The Income Tax department is considering a proposal to do away with filing of Income Tax Returns by salaried employees. The proposal if approved will off-load considerable work out of Income Tax offices as well as for salaried people. The rationale behind such a proposal is 2-fold:
- Salaried people do not have any other sources of income apart from Savings Bank interest component, which is anyways very less & I personally doubt if any one declares the same.
- The records of their income are anyways available with the employers & banks!
Of the country's 35 million taxpayers, roughly half are salaried employees.In an interaction with media persons on Tuesday, Mr. Sudhir Chandra (Chairman of CBDT) also promised small taxpayers another major relief. He said the I-T department is planning to release all small-value refunds before March 31. "I will ask my officials to give most refunds by the end of the current financial year," he said.
The I-T department has opened a Central Processing Centre in Bengaluru for faster processing of claims for electronically-filed returns.It will roll out three more centres in the Manesar, Pune and Kolkata.
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