Income Tax Dept & TDS

01-Jul-2019: Just Think of it

Just think of it: 

(1) IT Dept has extended the date of TDS deposit to 30-Jun-2019, and updating the data at their end to 10-Jul-2019. But for the ITR filing public the last date is still 31-Jul-2019. How does the IT Dept expect to have compliance within 3 weeks? 

(2) A new provision has been incorporated in ITR filing online- if the 26AS doesn't reflect correctly the TDS, then it can be added. Fine, theoretically. But how they are going to check it if the TDS deductor has not complied, or take action if found guilty? 

(3) What if the TDS is updated in the 26AS after one has filed ITR? will the system automatically update the TDS column of the ITR already filed? One PSU Bank has not yet deposited a single rupee of TDS throughout the year till today. 

(4) Why doesn't the IT Dept make it on line (Real Time transfer) the moment the TDS is deducted. It looks like the IT Dept is equally to blame for the non compliance of ITax if any due. What you say?

Our Economists

Poits to Ponder for 15-May-2019:

Our Country is proud of its world class Economists. But if we analyse a little we find something weird in their views. Without casting aspersion on any, we can say these: 

One of them 

(1) Doled out Rs 1 Bn (100 Cr) to a private NGO / Private Trust in July-1991; 

(2) Said Minorities must have first claim on resources in December 2006;

(3) Said, “We need to contain subsidies, Money doesn’t grow on trees” in Sep-2012; 

(4) And then went on to support the so called “NYAY” scheme in Mar-2019. 

Another criticises the current “MUDRA” scheme for serious flaws, but supports “NYAY”. 

And yet the latest entrant to the field of eminence even had conceptualised the “NYAY” scheme himself. 

Can we not have a group of eminent Economists helping the GoI with constructive and continuous participation, and not just criticism. Points to ponder! What you say?

Words of Wisdom

Words of Wisdom for 4-Mar-2018:

“Those who fail to learn from history are doomed to repeat it.” Sir Winston Churchill (1874-1965-English)

“Those who cannot remember the past are condemned to repeat it.” George Santayana (1863-1952-Spanish)

These famous statements have produced many paraphrases and variants:

Those who do not read history are doomed to repeat it.

Those who cannot learn from history are doomed to repeat it.

Those who do not know history's mistakes are doomed to repeat them.

Those who do not remember their past are condemned to repeat their mistakes.

Those who fail to learn from the mistakes of their predecessors are destined to repeat them.

Metric Units for Time & Angle

Thought for Today: 14-Feb-2018:

This is about a strange dream I had last night of the Metric Units for time and Angular Measures. Surprisingly, we have no Metric equivalent of these two units. Why can’t we have one for these two measures? Let’s examine: 

Time and angular measures are very close, the time arises out of the rotation of earth. Years, fortnights and days are fixed. Only days of weeks and hours of days can be changed - say to Metric style. One week may have 10 days, which most will not like. But, a day may have 10 hours, an hour may have 100 minutes, a minute may have 100 seconds. Further down seconds we already have a metric system as milli-second, micro-second and so on. So now a day will have 10 Hours, 1,000 Minutes and 1,00,000 seconds instead of 24 Hours, 1,440 Minutes (1 Min = 0.6944 Metric Min) and 86,000 seconds (1 sec = 1.1628 Metric Sec). 

Similarly, for Angular Measure, we may have 100 degrees a right angle, total 400 degrees. Every degree may have 100 minutes and every minute may have 100 seconds. Thus the earth rotates 0.40 metric degrees every metric minute instead of 0.25 degrees every minute. (1 deg = 1.11111 metric degree, 1 min = 1.85185 metric min and 1 sec = 3.08642 metric sec)