Streamlining Taxation: Simpler Systems Sought by Majority

A Deloitte survey reveals a significant demand among income tax filers for simplified ITRs, a streamlined TDS framework, and easier incentive computation. Over 320 industry professionals expressed a need to reduce the complexity in tax procedures, emphasizing the importance of meaningful and well-organized tax laws.

A recent Deloitte survey highlights a widespread preference for simplified income tax returns among taxpayers. The respondents, including industry leaders and finance managers, particularly expressed the need for an easier TDS framework and a streamlined process for computing incentives and deductions.

The survey suggests eliminating Form 16A and combining related tax sections to simplify compliance without impacting tax collections. Ideas such as a 'one rate per section' approach could significantly ease the burden while maintaining effective tax administration.

High complexity in tax audits and TDS return filing needs addressing, respondents indicated. Deloitte calls for well-structured, concise tax laws that avoid complex provisos, turning statutes into easily understandable and logically consistent documents.

(With inputs from agencies.)