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of <h1>Circular Calls for Enhanced Assessment of Share Brokers; Suggests Separate Wards for Timely Tax Compliance u/s 142(1.</h1> The circular addresses the need for improved assessment procedures for share brokers due to significant developments in the capital market. It highlights issues such as non-filing of income tax returns by share brokers, lack of issuance of notices under section 142(1) when returns are not filed, and delays in assessments even when returns are submitted. The Board emphasizes the importance of ensuring that income tax returns are filed and assessed promptly, suggesting the establishment of separate assessment circles or wards for individuals connected with the capital market to enhance efficiency and compliance.
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