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Vikash Sharma

There seems to be a rush among people to file their Income Tax (IT) returns for 2022-23, before the last date on July 31, 2022.

On the occasion of Income Tax Day, prompt redressal of taxpayers’ grievances remains a top priority area of the department which has taken several reforms initiatives. In order to ease the compliance for the tax payers, a new Form 26AS has been notified.

It contains all information of deduction or collection of tax at source, specified financial transaction, payment of taxes and refund. The new Form 26AS lets the taxpayers view details of all high value transactions at a single place.

It is pertinent to mention here that the Income Tax department registered the highest ever net collections of Rs 14.09 lakh crore in financial year 2021-22.

As part of the reforms in the direct taxes, a tax payer can now get PAN instantly. In a tweet, the Income Tax department said, “No more waiting time! Instant is the new NORMAL! e-PAN can now be generated within minutes at the e-filing portal of the ITD.”

As per official sources, instant PAN facility has been introduced for online allotment of PAN to those applicants who possess a valid Aadhaar number with their mobile number registered with Aadhaar. The service is free of cost.

Apart from this, the date of incorporation of eligible start-ups has been extended by one year to March 31, 2023 to boost the start-up ecosystem.

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