Honourable Prime Minister Sri Narendra Modi launched a platform for 'Transparent Taxation' for honoring honest taxpayers. The Prime Minister's launch of 'Transparent Taxation – Honoring the Honest' follows several major tax reforms in direct taxes in recent years. These include the corporate tax rates cut and the abolition of the Dividend Distribution Tax. The addressing was started by Hon’ble FM. She said, 'Today is a landmark day in the history of taxation.' The present platform uses data, analytics, and AI for ease of compliances of the taxpayers. The platforms mark the beginning of the faceless assessment, the taxpayer’s charter, and faceless appeal will come into effect from the 25th of September 2020.
Have a look at the highlights from PM’s addressing:
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The PM announced that under the transparent platform, faceless assessment and taxpayers charter will come into force from today, and facility of faceless appeal will come into force from 25th September.
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Transparent Taxation Platforms aims to make the system seamless, faceless, and Painless.
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The taxapyers charter is a historical document laying out various rights of the taxpayers.
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Under the Faceless Appeals system introduced by the government, appeals will be randomly allotted to any office across the country, and the identity of the officer deciding the appeal will remain unknown. Further, decisions will be team-based.
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The Income Tax department will now have to trust the taxpayers, who will also have the right to appeal in case of any suspicion from the IT dept
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The PM also announced that the tax return scrutiny has been cut to one-fourth to 0.26 percent of all returns filed
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The taxpayer is now assured of fair, courteous and rational behavior. That is, the income tax department now has to take care of the taxpayer's dignity sensitively.
Do you welcome the new taxation platform with open arms?
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