FM: Income Tax Department takes various initiatives to bring about efficiency, transparency, and fairness in Tax Administration; Government is committed to widen the tax base by encouraging and incentivising the new tax payers; Number of tax payers increased significantly from 4.72 crore in financial year 2012-13 to 6.26 crore during the Financial Year 2016-17;

FM: Income Tax Department takes various initiatives to bring about efficiency, transparency, and fairness in Tax Administration; Government is committed to widen the tax base by encouraging and incentivising the new tax payers; Number of tax payers increased significantly from 4.72 crore in financial year 2012-13 to 6.26 crore during the Financial Year 2016-17; https://www.taxtmi.com/news?id=18853 Income tax administration measures aim to widen the tax base and improve compliance by simplifying filing, reducing marginal rates for lower income individuals, expanding a Presumptive Taxation regime for small businesses and professionals, and providing optional concessional taxation and extended MAT credit carry forward for specified companies. Parallel e governance reforms-electronic filing and processing, an integrated grievance system, automated mismatch handling, and taxpayer communications-seek to minimise direct interface and expedite refunds. Anti black money and less cash economy measures include strengthened information exchange with foreign jurisdictions, legislative amendments, targeted enforcement actions, and penalties to discourage large cash transactions. en-us Fri, 29 Sep 2017 18:56:20 +0530 Fri, 29 Sep 2017 18:56:20 +0530 TaxTMI RSS Generator FM: Income Tax Department takes various initiatives to bring about efficiency, transparency, and fairness in Tax Administration; Government is committed to widen the tax base by encouraging and incentivising the new tax payers; Number of tax payers increased significantly from 4.72 crore in financial year 2012-13 to 6.26 crore during the Financial Year 2016-17; https://www.taxtmi.com/news?id=18853 Income tax administration measures aim to widen the tax base and improve compliance by simplifying filing, reducing marginal rates for lower income individuals, expanding a Presumptive Taxation regime for small businesses and professionals, and providing optional concessional taxation and extended MAT credit carry forward for specified companies. Parallel e governance reforms-electronic filing and processing, an integrated grievance system, automated mismatch handling, and taxpayer communications-seek to minimise direct interface and expedite refunds. Anti black money and less cash economy measures include strengthened information exchange with foreign jurisdictions, legislative amendments, targeted enforcement actions, and penalties to discourage large cash transactions. News - Fri, 29 Sep 2017 18:56:20 +0530 https://www.taxtmi.com/news?id=18853