Launching the “Transparent Taxation – Honouring the Honest” platform, Prime Minister Narendra Modi said it is meant to meet the requirements of 21st century taxation. Major reforms such as Faceless Assessment, Faceless Appeal and Taxpayers’ Charter are part of the platform.The taxpayers’ charter assures taxpayers of fair, courteous and rational behaviour while Faceless appeal will...
Launching the “Transparent Taxation – Honouring the Honest” platform, Prime Minister Narendra Modi said it is meant to meet the requirements of 21st century taxation. Major reforms such as Faceless Assessment, Faceless Appeal and Taxpayers’ Charter are part of the platform.The taxpayers’ charter assures taxpayers of fair, courteous and rational behaviour while Faceless appeal will be available across the country beginning 25 September, 2020.
Several direct tax reforms have been carried out by the CBDT in recent years. Last year, corporate tax rates for new manufacturing units were reduced to 15 per cent even as corporate tax rates were reduced from 30 to 22 per cent. Dividend Distribution Tax was abolished. The tax reforms aimed at reducing tax rates and simplifying direct tax laws. Among the CBDT’s measures to introduce efficiency and transparency in the IT department are the newly introduced Document Identification Number (DIN) where every department communication carries a computer generated unique document identification number; pre-filing of income tax returns to make compliance more convenient for individual taxpayers, simplification of compliance norms for start-ups etc.
The IT department has introduced the Direct Tax “Vivad se Vishwas Act, 2020” under which declarations for settling disputes are presently being filed. The launch of the latest platform will only carry forward the direct tax reform journey.