Income Tax dept. is planning to introduce a string of reform measures which will enable people for PAN Card Allotment in 4 hours. The new reforms will include pre-filled returns which would need to be endorsed by an assessee and faster processing of returns. Moreover after demonetisation, the number of taxpayers have gone up by 50% in 2018-19.
As per the Central Board of Direct Taxes (CBDT) reports, the IT department has taken recourse to technology and automation in several areas. This will include pre-payment of taxes, filing of returns, refunds, case selection and finalization of cases for scrutiny. The allotment of PAN Card in four hours is expected to start within a year.
The return forms has also been simplified and processing of refunds has been front loaded to facilitate ease of doing business.
Soon New PAN Card Allotment in 4 Hours – Income Tax
IT department will bring changes in its policies which would enable people in PAN Card Allotment in 4 hours and this new facility is expected to begin in the next 1st year. These new reforms will also facilitate ease of doing business in the country. All the assesses no longer need to be in fear of scrutiny as the IT dept. has made the process non-discretionary on the basis of technology and e-assessment. IT dept. said that less than 0.5% of cases have been brought under scrutiny to provide comfort to assesses.
The total number of people who files IT returns has increased by 50% to 6.08 crore so far in the assessment year 2018-19 compared to previous year. Moreover, exact date when filings touched 6.08 crore is still unknown. CBDT wants that there must be strict enforcement of tax laws and govt. would consider reducing tax rates if their is better tax compliance.
An industry desires lower tax rates in accordance with global practices and payment of taxes should be comparable to international standards. CBDT has set a target of Rs. 11.5 lakh crore for the current fiscal year. The gross direct tax growth rate is 16.5% and net direct tax growth rate is 14.5%, which signifies demonetisation has helped in widening and deepening of the tax base.
CBDT also revealed that there are about 70 countries from whom there is automatic exchange of information. Moreover, if any person has not revealed his / her foreign assets or bank accounts, then the department is taking action on them.