Quick Summary
FM Nirmala Sitharaman, presided over the 165th anniversary of Income Tax Day, observed by the Central Board of Direct Taxes (CBDT) in New Delhi. The event marked a significant milestone for the Indian tax administration, as the Finance Minister commended the Department for achieving its highest-ever tax collection. During her address, Sitharaman lauded the success of the faceless assessment and appeals regime, which has streamlined tax processes and enhanced transparency. She emphasized the nee
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FAQ :
The Indian tax administration celebrated its highest-ever tax collection and the 165th anniversary of Income Tax Day.
FM Sitharaman commended the faceless assessment and appeals regime for streamlining tax processes and enhancing transparency.
The Income Tax Department should maintain a fair and taxpayer-friendly approach, ensuring tax notices are temperate, simple, and easy to comprehend.
The increase in first-time filers, with 58.57 lakh individuals filing for the first time in AY 2024-25, indicates India's progression towards a more formalized economy.
FM Sitharaman emphasised the importance of issuing refunds promptly and adhering to due process to encourage voluntary compliance and foster trust.
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