Wednesday, May 31, 2023

Tax Reform System: Important news for taxpayers, ITR form will change next year!

Tax Reform System In India: There is news of work for taxpayers. The government (Modi government) may soon make changes to the ITR form. Changes in the form of income tax returns can be announced in the upcoming budget. In fact, in the current financial year 2022-23, the government’s tax collection has increased by 26 percent, due to which the government has got a new success. In the coming time, the government wants to increase tax collection further by improving the rules related to tax.

What will be the changes?

According to media reports, for the convenience of taxpayers, the government can reduce the number of forms for filing Income Tax Returns (ITR). Actually, the government is constantly trying to stop tax fraud. Apart from this, apart from online gaming, it is planned to set strict rules for e-commerce and online service providers. Changes in many rules related to tax are being discussed in the upcoming budget. If sources are to be believed, there may be a change in the tax system in the next year i.e. in the coming budget, which will facilitate the common people. In fact, to woo taxpayers, the central government is in the process of developing an exemption-free tax system for individual income taxpayers.

Facilities will be available in ITR form 

It may be noted that currently there are different ITR forms for different taxpayers. Forms (ITR-1 and ITR-4) are issued for individual taxpayers. But in the new rule, taxpayers who file ITR-1 and ITR-4 can be given the opportunity of self-option. Let us tell you that at present there are 7 types of ITR forms available for taxpayers.

What is India’s plan?

Significantly, the government is preparing to host the leaders of G-20 countries next year. And it is being told that taxation in the digital economy, fixing the fair share of taxes to developing countries, and taxation of cryptocurrencies will be included in the agenda.

Read More: ITR Filing: Good news for ITR filers, Income Tax Department started a big facility

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