In a bid to continue with the ongoing initiatives to ensure that the honest taxpayers are respected and rewarded, PM Modi on Thursday will launch a platform for 'Transparent Taxation – Honoring the Honest'.
In a bid to continue with the ongoing initiatives to ensure that the honest taxpayers are respected and rewarded, Prime Minister Narendra Modi on Thursday will launch a platform for 'Transparent Taxation – Honoring the Honest'.
Recommended ArticlesView All
Decoding multi-year health insurance policy — What is it and what are key benefits?
IST3 Min(s) Read
View | Pakistan Election: Will Imran Khan's changed tack from long march to resignations to snap poll work?
IST5 Min(s) Read
View | G20 Presidency: India can shape global Web3 narrative
IST6 Min(s) Read
In a press statement on Wednesday, the Prime Minister's Office said the launch of the platform will further carry forward the journey of direct tax reforms, following the several measures that have been taken by the Central Board of Direct Taxes (CBDT) to aid taxpayers.
The statement noted that since last one year, the government has gone ahead with major reforms like reducing the corporate tax rate from 30 percent to 22 percent. For new manufacturing units, the tax rate was further reduced to 15 percent, besides the Dividend Distribution Tax was also abolished.
"The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws," the statement said.
The union finance ministry, last year had also launched a drive to increasingly making the taxation system faceless and transparent to stop overreach by taxmen and check corruption.
"This includes bringing more transparency in official communications through the newly introduced Document Identification Number (DIN) wherein every communication of the department would carry a computer generated unique document identification number," it said.
According to officials close to development – besides honouring honest taxpayers, this platform will eventually help the tax administration to be more transparent for the taxpayers.
Meanwhile, to increase the ease of compliance for taxpayers, the Income Tax Department has moved forward with an initiative of pre-filed income tax return forms to make compliance more convenient for individual taxpayers. Compliance norms for startups have also been simplified, the statement said.
"With a view to provide for 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," it said.
The statement listed recent tax reforms such as raising the monetary thresholds for filing of departmental appeals in various appellate courts to reduce taxpayer grievances and litigation and promoting digital transactions.
"The Income Tax Department is committed to take the initiatives forward and has also made efforts to ease compliances for taxpayers during COVID times by extending statutory timeliness for filing returns as also releasing refunds expeditiously to increase liquidity in the hands of taxpayers," it said.
First Published: IST