New Income tax e-filing portal is friendly
Submission to Hon'ble Finance Minister Income tax new e-filing portal was launched in first week of June, 2021 with many added features to make t more tax payers friendly and easy to file the returns. Now the portal is operational and is reported that more than 1 lakh returns filed each day on new IT portal. Now the portal should be used efficiently and effectively to meet the deadline. How it can be achieved professionally. ITR1 is simplest 2 page form and easy to file and takes minimum resources of portal as well tax payers friendly. ITR2 seems to be most difficult and lengthy 27 pages form is very complex to fill the table 112A due to factor like grand fathering, indexation, equity oriented or debt MF etc without help of CA. ITR2 will consume more resources of portal and tax authorities and also difficult for tax payers. Considering more than 20 million tax payers are filing their returns using ITR1. Is there any solution without loss of revenue to Govt. to make the process faster and easy. Yes one of the options is to give option to tax payers to fill up IITR1 instead of ITR2 if there is no tax liabilities on account of LTCG in case of transfer of equity shares or equity oriented MF if otherwise eligible to file ITR1. The LTCG value can ne shown less than 1 lakh under exempt income as per Sec 112A. Filing of ITR1 number will increase. The process will increase the efficiency of not only portal but also of tax administration and will be tax payers friendly which is top priority of Govt. This point can be deliberated at appropriate level and decision taken. This will give big relief to large number of tax payers like salaried class, pensioners, house wives and others without any loss of revenue to Govt.. As far as data collection or availability of records are concerned, all the information or data is available with tax administration only data mining is required to fetch the required information. The information can also be obtained from the tax payers whenever tax authorities need it. To match number of DMAT accounts with ITR2 filing is not very relevant when all data is available with tax authorities. As portal is new, tax payers are not familiar with the new process of filing and may take some time to become conversant with the operation of new portal. When there is tax liability on account of LTCG, tax payers will file ITR2 only as there is no choice. This point of giving an option to tax payers to file ITR1 instead of ITR2 if there is no tax liability on account of LTCG on transfer of equity or equity oriented MF and if otherwise eligible to file ITR1 should be considered favourably to speed up the process of filing and tax payers friendly.
Naveen
No extension or re-employment for retired civil servants
I fully agree with Rajiv. No extension or re-employment for retired civil servants
S Gopal
Naveen
No extension or re-employment for retired civil servants
I fully agree with Rajiv. No extension or re-employment for retired civil servants
S Gopal