NEW DELHI: A recent survey conducted by Deloitte has revealed that a majority of income tax filers in India are advocating for a more simplified approach to filing Income Tax Returns (ITRs). The survey, focused on the challenges faced by individuals, recommends a streamlined ITR process, making it easier for taxpayers to compute incentives, deductions, and address the complexities around the Tax Deducted at Source (TDS) framework.
The survey emphasized the need for a “one rate one section” approach to TDS, where payments are classified into two to three distinct, non-overlapping categories, and each section is assigned a single rate. This would significantly ease the compliance process without leading to a loss in tax revenue.
Another major recommendation is to eliminate the mandatory issuance of Form 16A. The data is already available through Form 26AS and the Annual Information Statement (AIS), making the form redundant.
These suggestions aim to reduce the compliance burden for taxpayers while maintaining the efficiency of tax collection in the country.
Source: Web Team, C6N
