Budget 2018: Number of proposals attempt to simplify taxpayers' lives

E-assessment, amendment of Section 143(1), and introduction of standard deduction aim to make it easier for taxpayers to comply with tax laws

In his last full-fledged Budget before the general election due next year, the finance minister came up with a number of proposals that will simplify the lives of taxpayers. These steps aim to reduce procedural hassles, make it easier to be compliant, and reduce the scope for corruption.     

E-assessment of taxpayers: A key proposal in the Budget is to amend Section 143 of the Income-Tax Act, 1961 (Act), and thereby empower the government to prescribe a new scheme of assessment. This new scheme is expected to make the process of assessment more transparent and enhance accountability by eliminating the