Even in the e-filing era, the assessees are overburdened with the compliances to be made with regard to filing of returns and payment schedules. An assessee is required to file quarterly returns relating to TDS on salaries, Quarterly returns relating to TDS on amounts other than salary, and quarterly returns relating to TCS. These are in addition to the Income tax return form which is to be filed on annual basis. Due to errors in the punched data or for some other reason, the assessee is required to file correction
statements or revised return which is also a cumbersome process.

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Apart from this there is a payment schedule to be followed in respect of TDS/TCS, advance tax, Self assessment tax and so on. This is too cumbersome.

For the convenience of the tax payers it is suggested that the number of returns and payment schedule to be filed by the assessee should be curtailed appropriately.

Source- Pre-budget Memorandum 2014 on direct taxes by ICAI

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Category : Income Tax (25163)
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Tags : ICAI (2179) tcs (182) TDS (900)

0 responses to “Number of Returns and payment schedule should be curtailed – ICAI”

  1. Suryam says:

    Apart from Income Tax there are number of requirements to be complied in respect of Service Tax, Excise Duty, VAT and WCT etc. The Accounts Department is now a days overburdened with all the statutory compliances.

  2. ANANDA KUMAR L B says:

    It’s worth mention here that every quarter the assessee receives intimation u/s 200A of ITA, asking us for rectification or pay penalty, interest,etc. Why not these errors are taken care at the time of file validation itself? If not, what is the need for file validation? This will help the assessee to save time in refiling, penalty, interest, etc.

    Issuing Form 16/16A should be no more the responsibility of the Deductor.

  3. Anand says:

    I agree with the views of the author. Why not on return forIT, WT, TDS and one payment i. e., self asst. for tax liability upto Rs. 1 lakh? Law makers should be aware that businessmen are to business not to just comply with many laws and do no business

  4. dattatreyahg says:

    To be curtailed, not appropriately, but drastically. It is possible when computerisation is improved / updated with Tax-Payer’s problems in mind, not just ease of Revenue collection in mind.Take for example Form 16 / 16a. It has to be generated by Deductor of TDS from Form 26 AS and then given to Deductee.Deductee is to verify this again from 26AS quoting Deductor’s TAN Number and TDS Certificate Number, and then again quote these in IT Return. What have they achieved by this kind of Computerisation??? Even a High-School student can see that this requires drastic simplification,by atleast facilitating the Deductee himself to generate his Form 16 / 16A using 26 AS. This is just one example. There can be many more. High time for a comprehensive & sensible review.

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