Issue/Justification

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.

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.

Suggestion

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.

(SUGGESTIONS FOR REMOVING ADMINISTRATIVE AND PROCEDURAL DIFFICULTIES RELATING TO DIRECT TAXES)

Source-  ICAI Pre- Budget Memorandum–2018 (Direct Taxes and International Tax)

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Category : Income Tax (26766)
Type : News (13433)
Tags : Budget (1951) Budget 2018 (394) ICAI (2539)

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