Tax Reform System In India: There is news of work for taxpayers. Government ( Modi Government ) may change ITR form soon. Changes in the form of income tax return (Income Tax Return ) can be announced in the coming budget. Indeed, the government’s tax collection ( Tax Collection ) has increased by 26 per cent in the current financial year 2022-23, giving the government a new breakthrough. In the coming times, the government wants to improve the tax related rules and further increase the tax collection.
What will be the changes?
According to media reports, the government may reduce the number of forms filing income tax returns ( ITR ) for the convenience of taxpayers. Actually, the government is constantly trying to stop the tax evasion. In addition, in addition to online gaming, strict standards are being planned for e-commerce and online service providers. Changes in many tax related rules are being discussed in the coming budget. If the sources believe that the next year, the coming budget, may change the tax regime ( TAX System), which will facilitate the common people. Indeed, the central government is in the process of developing a waiver-free tax regime for individual income tax payers to entice the stature.
Facilities found in ITR form
Significantly, there are different ITR forms for different taxpayers right now. Forms ( ITR-1 and ITR-4 ) are issued for individual taxpayers. But taxpayers filing ITR-1 and ITR-4 in the new rule can be given a chance of self-option. Let me tell you that 7 types of ITR forms are available for taxpayers at this time.
What is India’s plan?
Significantly, the government is preparing to host the leaders of G20 countries next year. And being told that taxation in the digital economy, Developing countries will include issues such as fixing their fair share of taxes and incorporating cryptocurrency taxation into the agenda.
