Income tax returns (ITR) filing: Big benefit likely soon for taxpayers
Income tax returns (ITR) filing: The finance ministry has proposed amendments in the Income Tax rules for obtaining 'no deduction of tax' certificate electronically, a move aimed at minimising human interface and reducing compliance burden.
Income tax returns (ITR) filing: The finance ministry has proposed amendments in the Income Tax rules for obtaining 'no deduction of tax' certificate electronically, a move aimed at minimising human interface and reducing compliance burden. The tax department proposes to make changes in Form No 13 and related rules under the Income Tax Act.
"In order to rationalise and make the process of issuance of certificate for no deduction of tax or deduction/collection of tax at lower rate electronic, the existing Form No 13 and relevant IT Rules are required to be amended," said the revenue department.
"This is vital for minimising the human interface and reducing the compliance burden on the applicant," the department added while seeking comments from stakeholders by September 4 on the draft notification in this regard.
Naveen Wadhwa, DGM, Taxmann, said getting nil or lower deduction certificate from Income Tax Department is burdensome for taxpayers especially senior citizens who are required to submit Form 13 in hardcopy by visiting jurisdictional Income Tax Office.
"There is no centralised process to apply online for getting such certificate except in a few states like, Karnataka and Goa which allow filing of Form 13 electronically. Extending such benefit to all states will be a commendable step," he said.
The draft notification proposing the amendments is available on the website of the Income Tax Department.
WATCH THIS ZEE BUSINESS VIDEO
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
05:50 PM IST