Revoking Returns. It’s Automated

Picture this: The government has abolished the system of filing income tax returns and income tax assessments for salaried individuals because all your income and investments are digitally linked to a central electronic system through entities and organisations you financially interact with. Your income from salary is known through your employer. Income from investment is known through banks, mutual fund companies, stock exchanges, demat account providers, and other financial service providers. Capital gains on the sale of a house or profits made by selling jewellery or gold are also gathered electronically from the entities you sell to. Income from other sources is also known through money transfer transaction details. The interlinked ecosystem eliminates the requirement of filing income tax returns by individuals because the tax authorities automatically pick up your financial...