New Delhi, August 12
Prime Minister Narendra Modi will on Thursday launch a brand new platform, ‘Transparent Taxation – Honouring the Honest’, which can carry ahead the journey of direct tax reforms, an official assertion stated right here.
The digital occasion will probably be witnessed by varied chambers of commerce, commerce associations, chartered accountants’ associations and “eminent” taxpayers, the assertion issued on Wednesday stated.
Union Finance Minister Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur would even be current, it stated.
The Central Board of Direct Taxes (CBDT) has carried out a number of main tax reforms in direct taxes within the latest years, the assertion identified.
Last yr, company tax charges had been diminished from 30 to 22 per cent, and for brand spanking new manufacturing items, the charges had been diminished to 15 per cent, it stated.
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 (I-T) Department, the assertion stated.
This contains bringing extra transparency in official communication by the newly launched Document Identification Number (DIN), whereby each communication of the division would carry a computer-generated distinctive doc identification quantity, the assertion stated.
Similarly, to extend the benefit of compliance for taxpayers, the I-T Department has moved ahead with pre-filling of earnings tax returns to make compliance extra handy for particular person taxpayers.
Compliance norms for startups had additionally been simplified, it stated.
With a view to offering for decision of pending tax disputes, the I-T Department additionally introduced out the Direct Tax ‘Vivad se Vishwas Act, 2020’, beneath which declarations for settling disputes are being filed presently.
To successfully scale back taxpayer grievances and litigation, the financial thresholds for submitting of departmental appeals in varied appellate courts have been raised.
Several measures had been taken to advertise digital transactions and digital modes of fee, it stated.
The I-T Department has additionally made efforts to ease compliances for taxpayers throughout 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. PTI