A goliath in the Income Tax laws, a think-tank belonging to the higher echelon of the Indian Revenue Service cadre, a seminal mind on direct taxation laws, Sarat Kumar Dash has gathered varied experiences and repository wisdom to his credit by working in various capacities in the I-T sector. Having had a brilliant academic record of excellence, he was called to join as an Indian Revenue Service officer in 1986. He has rendered a yeoman’s job to the department through his meaningful and meritorious services while working in Tamil Nadu, Kerala and Odisha. Presently, he is positioned as Commissioner of Income Tax (Appeals)-1, Bhubaneswar with additional charges of Commissioner (Appeals), Cuttack & Sambalpur.
His profession apart, he spends his time profitably through his creative writings, magazine editing and photography. An approved lyricist of the All India Radio since 1985, his lyrics is interspersed with super terrestrial quality, poignant intensity of emotion that delight his avid listeners. A leading modern Odia poet, his creative imaginations found their rich felicity of expression in his four collections of Odia poetry volumes, “Chitralekha”, "Sabdasrota", "Kathathila" and "Asamapika" released over these years. Awards and accolades came cascading down upon him like ‘Bharat Pratibha Samman’, ‘Onkar Award’, ‘Nirmala Kruti Samman’, ‘Dhara Sriradha Award’, ‘Utkal Saraswata Pantha Samman’, ‘Adi Kabi Sarala Das Award’, ‘Sweta Sanket Prativa Samman’, ‘Sahitya Ratna Samman’ and the like. A calm and collected man of few words, in an interview to The Pioneer, this head-honcho of the I-T administration, Dash, spoke to Sugyan Choudhury on many aspects of the prevailing I-T laws of our country.
What will be the effect of GST after its introduction, on Income Tax especially with regard to expansion of the tax netIJ
GST being an indirect tax, theoretically, its effect on Income Tax, which is a direct tax, is nil. However, it is expected that implementation of GST with consequent computerisation of returns and reports will lead to better compliance with I-T law. It is also hoped that the number of I-T payers will increase with implementation of GST.
What is HUF under the I-T law and how does it come into existenceIJ
Though not defined under the Income Tax Act or in any other statute, HUF (Hindu Undivided Family) is a separate taxable entity under the I-T Act having been included in the definition of ‘person’ under Section 2(31) of the I-T Act. Separate tax rates are prescribed for the taxable incomes of an HUF which are the same as those for an individual / AOP. HUF is purely a creature of law and cannot be created by an act of parties except in case of adoption and reunion. If there is family nucleus, there need not be more than one male member to form an HUF as a taxable entity under the I-T Act.
What is the difference between Income Tax Disclosure Scheme and the Prime Minister Garib Kalyan YojanaIJ
The Income Declaration Scheme (IDS) 2016 commenced from 1.6.2016 and ended on 30.9.2016. IDS is an amnesty scheme introduced as part of the Union Budget 2016 to unearth black money. This scheme provides an opportunity to the income tax and wealth tax defaulters to avoid litigation and become compliant by declaring their incomes and assets and paying tax and penalty totalling 45% of the same. On the other hand, the Pradhan Mantri Garib Kalyan Yojan (PMGKY) 2016 was an amnesty scheme launched with effect from 17.12.2016 providing another opportunity to the defaulters to declare undisclosed incomes in the form of cash or deposit in an account maintained with a specified entity which included banks, post offices, etc. The tax rate in the PMGKY was 49.9% including surcharge and penalty. The PMGKY was launched keeping in view the huge deposits made in banks and other entities in the wake of demonetisation of notes of Rs 1000 and Rs 500. The PMGKY came to an end on 31.3.2017.
What receipts are exempted when those are received from relations of HUF in the hand of HUFIJ
Up to 30.9.1998, any amount received by an HUF without consideration was taxable as gift under the Gift Tax Act, 1958 which was abolished from 1.10.1998. Within the period 1.10.1998 to 31.8.2004, any amount received without consideration was not liable to tax in the hands of the recipient under the I-T Act. Subsequently, the IT Act was amended from 1.9.2004 to provide that a sum of money exceeding Rs 25,000 received by an individual or an HUF without consideration would be taxable as income from other sources. However, any amount received from a relative by HUF is not chargeable to tax under the IT Act. Relative in respect of an HUF means any member of the HUF.
What’s the effect of demonetisation on Income TaxIJ What is the remedy of an old man when under the circumstances he was constrained to keep more than Rs 5 lakh for treatment as cash is required in urgent treatmentIJ
Fight against black money is basically the function of the IT Department. After demonetisation, the responsibility of the IT Department has increased tremendously. It is now the job of the department to verify the explain ability of all the deposits of demonetised notes in banks and other entities. The verification with the aid of analytical tools with the help of computer is in progress. People who had cash in demonetised notes from explained sources need not fear at all.
It is felt by the general assesse that bogus demands are raised against him despite the steps taken by him U/S 154. What is the appeal procedure against itIJ
If any taxpayer is aggrieved with any bogus demand raised because of TDS mismatch or some other reason, he may file an appeal before the Commissioner of Income Tax (Appeals) if his grievance is not redressed U/S154. Appeals are e-filed now-a-days and the procedure of filing appeal is simple.
Besides your official business, how do you like to spend your timeIJ
I love spending my leisure hours in writing poetry which is my passion. Writing for me is a thing of beauty, which is a joy forever. Besides, I love editing magazines and I have a flair for photography.