PM Narendra Modi will launch taxation reforms through – Transparent Taxation – on Thursday, aimed at easing compliance and expediting refunds, benefiting honest taxpayers.
The launch of the platform will further carry forward the journey of direct tax reforms, following the several measures that have been taken by the Central Board of Direct Taxes (CBDT) to aid taxpayers.
A statement from the PMO said that the launch of the platform for ‘Transparent Taxation – Honoring the Honest’ will further carry forward the journey of direct tax reforms.
Taking to Twitter, PM Modi said that the platform will add strength to the efforts of reforming and simplifying the tax system. He also added that the platform will benefit several honest taxpayers.
“At 11 AM on Thursday, 13th August, the platform for ‘Transparent Taxation – Honoring the Honest’ would be launched. This adds strength to our efforts of reforming and simplifying our tax system. It will benefit several honest tax payers, whose hard work powers national progress,” PM Modi said in a tweet.
At 11 AM on Thursday, 13th August, the platform for “Transparent Taxation – Honoring the Honest” would be launched. This adds strength to our efforts of reforming and simplifying our tax system. It will benefit several honest tax payers, whose hardwork powers national progress.— Narendra Modi (@narendramodi) August 12, 2020
The CBDT has carried out several major tax reforms in direct taxes in the recent years, including the latest being reduction in corporate tax last year to 22% from 30% for existing companies and 15% for new manufacturing units. Dividend distribution tax was also abolished.
Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the IT Department, including Document Identification Number (DIN) and pre-filling of income tax returns to make compliance more convenient.
At the launch of the event, several dignitaries, including Union Minister of Finance and Corporate Affairs Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur, will be present.
The event will also be witnessed by various chambers of commerce, trade associations, chartered accountants’ associations and also eminent taxpayers, apart from the officers and officials of Income Tax Department.
The launch of the platform will be a further development in the Centre’s and the Central Board of Direct Taxes’ reforms in direct taxes carried out in recent years.
While compliance norms for startups have also been simplified, the Direct Tax “Vivad se Vishwas Act, 2020” was brought out for settling disputes, many of which are being filed currently.
To effectively reduce taxpayer grievances or litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts have been raised.