News

Published: November 29, 2023
Updated: November 29, 2023

Tech-Driven Tax Revolution Unleashes Streamlined Filing Processes

Streamlined Tax Filing Process

Embracing technology, tax-filing undergoes a paradigm shift with pre-filled forms and a simplified verification process. The new income-tax regime, featuring lower rates and fewer exemptions, adds to the ease of filing.

Digital Drive Empowers Income Tax Department

The Income Tax Department's digital initiative taps into diverse data sources, including companies and schools, streamlining tax forms with pre-filled details. Increased surveillance ensures a more straightforward process for taxpayers.

Remarkable Rise in Tax Returns and Collections

Digital advancements lead to a surge in filed tax returns, reaching 7.85 crore compared to 3.36 crore a decade ago. Annual direct tax collections witness a significant leap to Rs. 12.37 lakh crore, up from Rs. 6.38 lakh crore in 2013-14.

Positive Impacts on Tax Base and Compliance

Government leverage of data widens the tax base, leaving no escape for tax evaders. Tax deduction at source (TDS) on various payments, coupled with tax collection at source (TCS), strengthens compliance across diverse financial transactions.