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I-T Dept To Launch A Mobile App For You. Here's What You Need To Know... - Outside View by PersonalFN

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I-T Dept To Launch A Mobile App For You. Here's What You Need To Know...
Jul 26, 2017

Do you use mobile apps to order your groceries, book a cab, manage your payments or do banking transactions?

In all likelihood, you do.

Have these apps made life convenient? For most of you, the answer would be "Yes".

Reportedly, the Income-Tax (I-T) Department has been developing a mobile app in-house - 'My Tax App' - which it believes will help individuals handle all their tax concerns. While you can personalise this app through a unique login, so far it's unclear if you can file a tax return using it.

What difference will this App make?

When you download a banking app, you save the time of standing in a queue and effort of visiting an ATM to update the passbook. The same app lets you transfer money, view statements, and receive updates related to your banking activity. Similarly, 'My Tax App' will be a one-stop-solution to resolve all your income tax related issues effortlessly.

This app will link your profile to your Permanent Account Number (PAN), thereby letting you track activities associated with your PAN. For example, when somebody deducts your tax at source, the app will map this event against your PAN and promptly inform you. And, as an added advantage 'My Tax App' will allow you to respond to queries raised by the I-T department and register complaints as well.

The I-T Department seems to have changed its approach from inside-out to outside-in. Meaning, traditionally it's been imposing rules and making assessees toe the line (without bothering about the residual impact). For the first time, it has shown openness to understand taxpayers and learn about their preferences too. The message from the Prime Minister to the I-T department is loud and clear: be taxpayer friendly and change your public image.

'My Tax App' will primarily address two key issues:

  • It will make the process of income tax assessment frictionless and less intrusive. As tax officials won't interfere with routine procedures, the instances of corruption are expected to reduce drastically. The heavy-handed attitude of tax officials often creates fear as well as doubt in the minds of many assessees. 'My Tax App' will be a remedy to this problem since citizens can comply with all tax rules without interacting with officials.
  • Many a times, it's observed that lack of time results in assessees dilly-dallying on taxes which they otherwise wouldn't, and 'My Tax App' would be a boon for such people.

What caution should you take if you plan to use this app?

Like most positive changes being introduced by various departments of the Government, let's see if this works for your benefit.

In case you need to superlative guidance in the tax planning exercise, download PersonalFN's Comprehensive Guide to Tax Planning - Edition 2017. You will learn:

  • 4 Mistakes individuals commit while saving tax
  • Parameters for Prudent Tax planning
  • Optimal tax planning with Section 80C
  • Thinking beyond Section 80C
  • How your Home loan can help in Tax planning
  • How to Save Tax on your salary
  • ...and much more!

Remember, a penny saved, is a penny earned. This guide would be useful for you, download now!

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.


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