This initiative aims to widen the tax base, reduce tax evasion, and increase revenue collection. The government has taken various measures to achieve this goal, such as:
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The government of India has set a target to increase the number of income tax filers in the country. As of last update in 2022-2023, the target was to add 1 crore (10 million) new income tax filers, taking the total number of filers to around 7.6 crores (76 million). Coming forth, the government aims to expand the income tax net to at least 15% of the country’s population. A snippet from an article titled “Budget 2024-25 — Neglect of existing individual income tax returns filers!” highlights the concern that only 8.5 crore Income Tax Returns (ITRs) were filed despite 57 crore PAN Cards being linked with Aadhaar identification. The article suggests that the government should focus on expanding the income tax net to include more non-filers, rather than relying solely on existing filers. Another article mentions that the government aims to track the non-filers whose details are available with authorities, the government’s focus seems to be on expanding the income tax net to include more non-filers and increasing tax compliance.
- 1. Simplifying tax filing processes
- 2. Expanding the tax net to include more individuals and businesses
- 3. Increasing awareness about tax compliance
- 4. Implementing technology to facilitate easy filing and tracking of taxes
Outsourcing accounting and tax services is a strategic decision that empowers Indian businesses to achieve financial clarity, scalability, and flexibility. By partnering with a trusted provider, companies can navigate complex regulatory requirements, optimize financial processes, and focus on driving innovation and growth. This strategic partnership allows companies to streamline financial operations, improve compliance, and drive growth, ultimately achieving a competitive edge in their respective markets. This collaborative approach enables companies to access cutting-edge technology, expert knowledge, and proactive support, ensuring optimal financial performance and sustainable success.
Benefits of Accounting and Taxation Outsourcing Services in India :
• Reduced administrative burden and costs:
- - Focus on core competencies
- - Ensure accurate and efficient financial management
- - Leverage expert knowledge and technology
- - Enhance compliance and risk management
- - Improve financial decision-making
• Enhanced Financial Accuracy and Compliance with Indian Accounting Standards
• Centralised Entity Experience: Secure Online Access to all Communication Data and Self-Service Capabilities.
• Growth with Ease makes, Flexible Infrastructure for Changing Business Needs
• Access to expertise and support from Certified Professionals or Experts.
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