The beginning of April brings with it a number of changes that every tax payer needs to be aware of to better understand their tax liabilities as well as the benefits that the Government is offering them. Let’s take a look at some of the major changes 1. Income tax Imagine if your social media profiles contributed to building your profile for the Government. This profile would be used only for tax purposes and would take into account your behavior on Facebook, Twitter and Instagram. The 360 profile formation is an initiative by the IT department and has been termed as ‘Project Insight’. This manner of collecting information is prevalent in countries such as Australia, Canada and Belgium and they are currently using big data to detect those who don’t file their taxes. Costing over Rs. 1000 crores and in the making since the last 7 years, the tracker is a revolutionary technology for the IT department. The department collects information such as addresses, signatures, IT return profiles and the tracker also has an additional feature which will take into account business intelligence which will enable authorities to identify tax evaders. 2. Securities and Exchange Board of India (SEBI) According to the latest rule which was implemented by the Securities and Exchange Board of India, shares in trading forms must be converted to a demat account. Most of us hold on to physical copies of the shares we own and it’s important to open a demat account to enable them and to transfer the title of the shares either by way of inheritance or succession. However, it’s important to note that if the physical shares of companies are not active or trading, one can’t convert them to the demat format. 3. IRDAI Insurance A recent report which was published by The Hindu Business Line, Yegnapriya Bharathi, Chief General Manager (Non-Life), Insurance Regulatory and Development Authority of India (IRDAI) has said in a circular that the premium rates notified on March 28, 2018 for the year 2018-19 will be in force in the financial year 2019-20 till further notice. As we are aware, the premium rates of mandatory third-party insurances are notified by the insurance regulator annually in the last week of March. The new rates are to be enforced from April 1 however this is the first time that the old rates have been allowed to continue for the new financial year. The move has come has a surprise and a relief for all consumers who were expecting an increase in the rates. To know more about tax and tax filings, you can get in touch with us at email@example.com.
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