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Finology

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The Finance Minister has proposed to continue the series of administrative measures for improving the overall efficiency of the tax regime. Presenting the Union Budget in the Lok Sabha today, Shri P.Chidambaram said that he proposed to expand the slew of administrative measures as below:-

• Expansion in the scope of annual information returns. 

• Extension of the e-payment facility through more banks. 

• Extension of the refund banker system to refunds of more than Rs.50,000/-. 

• Making e-filing mandatory for more categories of assessees. 

Shri P.Chidambaram said that the Income Tax Department is rapidly moving towards technology based processing as is evident from the Central Processing Cell set-up at Bengaluru and the Central Processing Cell-TDS inaugurated a few days ago at Vaishali, Ghaziabad. The fifth large Tax payer unit will be opened at Kolkata shortly. 

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