The Income Tax Department is planning to introduce a slew of measures to ease the process of obtaining a Permanent Account Number (PAN).
The Income Tax Department is planning to introduce a slew of measures to ease the process of obtaining a Permanent Account Number (PAN). According to a report in The Times of India, very soon you will be able to get PAN card in just four hours.
Citing a tax official, the report said tax body is planning reform measures such as pre-filled returns and faster processing of returns. Sushil Chandra, Chairman of Central Board of Direct Taxes (CBDT) while addressing an industry conference on Tuesday said the department has taken technology recourse and automation in several areas to provide a better understanding of the system to taxpayers and ease the process.
Chandra informed that the allotment of PAN in just four hours is likely to start within a year, the TOI report said.
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According to Chandra, returns form has also been simplified to facilitate ease of doing business. Also, the process of refunds has been frontloaded.
He assured that assesses need not to fear of scrutiny as the process has been made non-discretionary. He said that less than 0.5% of cases have been brought under scrutiny, providing comfort to assesses.
Coming out strongly in support of strict enforcement of laws, he said that government should consider reducing tax rates in case there is better tax compliance. This, he said, would encourage more people to join the system.
Chandra informed that people filing income tax returns has increased by almost 50% to 6.08 crore in the assessment year 2018-19 compared to the corresponding period a year ago.