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The government has made the process for filing returns easier and accessible, but more reforms are needed, particularly with respect to long term capital gains tax. Also, over the last decade filing returns has become completely automated but getting timely redressal remains an issue.
An SBI Research Report based on income tax returns filed for FY11 to FY22 shows positive trends, such as rise in average income of the middle class and significant decline in the number of returns with zero tax liability.
Government Information Service of Dominica
Interest income from bank deposits, dividends from shares and mutual funds, gifts, lottery winnings, and prize money — all need to be disclosed under the head “Income from other sources” while filing your income tax return.
Apart from the income tax deductions and exemptions that all taxpayers enjoy, senior citizens can claim a few others. Even the income tax slabs applicable to them are different from those meant for other taxpayers.