PM Modi will launch a news tax scheem tomorrow. ‘Transparent Taxation’ will be launched by PM Modi vai video-conferencing tomorrow.
Various associations like Trade Association, Chartered Accountant’s associtation, Chambers of Commerce will witness the event.
Officers of IT Department, Minsiter of Finance Nirmala Sitharaman, Minister of State for Finance Shri Anurag Singh Thakur will also be present.
PM Modi had thanked honest tax payers who helped finance the free food grains scheme in the pandemic.
The launch of the platform will further carry over the journey of tax reforms.
The CBDT has administered several major tax reforms in direct taxes within the recent years. Last year the company Tax rates were reduced from 30 percent to 22 percent and for brand spanking new manufacturing units the rates were reduced to fifteen percent. Dividend distribution Tax was also abolished.
The focus of the tax reforms has been on reduction in tax rates and on simplification of tax laws. Several initiatives are taken by the CBDT for bringing in efficiency and transparency within the functioning of theIT Department.
This includes bringing more transparency in official communication through the newly introduced Document number (DIN) wherein every communication of the Department would carry a computer generated unique document number . Similarly, to extend the convenience of compliance for taxpayers, IT Department has moved forward with prefilling of tax returns to form compliance more convenient for individual taxpayers. Compliance norms for startups have also been simplified.
With a view to supply for resolution of pending tax disputes the IT Department also brought out the 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 are raised. Several measures are taken to market digital transactions and electronic modes of payment.
The IT department is committed to require the initiatives forward and has also made efforts to ease compliances for taxpayers during the Covid times by extending statutory timeliness for filing returns as also releasing refunds expeditiously to extend liquidity within the hands of taxpayers.