1. INTRODUCTION-

Government of Hon’ble Prime Minister Shri Narendra Modi has undertaken many reforms from banking the Un-bank, Securing the Unsecured, Funding the Unfunded to Honouring the Honest. Now one major step has been taken to fight corruption and bring entire tax revenue into Govt. pocket. It is applicability of E-Assessments, E-Appeals and Tax Charter. Now almost everything is online.The reform focuses on less compliance and clear compliance for taxpayers.

2. WHAT PRIME MINISTER SAYS-

  • Hon’ble PM congratulated all the Indians for such a big reform which brings transparency and efficiency into tax system. He said tax system which was developed before Independence were reformed later many times but its original character did not changed. Businessman faced unnecessary problems and were largely impacted by income tax notices. Human interference increased corruption and practices of black and white money evolved over the time.
  • He advised that Shortcuts are not good, it will cut you Short. Now Govt. adopts policy of Minimum Government and Maximum Governance. It is moving from process and power centric approach to people centric and public friendly approach. Govt. policiesensures seamless, painless and faceless tax system. He requested taxpayers to come forward and pay taxes honestly. He also requested that those who are not required to pay tax as per law but are able to pay should come forward and pay tax.

3. BENEFITS OF E-ASSESSMENTS

E-Assessments are applicable from 13 August 2020 and E-Appeals shall become applicable from 25th Sept 2020, the birth anniversary of Shri Dindayal Upadhay. The benefits of E-Assessments are-

No Human Inference and Saves Time

4. TAX CHARTER

  • PM said Rights always comes with duties and liabilities. Tax Charter defines the tax framework and is useful tool to encourage collaboration between Govt. and taxpayer. Promises made in Tax Charter is more than double what is expected from taxpayer.
  • Promises- Income-tax Deptt.is committed to treat every taxpayer as Honest, provide complete and accurate information, take timely decision, Collect correct tax amount, Respect privacy of taxpayer and maintain confidentiality, Hold its authorities accountable for their actions, Provide mechanism to lodge complain and their prompt disposal.
  • Expectation from taxpayers-To be Honest and Compliant, Be informed about compliance obligations, Keep accurate records, know what information and submissions are made by his authorised representative, Respond in time and Pay taxes in time.

5. OUR COMMENTS

Disposal of income tax cases were big thing for businessman apart from their business. For refund of their own money they faced many problems. People avoided to pay tax when it was well known that their hard earned money will not be used in nation building but will be illegally absorbed into System. Taxpayers who contributed in nation building were itself used by Persons-in-Power. We all have learned in our Schools that “HONESTY IS THE BEST POLICY” but as we grow up we adopt Shortcuts or situations forced us to become part of corruption. But now it is the new morning and we all should welcome it with all our heart and happiness. Congratulations to all the readers for this great Reform. As I always say, Let us pay taxes honestly. Let us practice to pay tax honestly one time and I assure you will always love it.

*****

The above comments do not constitute professional advice. The Author can be reached at companyfinancialtree@gmail.com. My name is CA Divya Agrawal and I am Practising Chartered Accountant. I also upload educational videos in You tube and name of my channel is FINANCIAL TREE COMPANY. We are soon launching our website- www.financialtreecompany.com.My aim is to help people in improving their financial health by spreading knowledge and love. Stay Healthy and Wealthy.

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