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Honouring The Honest: PM Modi launches platform for Transparent Taxation
By IndianMandarins- 13 Aug 2020
997Prime Minister Narendra Modi, on 13 August 2020 at 11 a.m., launched the platform for ‘Transparent Taxation- Honoring The Honest’ via video conferencing. He underlined that the new reform will instill a sense of fearlessness among honest taxpayers who play an important role in national development. The launch aims at initiating major tax reforms that would bring transparency in tax systems and empowering taxpayers. The Income Tax Department carried out several major tax reforms in recent years. Last year the Corporate tax rates were reduced from 30 percent to 22 percent and for new manufacturing units, the rate was reduced to 15 percent. Dividend distribution Tax was also abolished. In addition to a reduction in tax rates IT Dept emphasized on simplification of direct tax laws. Several initiatives were taken for bringing in efficiency and transparency in the functioning of the Department. This includes 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, IT Department has moved forward with the prefilling of income tax returns to make compliance more convenient for individual taxpayers. Compliance norms for startups too were made simpler. With a view to providing for the resolution of pending tax disputes the IT Department also brought out the Direct Tax Vivad se Vishwas Act, 2020 under which declarations for settling disputes are being filed currently. To effectively reduce taxpayer grievances/litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts were raised. IT Department also undertook measures to promote digital transactions and electronic modes of payment. The IT department appeared keen on taking the initiatives forward and efforts were made to ease compliances for taxpayers during the Covid times by extending statutory timeliness for filing returns as also releasing refunds expeditiously to increase liquidity in the hands of taxpayers. Today’s launch on Tax Reforms by the Prime Minister signifies that the journey of direct tax reforms would continue.
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Honouring The Honest: PM Modi launches platform for Transparent Taxation
By IndianMandarins - 2020-08-13 12:33:00
Prime Minister Narendra Modi, on 13 August 2020 at 11 a.m., launched the platform for ‘Transparent Taxation- Honoring The Honest’ via video conferencing. He underlined that the new reform will instill a sense of fearlessness among honest taxpayers who play an important role in national development.
The launch aims at initiating major tax reforms that would bring transparency in tax systems and empowering taxpayers.
The Income Tax Department carried out several major tax reforms in recent years. Last year the Corporate tax rates were reduced from 30 percent to 22 percent and for new manufacturing units, the rate was reduced to 15 percent. Dividend distribution Tax was also abolished.
In addition to a reduction in tax rates IT Dept emphasized on simplification of direct tax laws. Several initiatives were taken for bringing in efficiency and transparency in the functioning of the Department. This includes 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, IT Department has moved forward with the prefilling of income tax returns to make compliance more convenient for individual taxpayers. Compliance norms for startups too were made simpler.
With a view to providing for the resolution of pending tax disputes the IT Department also brought out the Direct Tax Vivad se Vishwas Act, 2020 under which declarations for settling disputes are being filed currently. To effectively reduce taxpayer grievances/litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts were raised.
IT Department also undertook measures to promote digital transactions and electronic modes of payment. The IT department appeared keen on taking the initiatives forward and efforts were made to ease compliances for taxpayers during the Covid times by extending statutory timeliness for filing returns as also releasing refunds expeditiously to increase liquidity in the hands of taxpayers.
Today’s launch on Tax Reforms by the Prime Minister signifies that the journey of direct tax reforms would continue.
