How to proof that you are an honest tax payer in our society? Till now there is no such parameter, but very soon there will be a proof of honesty certification issued by Income Tax department of India. Yes, that certificate will tell the world that the person has paid the income tax as per the timeline without failing a single previous year’s income tax and also file their It returns on time.
When everywhere the campaign is going on to eradicate the Black Money from the system and bring the salaried class & business class people under the same roof of income tax, at that time IT department is planning to take this initiative further by planning for this Certificates Of Appreciation. In this article I will share more about this new initiative and how people will be benefited from this step.
Here is the official source of this information on Income Tax India Website. This press release was published on New Delhi, 19 th September, 2016 by our honorable Finance minister Mr. Arun Jaitley.
Who is eligible to get Certificates Of Appreciation from Income Tax department
This certificate will be issued to those people or business, who are paying their income tax on time, there is no due income tax of previous years and also they have filed their IT return on time and get verified within time line only.
That means, the people who are following the rules of income tax department and showing their honesty by paying taxes every year on time without hiding anything are going to be rewarded with this certificate of appreciation. Remember that this is just an appreciation, don’t expect any kind of monetary benefit.
As per the Official source,
CBDT will be sending out such certificates of appreciation to individual tax payers by e-mail in various categories on the basis of the level of taxes paid by them for the current Assessment Year 2016-17 where taxes have been paid in full and tax payers have no outstanding tax liabilities and where the return is e-filed within the prescribed due date. The tax payers may display these certificates in their homes / offices.
What are the categories for individual taxpayers
- Platinum : Tax contributed Rs. 1 Crore and above
- Gold : Tax contributed Rs. 50 Lakh to Rs. 1 Crore
- Silver : Tax contributed Rs. 10 Lakh to Rs. 50 Lakh
- Bronze : Tax contributed Rs. 1 Lakh to Rs. 10 Lakh
How One Will Get This Certificate of Appreciation
This certificate will be issued by IT department only after validating individuals tax payment records. Most probably this will be sent through email as pdf or any document format only. Although its not yet confirmed, but seems like very soon we will come to know about this as soon as someone will get this kind of certificate.
Benefit of this Certification of Appreciation
Now the best part of this kind of initiative is that you can show the certificate to your family and relatives and everywhere and proof that you are an honest tax payer and contributing to the benefit & development of the country. This will also increase the reputation of that particular person in the society.
Form a business point of view, I think this will be the best move and everyone will know who is doing honestly and then it will be easy to identify trusted business owners. Everyone is interested to put their hard earned money in safe & trusted hands and in that point of view this initiative may help in future. I found this awesome news in business-standard.com.
If you think this is going to change our society, then you can share this post and spread about this article. Or you can write a simple comment below also to share your feedback on this move. Thanks for reading this.