Launching Platform For Transparent Taxation- Honoring The Honest By PM Shri Narendra Modi
Prime Minister Narendra Modi will launch the platform for ‘Transparent Taxation – Honoring the Honest’ on 13/08/2020 via Video Conferencing. Govt. has taken several measures from reducing tax rates to ease of compliance. The launch of the platform will further carry forward the journey of direct tax reforms.
The event will be witnessed by various Chambers of Commerce, Trade Associations, Chartered Accountants` associations and also eminent taxpayers, apart from the officers and officials of Income Tax Department.
Union Minister of Finance and Corporate Affairs Hon’ble Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Hon’ble Anurag Singh Thakur will also be present on the occasion.
MEASURES TAKEN BY GOVT ARE-
1. Reduction of Corporate tax rates from 30% to 22% and for manufacturing units rates were reduced to 15%.
2. Dividend distribution tax was also abolished.
3. 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.
4. Pre-filling of income tax returns to make compliance more convenient for individual taxpayers.
5. For Resolution of pending tax disputes the IT Department also brought out the Direct Tax “Vivad se Vishwas Act, 2020”
6. Rationalization of E-Appeals.
7. Launched E-compaign to voluntary file returns for F.Y.2018-19.
8. To effectively reduce taxpayer grievances / litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts have been raised.
9. Several measures have been taken to promote digital transactions and electronic modes of payment.
10. Revised Form 26AS which contains more information.
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 IT Department. This Scheme focuses to reward Honest Taxpayers.
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