Quick Summary
A recent survey has revealed that 74% of Indias top corporate taxpayers are advocating for the Income Tax (I-T) department to enable near real-time reporting and compliance monitoring. The Income Tax Digitalisation in India Survey, conducted among 250 high-end corporate taxpayers, highlights a growing preference for technology-driven tax solutions in the evolving compliance landscape. Key Insights from the Survey 1. Near Real-Time Reporting A significant majority of respondents expressed the
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FAQ :
A significant 74% of high-end corporate taxpayers in India favour the Income Tax department enabling near real-time reporting and compliance monitoring.
Around 67% of businesses surveyed expressed interest in using e-wallets for faster tax refunds, which could improve cash flow management.
SAF-T stands for Standard Audit File for Tax. Respondents highlighted its adoption as a digital reporting tool to streamline compliance and enhance efficiency through near real-time monitoring.
63% of businesses surveyed favoured the implementation of Application Programming Interfaces (APIs) for seamless integration with tax portals.
Over 57% of respondents suggested leveraging technologies such as blockchain and artificial intelligence (AI) to modernise tax administration and boost compliance.
Key challenges include a lack of skilled professionals in tax technology, resistance to adopting new technologies due to complexity concerns, and integration issues between existing and new systems.
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