Prime Minister Narendra Modi will launch the platform for “Transparent Taxation – Honoring the Honest” via video conferencing on Thursday.
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 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.
At 11 AM on Thursday, 13th August, the platform for “Transparent Taxation – Honoring the Honest” would be launched. This adds strength to our efforts of reforming and simplifying our tax system. It will benefit several honest tax payers, whose hardwork powers national progress.
— Narendra Modi (@narendramodi) August 12, 2020
Similarly, to increase the ease of compliance for taxpayers, the IT Department has moved forward with prefilling of income tax returns to make compliance more convenient for individual taxpayers. Compliance norms for startups have also been simplified.
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 have been raised. Several measures have been taken to promote digital transactions and electronic modes of payment.
The upcoming launch of the platform for “ Transparent Taxation – Honoring the Honest “ by the Prime Minister 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 the Income Tax Department.
Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur, will also be present on the occasion.