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New Delhi:
Prime Minister Narendra Modi will on Thursday launch a brand new platform, “Transparent Taxation – Honouring the Honest”, which is able to carry ahead the journey of direct tax reforms, an official assertion mentioned.
The digital occasion might be witnessed by varied chambers of commerce, commerce associations, chartered accountants’ associations and “eminent” taxpayers, the assertion issued right now mentioned.
Union Finance Minister Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur may also be current, it mentioned.
The Central Board of Direct Taxes (CBDT) has carried out a number of main tax reforms in direct taxes within the current years, the assertion identified.
Last yr, company tax charges have been decreased from 30 per cent to 22 per cent, and for brand new manufacturing items, the charges have been decreased to 15 per cent, it mentioned.
Dividend distribution tax was additionally abolished, it added.
The focus 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 effectivity and transparency within the functioning of the Income Tax (IT) Department, the assertion mentioned.
This consists of bringing extra transparency in official communication by way of the newly launched Document Identification Number (DIN), whereby each communication of the division would carry a computer-generated distinctive doc identification quantity, the assertion mentioned.
Similarly, to extend the convenience of compliance for taxpayers, the IT Department has moved ahead with prefilling of earnings tax returns to make compliance extra handy for particular person taxpayers.
Compliance norms for startups have additionally been simplified, it mentioned.
With a view to supply for decision of pending tax disputes, the IT Department additionally introduced out the Direct Tax “Vivad se Vishwas Act, 2020”, beneath which declarations for settling disputes are being filed at present.
To successfully cut back taxpayer grievances and litigation, the financial thresholds for submitting of departmental appeals in varied appellate courts have been raised.
Several measures have been taken to advertise digital transactions and digital modes of cost, it mentioned.
The IT Department has additionally made efforts to ease compliances for taxpayers in the course of the COVID-19 pandemic by extending statutory timeliness for submitting returns, as additionally releasing refunds expeditiously to extend liquidity within the palms of taxpayers, the assertion identified.
(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
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