Budget likely to do away with tedious paperwork in filing income tax
January 31, 2018 11:55
Taking cognisance of the probable reason for tax evasion of the salaried class, the government may do away with the need to provide proof of investment on tax deductions in the Union Budget on Thursday.
Experts are of the opinion that one of the reasons why many salaried and other middle-income groups avoid paying taxes is that they have to go through a lot of paperwork.
The NDA government will be presenting its last full-fledged Budget on February 1 before the 2019 Lok Sabha elections.
"The income tax department has received a lot of requests on this and there has been quite a few rounds of discussions as to why one needs every individual to submit their details in a technologically advanced era when information about a taxpayer is available at the click of a mouse," a senior official said.
This is one of the reasons why the government has made provisions to link the Aadhaar with banks accounts, insurance policies and other investments. Linking PAN with Aadhaar is also a step towards helping the public on this, the official told Deccan Herald.
He, however, added that a final decision will be taken by Finance Minister Arun Jaitley on whether to introduce the new measure this year itself or the next.
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