My thoughts are pretty simple and I welcome anyone with better sense of finance to refine over this submission.
I would urge the government to abolish mandatory filing of tax returns. Govt may find means to strengthen tax deduction at source as well as making every transaction electronic and transparent and taxed at the point of transaction as applicable. After having imposing tax in every transaction and disbursement, the govt must do away with the futile exercise of mandatory filing of returns. The filing may be done by any taxpayer to obtain refund in case of excess deduction or to claim exemption after deduction etc. This way govt will save the efforts by the I-T deptt to collect and scrutinize ITR by billions of taxpayer across the country. This will save huge amount of governmental expenditure involved in the exercise. This will also save enormouns amount of papers wasted in documentation, proof submission etc, which will inturn have positive impact on the environment and benefit the humanity.
