decoding the Union budget 2022-23, here on Friday during a budget discussion hosted by the Tax Practitioners Association (TPA). CA Indore Branch was the event partner.

Speaking as the keynote speaker, Dafaria said a total of 84 changes have been made to income tax laws. Key amendments include taxing cryptocurrency at 30%, taxing crypto donations at standard rate. The most significant amendment made is the reinstatement of the right of Income Tax Officers (ITOs) to conduct income tax investigations. The ITOs only need permission from the Chief Commissioner before initiating the investigation.

Possibility of reassessment revived

Significant changes have also been made in the tax adjustment section, in which the powers of the department have been increased, due to which there are all the possibilities to increase the cases of adjustment.

Earlier, during his welcome address, CA Shailendra Singh Solanki, Chairman of TPA, said the budget was visionary and development-oriented with a strong focus on infrastructure. Apart from
This includes promoting digital technology, increasing the use of technology in agriculture or providing housing for the homeless, providing clean water to every household, and connecting rivers to provide water for agriculture and drinking. Steps have been taken to realize India’s vision.

Loan taker and donor source of income must be disclosed now

CA Dafaria further stated that a new amendment has been made to Article 68 of the Income Tax Law, in which not only that person’s source of income but also the person’s source from which the loan was contracted will have to be proven, otherwise, this amount of the loan will be taxed under article 68 and article 115 of the BBE.

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Published on: Saturday 05 February 2022, 01:00 IST

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