PM Modi launches “Transparent Taxation – Honoring the Honest” platform | Check Complete Details ~ The Finance Magic – Stock Market | Personal Finance

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In an attempt to
digitalize the Income Tax Department’s functioning, to simplify the tax system
and bring reform in the old school method of tax assessment, on Thursday, 13th
August 2020, PM Modi unveiled the “Transparent Taxation – Honoring the
Honest
” platform.

 

The taxation reform aims
at reducing government interference in the lives of people and leveraging the technology
for the betterment of the country’s taxation system. The focus is mainly to
make the entire taxation process seamless, painless (easy), and faceless
(complete masking of the taxpayer and tax officer).

 

The earlier reforms were
made in order to cover the loopholes in the tax system which were reaction-oriented
reforms whereas the current reform is much of an action-oriented reform that
focuses on eliminating the old school methods of the Income-tax department.
 

Here are the key points
discussed by PM Narendra Modi and the impact of the same on the taxpayers
👇

 

1.   
The reform
brings into effect faceless assessment for taxpayers, faceless appeal, and
right’s charter for the taxpayers.

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2.   
The faceless
assessment facility will be available from Sept 25th, 2020, to every
citizen of the country. It will give confidence to the taxpayer of fairness
& fearlessness.

3.   
Tax system to
be seamless, meaning that the tax administration will work to solve the problem
instead of confusing every taxpayer.

4.   
Taxpayers
Charter: A crucial step taken by the government to protect honest taxpayers. Charter
will prioritize taxpayer’s integrity at utmost importance. The Charter will
provide facility and safety to all taxpayers.

5.   
The taxpayer
charter is expected to have statutory status & will empower citizens by
ensuring time-bound services by the I-T dept.

6.   
The taxpayer
is now assured of fair, courteous & rational behavior. I-T dept now has to
take care of the taxpayer’s dignity sensitively. No questions will be asked on
the integrity of the taxpayer without any basis.

7.   
The Centre
reduced corporate tax to 22% from 30% for existing companies & 15% for new
manufacturing units, scraping of dividend distribution tax & faceless
assessment.

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8.   
PM Modi also
mentioned, more than 3 lakh pending cases of tax dispute were resolved the “Vivad
se Vishwas act”.
 

9.   
India now
ranks 63 in the entire world for “Ease of Business” and this is pretty
evident from the massive increase in Foreign Direct Investment (FDI) in India
even during the lockdown.

10.
The number of taxpayers
under scrutiny has reduced to 0.26% in 2018-19 from 0.96% in 2014-15 which is a
positive sign and shows the successful implementation of tax reforms.

 

The platform “Transparent
Taxation – Honoring the Honest
” is aimed to carry forward the journey of
direct tax reform where no taxpayer will be harassed or treated with suspicion.

 

PM
Modi ended his speech by appealing the citizens who are capable of paying taxes
but due to any reason are not under the sight of the Income Tax Department,
should voluntarily come forward and pay their dues.

 

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