Corporate Taxpayers Demand Tech-Driven Transformation

A Deloitte India survey reveals a strong push from high-end corporate taxpayers for tech-enabled improvements in income tax reporting and compliance. The survey highlights demands for real-time reporting, tax e-wallets, and the adoption of APIs and advanced technologies like blockchain and AI, indicating a shift towards digital tax transformation.

High-end corporate taxpayers are calling for a digitally-driven transformation in income tax reporting, according to a recent Deloitte India survey. About 74% of respondents push for real-time compliance monitoring to streamline tax processes.

The survey, which gathered insights from 250 top corporate taxpayers, also indicates a demand for tax e-wallets to expedite refunds and facilitate outstanding tax adjustments. Furthermore, 63% of respondents advocate for APIs to enhance seamless connectivity with tax portals.

Advanced technologies like blockchain and artificial intelligence are seen as critical, with 57% of respondents urging their adoption for tax functions. Deloitte India Partner Rohinton Sidhwa highlights a notable increase in budgets for tax automation in the recent fiscal year, emphasizing the sector's gradual move towards a technology-centric ecosystem.

(With inputs from agencies.)