Tally for CAs in Industry Silver Edition (Single User) Tally Renewal (Auditor Edition) Need Tally for Clients? (Tie-up with us!!!)
Open DEMAT Account with in 24 Hrs and start investing now!
Corporate Law »
Open DEMAT Account in 24 hrs
 Critical Issues of ICDS and Impact Of DHC Judgement and Correcponding Amendments to Income Tax Act by Finance Act, 2018 and Interplay between them and Reporting
 How to do Audit of Proprietorship and Partnership Firm in the light of new amendment in Tax Audit under Section 44AB
 SC relaxes Dress Code for Lawyers
 COVID-19 crisis is an opportunity to redefine tax policy and law
  GST & Companies Act way Forward
 Taxmen use rare law to collect dues directly from bank accounts of evaders
 Income tax law needs to be a lot simpler
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
 Residential status rules are different for exchange control, income tax laws NRI taxation
 Recent advance rulings under the GST Law
 Case Laws Relating To E-Way Bill
  Are we maintaining documents and records as required under GST Laws?
 Are we maintaining documents and records as required under GST Laws?
 Businesses tipped on new income tax law

Income tax law needs to be a lot simpler
February, 07th 2019

Simplifying the Income Tax Act, automating tax collection and return processing and making the process user-friendly are priorities for the National Democratic Alliance (NDA) government, finance minister Piyush Goyal said.

The Narendra Modi government, which has undertaken several measures to curb tax evasion, is working on changes to the income tax law. The initial draft is expected by the month-end, Goyal said in an interview on Wednesday.

Goyal’s emphasis on simplifying the law and making its administration taxpayer-friendly signals the future of direct tax reforms that the NDA government wants to pursue—elimination of personal interface between taxpayer and officials and, thus, the room for corruption—if re-elected.

Also Read: We will take a call on extending PM-Kisan to landless, tenant farmers once we have data, says Piyush Goyal

“We hope that the task force’s recommendation comes out quickly. We want the income tax law to be a lot simpler. I have also announced the intention for a new regime of income tax administration for which we have approved the funds. Tax assessment will be IT (information technology)-driven and be completely anonymous," Goyal said.

Once the IT systems are upgraded, which will take about two years, the department will be able to process tax returns and issue refunds on the same day. Goyal, however, declined to say whether the NDA will double the basic income tax exemption limit to ?5 lakh, if re-elected.

He had announced in the interim budget that those with taxable income up to ?5 lakh would not have to pay any tax.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2021 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting