New Delhi: Prime Minister Narendra Modi will launch a platform to honour trustworthy taxpayers on Thursday.
The launch of the platform for ‘Transparent Taxation – Honoring the Honest’ will additional carry ahead the journey of direct tax reforms, mentioned an official assertion.
Union Minister of Finance and Company Affairs, Nirmala Sitharaman and Minister of State for Finance and Company Affairs, Anurag Singh Thakur can even current on the launch which might be accomplished by means of a video convention.
The occasion can even be witnessed by numerous chambers of commerce, commerce associations, chartered accountants’ associations and in addition eminent taxpayers, aside from the officers and officers of the Revenue Tax Division, the assertion mentioned.
The launch might be additional growth within the Centre’s and the Central Board of Direct Taxes’ reforms in direct taxes carried out lately, as the federal government.
Final 12 months the company tax charges have been lowered from 30 per cent to 22 per cent and for brand spanking new manufacturing models the charges have been lowered to 15 per cent. The federal government additionally has accomplished away with the Dividend distribution Tax and the main target of the tax reforms has been on discount in tax charges and on simplification of direct tax legal guidelines.
“Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the IT Department. This includes bringing more transparency in official communication through the newly introduced Document Identification Number (DIN) wherein every communication of the Department would carry a computer generated unique document identification number,” it mentioned.
Equally, to extend the convenience of compliance for taxpayers, IT Division has moved ahead with pre-filing of earnings tax returns to make compliance extra handy for particular person taxpayers. Compliance norms for startups have additionally been simplified.
With a view to offering for the decision of pending tax disputes, the IT Division additionally introduced out the Direct Tax “Vivad se Vishwas Act, 2020” underneath which declarations for settling disputes are being filed at present. To successfully cut back taxpayer grievances or litigation, the financial thresholds for submitting of departmental appeals in numerous appellate Courts have been raised. A number of measures have been taken to advertise digital transactions and digital modes of fee.
The IT division is dedicated to take the initiatives ahead and has additionally made efforts to ease compliances for taxpayers in the course of the Covid instances by extending statutory timeliness for submitting returns and in addition releasing refunds expeditiously to extend liquidity within the arms of taxpayers.
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