With the present Income Tax Act proposed to be replaced by the Direct Taxes Code (DTC) next year, the I-T department is planning to introduce a host of services related to processing of tax returns and refunds in the current fiscal.
The department will also observe 150 years of the introduction of the first ever I-T Act in 1860, as it will celebrate the Income Tax Day on July 24 this year.
The event is likely to be inaugurated by finance minister Pranab Mukherjee, who will also lay out a roadmap of the department for the future.
“This is the last year of the 1961 Income Tax Act. This year, a number of taxpayer programmes of the department can be initiated and completed,” CBDT member (revenue) Durgesh Shankar said. The department, this fiscal, is planning to set up an independent tax deducted at source (TDS) directorate while fast processing of tax returns and technological upgrade of tax refunds are the other core issues, he said.
The revenue accrued from TDS has been constantly growing over the years and with the increase in the number of service organisations across the country, the share from under this category of taxes is bound to grow, Mr Shankar said.
—PTI