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PM Modi Launches Platform For ‘Transparent Taxation’

PM Modi

National: PM Narendra Modi on Thursday unveiled faceless tax scrutiny through video conferencing. The PM also urged the people of the country to pay their due taxes and contribute to nation-building.

The Income Tax department has been directed to adopt a ‘taxpayer charter’ which outlines the rights and responsibilities of both tax officers and taxpayers.

While launching the platform ‘Transparent Taxation – Honoring the Honest’, PM Modi informed that the department will start faceless appeals from September 25.

“Effort is to make tax system seamless, painless, and faceless… Honest taxpayer plays an important role in nation development,” he said.

Modi also said that while it is the responsibility of tax officers to deal with the taxpayers with dignity, people should also consider paying taxes as their responsibility.

The PM also mentioned that India is among the nations with the lowest corporate tax rates.

An official statement on Wednesday informed that the launch of the platform is expected to further carry forward the journey of direct tax reforms undertaken in the last six years.

The reforms include a reduction in corporate tax to 22 percent from 30 percent for existing companies and 15 percent for new manufacturing units, scraping of dividend distribution tax, and faceless assessment.

“The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws. Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the I-T Department,” the statement read.

Earlier, the Budget for 2020-21 fiscal unveiled on February 1 had announced a ‘taxpayer charter’, which is expected to have statutory status and will empower citizens by ensuring time-bound services by the Income Tax department.

The charter will ensure trust between a taxpayer and the administration and reduce harassment, as well as increase the efficiency of the department, Sitharman had said in her Budget speech.

The Central Board of Direct Taxes (CBDT), which is the apex decision making body in direct tax matters, administers personal income tax and corporate tax.

Meanwhile, the statement issued on Wednesday said that tax reforms include bringing more transparency in official communication through the newly introduced 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 I-T Department has moved forward with the pre-filling of income tax returns to make compliance more convenient for individual taxpayers.

Compliance norms for startups have also been simplified.

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Written by Headline8 Desk

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