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News INCOME TAX

  • Nov 12, 2022
  • Taxman Wants More Data to Drive Voluntary Compliance

    The tax compliance requirements for companies are changing as the tax department wants more information. It will, therefore, be the responsibility of companies to provide all necessary data including detailed information on partners and suppliers. In such a scenario, reporting will increasingly be driven by technology.

    “The tax compliance processes have to be embedded in the internal business processes for each taxpayer. The degree of integration will depend on the size of business or the specific sectors,” said Sanjeev Singh, Principal Commissioner of Income Tax, Bangalore, said.