<\/span><\/h2>\n\n\n\nThe launched platform for \u201cTransparent Taxation \u2013 Honoring the Honest by the PM Modi will further carry forward the passage of direct tax reforms in India. The event has witnessed by various Chambers of Commerce, Chartered Accountants’ associations, Trade Associations, and eminent taxpayers, apart from the Income Tax Department officials and officers. ShrimatiNirmalaSitharaman, Union Minister of Finance and Corporate Affairs, and Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, was also present on the historic occasion.<\/p>\n\n\n\n
It will strengthen efforts of \u201csimplifying and reforming India’s tax system” determining the Transparent Taxation. The Prime Minister has unveiled the next phase of direct tax reforms intended for easing compliance and gratifying honest taxpayers to reconstruct the Indian economy, which has been hit by the COVID-19 – coronavirus pandemic and the subsequent lockdown. There are few live pronouncements mentioned below – expressed by Prime Minister Narendra Modi. Those are as follows:-<\/p>\n\n\n\n
Said by Prime Minister, Modi:-<\/strong><\/p>\n\n\n\n- “The platform is intended at bringing more transparency in official communication through the newly-introduced computer generated Document Identification Number (DIN)” – Transparent Taxation<\/em><\/li><\/ul>\n\n\n\n
- “Those who can pay Tax, however they are not in the tax net yet, they must come forward with\u00a0self-motivation<\/strong>, and this is my request and hope. Let us work together towards the resolution of new India, self-reliant India,”<\/em><\/li><\/ul>\n\n\n\n
- “Amidst all the reforms presented and introduced by Centre, the number of people who have filed income tax returns has augmented by about two-and-a-half crores in the last six to seven years. However, it is also true that in a country of 130 crores, it is still very less n amount”<\/em>.<\/li><\/ul>\n\n\n\n
- “Of all the tax returns filed in 2012-13, inspection, and scrutiny of 0.94 % cases was done. However, in the year 2018-19, this figure came down to 0.26%. It means that the inspection scrutiny of the case has reduced by almost four times. This also proves how far-reaching the change is. In the last 6 years, India has seen a new model\/ideal of governance developing in tax law and its administration”.\u00a0<\/em><\/li><\/ul>\n\n\n\n
- “With the help of faceless assessment, the taxpayer is assured of fair, courteous, and rational behavior. It means the income tax department now has to take care of the taxpayer’s dignity, delicately, and sensitively. Now you have to trust the taxpayer; the department cannot doubt any person randomly without any basis. Taxpayer’s charter is a big step in the country’s development taxation journey”<\/em>.<\/li><\/ul>\n\n\n\n
- “Presently, the tax department of the city we live in buttons up and handle everything related. From now, this will end after this launch. With the help of computerization and technology, the matters of scrutiny will be assigned to IT department officials – randomly and indiscriminately. Now, the “Algorithms” will decide who will handle the case (Automated). Apart from issues related to Taxation, appeals will also be faceless under the Taxpayer’s Charter”<\/em>.<\/li><\/ul>\n\n\n\n
- “Our tax system should be painless, seamless, as well as faceless. Seamless means that the tax law and its administration should solve the problem as a replacement for confusing taxpayers”<\/em>.<\/li><\/ul>\n\n\n\n
- “It is worth mentioning that the taxes have reduced in the country along with the complexities of techniques and processes. Yes, Tax is now zero on the income of up to 5 lakh rupees. The tax rates have also been reduced in other remaining slabs as well. We are one of the lowest Tax consuming over Countries in the world in terms of Corporate Tax Collection.”<\/em><\/li><\/ul>\n\n\n\n
- “We believe that Compliance is difficult where there is complexity. If the law is clear, then taxpayers will be happy, as well as the country itself. This work was in the line of the process some time ago. Similarly, as GST has come in place of lots of taxes”<\/em>.<\/li><\/ul>\n\n\n\n
- “There was a time when we used to discuss about reforms and its administrations. Decisions were taken in under pressure or desperation, and they were known to be reforms. Every law, rule, and policy is taken out of the power centric method and is being turned into ‘Public Friendly and’ ‘People-Centric’. This is the benefit of the new governance ideal of modern India”<\/em>.<\/li><\/ul>\n\n\n\n
- \u00a0“<\/em><\/strong>For us, reform means it is policy-based, not just a piece of the meal. Holistic reform develops and turns the basis of another reform, making way for the new reforms. And we cannot take a break after one reform; this is a constant process”<\/em>.<\/li><\/ul>\n\n\n\n
- “Structural and Fundamental Reforms were required in India’s tax system because our system was created in the period of oppression and slavery. Later independence, a lot of variations were made here and there, but the large system’s character continued to be the same”<\/em>.<\/li><\/ul>\n\n\n\n
- “Earlier, our focus area has been securing the unsecured, banking the unbanked, funding the unfunded. Today, we are stepping quite head, and we are launching “Honouring the Honest” “Now, the situation is becoming in the country to emphasis the work keeping supreme duty supreme. The question is, how is the change coming from? Does it just come with stringent rules? Does it come just from punishment or fines? I don’t believe”<\/em><\/li><\/ul>\n\n\n\n
- “My dear friends, the on-going structural reform has touched new heights today. Transparent Taxation \u2013 “Honoring the Honest” will have faceless appeal, faceless assessments, and taxpayer charter. The faceless appeal will come into force from 25th September 2020, while faceless assessment and taxpayer charter will come into effect from today itself”<\/em><\/li><\/ul>\n\n\n\n
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