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In a significant move reflecting the evolving landscape of India's tax administration, CBDT Chairman Ravi Agrawal announced a shift towards a more participative and non-adversarial approach. Speaking at a FICCI event on Monday, Agrawal emphasized that the Income Tax Department is now guided by the principle of 'Trust First', focusing on transparency, ease of compliance, and business-friendly reforms. Paradigm Shift in Direct Tax Governance "We have witnessed a paradigm shift in governance wi
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FAQ :
The new guiding principle for India's Income Tax Department is 'Trust First', emphasising transparency, ease of compliance, and a business-friendly approach.
The PRUDENT framework stands for Proactive Approach, Rule-based Administration, User-friendly Processes, Data-driven Decision Making, Enabling Business Environment, Non-intrusive Tax Administration, and Technology and Transparency.
Reforms include optimising thresholds to reduce compliance burdens, reducing the number of rates for simplification, decriminalising certain tax offences, and rationalising specific features to enhance taxpayer convenience.
The aim is to create a transparent, user-friendly tax environment that fosters trust, minimises taxpayer anxiety, and simplifies tax compliance, especially for start-ups and entities in International Financial Services Centres (IFSC).
Yes, the CBDT chairman has invited suggestions from stakeholders and assured that all recommendations will be given equal attention to help deliver an Income Tax Act that is easy to comply with.
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