Income Tax: Finance Minister Nirmala Sitharaman has asked Income Tax officials to expedite ITR filing, refund, and redress the grievances of taxpayers. Addressing the tax officials, the Finance Minister said that the collection of direct taxes has exceeded that of indirect taxes. This has increased equity. She called for work on three 'R' formula for the Income Tax Department.
According to Nirmala Sitharaman, the tax burden is being passed on to those who can pay more. It is pointless to tax minor everyday products. He stated that the introduction of faceless assessments and the use of technology has diminished taxpayers' mistrust of tax authorities, and taxpayers are also beginning to recognize that taxes are being collected without any difficulties. The Finance Minister directed the tax authorities to evaluate and process the returns "systematically" and expeditiously.
The Triple R stands for Return, Refund, and Grievance Redressal, i.e. Return, Refund, and Grievance Redressal or Rapid Processing of Return, Refund, and Grievance Redressal According to the Finance Minister, this action will increase consumer confidence and ensure that tax filing is not viewed as a burden.
Appreciating the work of the department in issuing refunds, he said that more efficient disposal of refunds would change the image of the IT department among the people. Concerning grievance redressal, Sitharaman asked the Income Tax Department to follow an approach to refer complex cases to court.
The Finance Minister said that if necessary, the CBDT will have to sit for a week in a year to consider such matters so that people know that you are trying for such things. Even then there may not be much change, but at least for those whose grievances have been addressed, it will be a big relief.
Finance Minister Nirmala Sitharaman called on public sector banks on Wednesday to improve the inclusion of Scheduled Castes (SC) in all initiatives. In a meeting with the CEOs and executives of public sector banks, the Finance Minister asked the banks to fill all backlog positions as soon as possible and within a reasonable time frame.