The Income Tax Returns forms would soon be pre-filled for the taxpayers, said Sushil Chandra, chairman of Central Board of Direct Taxes (CBDT). In order to make the tax filing process less tedious, the Income Tax department is planning to introduce pre-filled forms, Chandra said.
"Data available from entities that deduct tax at source such as employers and banks would be used to offer pre-filled tax return forms to people", he added.
Additionally, Chandra also informed that citizens in near future could get their pan card within four hours of applying.
He said, "The I-T department is planning a string of reform measures such as pre-filled returns which would need to be endorsed by an an assessee and faster processing of returns."
The process of getting a pan card in four hours could be started within a time span of one year.
Sushil Chandra also exuded confidence that the Revenue Department would achieve direct tax collection target of Rs 11.5 lakh crore for the current financial year ending March 31, 2019.
"Demonetisation has been very good for increasing the tax base of the country. So far this year (assessment year 2018-19), we have already got around 6.08 crore returns which is 50 per cent higher than last year by this particular date.
"So this is the effect of demonetisation," he said.
However, he did not mention the exact date when the filings touched 6.08 crore.
In November 2016, the government cancelled old Rs 500 and Rs 1,000 notes as legal tenders as part of larger efforts to curb illicit fund flows.
"Our gross direct tax growth rate is 16.5 per cent and net direct tax growth rate is 14.5 per cent, which itself shows that demonetisation really helped in widening and deepening of tax base.
"As on date, total direct tax mop up stood at 48 per cent of the Budget estimate (BE)," the CBDT chief said.
He also said the number corporate tax payers have gone up to 8 lakh as a result of demonetisation.
