Income tax administration simplified
Simplification of tax administration has been high on the government’s agenda. Various measures have been taken by the government over the past few years.
These include introduction of PAN as the sole identification number for income tax transactions, electronic payment of taxes, electronic filing of income tax returns, and so on. The tax department plans to concentrate on more efficient and effective work.
In the current year, the tax-GDP ratio is at an all-time high of 12.5 percent. Direct tax collections touched Rs 3 lakh crores for the first time. The Department has been disposing off about 2.60 crore tax assessments every year. The cost of collections is already going down and stands at 0.74 percent of the total collections.