If you are a salaried employee, filing your tax returns before the due date is likely to become easier for you.

On April 01, 2017, the Government is mulling over introducing a single-page Income Tax (I-T) returns form. In his budget speech this year, the Finance Minister hinted at simplifying the tax compliance process, “To expand the tax net, I also plan to have a simple one-page form to be filed as I-T Return for the category of individuals having taxable income up to Rs 5 lakh, other than business income.”, he said. 

In reality, the Government seems to have decided to simplify the tax filing process for all salaried employees earning upto Rs 50 lakh. Those among them who have one house-rent income can also file the simplified I-T return. However, it’s noteworthy that, assessees with business or professional income won’t be able to use one-pager I-T return.

In the 2017 budget speech, the Finance Minister had also revealed these startling facts:

• Only 3.7 crore individuals in India filed income tax returns in 2015-16
• Close to 99 lakh people were below taxable income.
• Out of these, only 24 lakh people declared income above Rs 10 lakh, reported earnings above Rs 50 lakh were only 1.72 lakh.
• In the last 5 years, automobile companies have sold 1.25 crore cars.
• In 2015, nearly 2 crore people travelled abroad for the purpose of business and tourism.

 PersonalFN is of the view that, filing I-T returns or any other tax returns is a constitutional duty for each responsible citizen that earns you the dignity of consciously contributing to the development of the nation and improve our quality of life and standard of  living. Even if you aren't earning a ‘taxable income’, it is always advantageous to file your taxes and recognise the possible perils cited in this article. Filing tax returns on time allows you to live stress-free and enhances your morality.

So far, India’s black money is faceless and perhaps fearless too. The common man hopes that the faces hiding behind curtains will be exposed soon followed by appropriate action taken against tax dodgers and those with mighty sums of unaccounted money. 

We must consciously move towards becoming a tax compliant society, which in turn accelerates India’s economic development.

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