Finance Minister Nirmala Sitharaman proposed measures to simplify tax compliance and provide relief to small taxpayers.
Under the new initiative, a rule-based automated process will allow eligible taxpayers to obtain a lower or nil deduction certificate without the need to file a separate application with the assessing officer. This is expected to reduce procedural hurdles and save time for individual investors.
For taxpayers holding securities in multiple companies, Nirmal Sitharaman announced that depositories will be enabled to accept Form 15G or Form 15H directly from investors and provide it to the relevant companies. This move aims to streamline compliance, minimize paperwork, and ensure smoother credit of income without unnecessary tax deductions.
Officials said these measures reflect the government’s focus on ease of doing business for individuals and small investors, while reducing compliance burden and promoting investor convenience.