The “Transparent Taxation” has been inaugurated just now by PM Modi. The process of structural reforms has reached a new stage today in our country PM Modi. “The new platform launched has several reforms like Faceless Appeal and Taxpayer charters. Faceless Assessment and Taxpayer charter have come into force from today” PM added. Finance Minister Nirmala SitaRaman along with others were present.
The initiatives that start today reflect our vision towards 'minimum government, maximum governance'.
— BJP (@BJP4India) August 13, 2020
The “Transparent Taxation – Honoring The Honest” platform will initiate major tax reforms aimed at bringing transparency in income tax systems and empowering taxpayers, according to the government.
The launch of “Transparent Taxation – Honoring the Honest” by the Prime Minister highlights the focus of the govt's tax reforms in order to simplify direct tax laws, and bring in efficiency and transparency in the functioning of the IT Department. #HonoringTheHonest @FinMinIndia
— MyGovIndia (@mygovindia) August 13, 2020
“At 11 AM on Thursday, 13th August, the platform for “Transparent Taxation – Honoring the Honest” would be launched. This adds strength to our efforts of reforming and simplifying our tax system.
It will benefit several honest taxpayers, whose hard work powers national progress,” PM Modi announced on Twitter.
This will be another step that will make the lives of the taxpayers easier. Over the years, the income tax department has carried out several major reforms, including a reduction in the corporate tax. The department had also abolished the dividend tax.
It has also been focussing on the simplification of direct tax laws and increasing transparency in communication. A major step in this regard was the introduction of Document Identification Number (DIN) wherein every communication of the department would carry a computer generated unique document identification number.
Similarly, to increase the ease of compliance for taxpayers, the IT department has moved forward with the prefilling of income tax returns to make compliance more convenient for individual taxpayers. Compliance norms for startups have also been simplified.
The Direct Tax Vivad se Vishwas Act, 2020, was also introduced to settle tax disputes.
Further, the Income Tax department has undertaken several measures to promote digital transactions and electronic modes of payment.
The department is committed to take the initiatives forward and has also made efforts to ease compliances for taxpayers during Covid-19 time by extending statutory timeliness for filing returns as also releasing refunds expeditiously to increase liquidity in the hands of taxpayers.
Key Points :
- Charter will ensure trust between a taxpayer and the administration and reduce harassment, it will increase efficiency of the department, Union finance minister Nirmala Sitharman already mentioned.
- Government wish to enshrine in the statutes a ‘taxpayer charter’ through this budget. Government wouldn’t like to also reassure taxpayers that we remain committed to taking measures so that our citizens are free from harassment of any kind,” she had mentioned.
- The Central Board of Direct Taxes (CBDT), which is the top decision making body in direct tax matters, administers personal income tax and corporate tax.
- Over last few weeks, CBDT has been publicising the faceless tax assessment scheme, where the identity of the assessees and the tax officers are not known — that was launched last year.
- The government has for long talked about various plans — ranging from cashback or rewards under GST (goods and services tax) for those using digital modes of payment to make purchases — it has so far failed to implement them.
Some Appreciation :
— Arun Yadav (@beingarun28) August 13, 2020
Reward and Punishment is one of the cardinal principles of good management! Through the Transparent Taxation -Honouring the Honest, Govt Inder the leadership of PM @narendramodi ji is translating this principle in reality! #HonoringTheHonest will make Honesty contagious! pic.twitter.com/L2s6sxaoWW
— Dr. VINAY Sahasrabuddhe (@vinay1011) August 13, 2020
— Dr. Subhash Bhamre (@DrSubhashMoS) August 13, 2020