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August 13, 2020

Highlights of Launch of “Transparent Taxation – Honoring the Honest” by PM Modi

by facelesscompliance in Income Tax

Highlights of Launch of “Transparent Taxation – Honoring the Honest” by PM Modi

Prime Minister has launch the platform for “Transparent Taxation – Honoring the Honest” via video conferencing today, on the 13th August 2020.

TheCBDT  has carried out several major tax reforms in direct taxes in the recent years.   Last year the Corporate Tax rates were reduced from 30 percent to 22 percent and for new manufacturing units the rates were reduced to 15 percent. Dividend distribution Tax was also abolished.

The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws. Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of theIT Department.

The launch of the platform for “Transparent Taxation – Honoring the Honest” by the Prime Minister will further carry forward the journey of direct tax reforms.

FM Begins her speech by saying

Steps Taken by Government in Corporate Tax and Personal Income Tax as per FM

E Assessment, DIN , Pre Filing of Tax Returns and other measures

FM further said department is helping taxpayers in filing Income Tax Returns Form. Today is a landmark day in the history of tax administration. To realize Prime Minister’s vision to empower taxpayers, through a transparent system, Honoring The Honest, Income Tax Department
has put in place a platform which is being launched today

Further She Adds Thanks to the Government Reforms and Transparency, India has seen a reduction in the number of cases for scrutiny.

Taxpayers can avail the new income tax regime from this financial year onwards and enjoy the benefits of relatively less documentation and greater ease of compliance increased liquidity in the hands of the taxpayer, and flexibility of investment choices

PM Launch new Platform

PM Modi says the new platform launched has major reforms like Faceless Assessment, Faceless Appeal and Taxpayers Charter. Faceless Assessment and Taxpayers Charter have come into force from today

PM says faceless assessment, faceless appeal and taxpayer charter part of new platform ‘Transparent Taxation – Honoring the Honest’

Faceless Assessments and Faceless Appeals and Taxpayers Charter

The process of Structural Reforms in our country has reached a new stage today. Transparent Taxation – Honoring the Honest, a new system of 21st century tax system has been launched today: PM

The facility of faceless appeal will be available for citizens across the country from 25th September. Today as the tax system is becoming faceless, it is giving confidence to the taxpayer of fairness and fearlessness says PM Modi

The emphasis is on making every rule-law, policy people-centric and public friendly. This is the use of the new governance model and the country is getting its results says PM

The honest taxpayers of the country play a big role in nation-building. When the life of an honest taxpayer becomes easy then the country also develops: PM

In the last 6 years Government’s focus has been ‘Banking the Unbanked’, ‘Securing the Unsecured’ and ‘Funding the Unfunded’. Today a new journey is starting in a way – ‘Honoring The Honest’

The facility of faceless appeal will be available for citizens across the country from 25th September. Today as the tax system is becoming faceless, it is giving confidence to the taxpayer of fairness and fearlessness: PM

Taxpayers can avail the new income tax regime from this financial year onwards and enjoy the benefits of relatively less documentation and greater ease of compliance increased liquidity in the hands of the taxpayer, and flexibility of investment choices

New arrangements and new facilities starting today, strengthens our commitment towards ‘Minimum Government, Maximum Governance’. This is a big step in the direction of reducing interference of the government in the life of the countrymen:

The honest taxpayers of the country play a big role in nation-building. When the life of an honest taxpayer becomes easy then the country also develops: PM

Record FDI coming to India shows change in fundamental and economic reforms. Even during the pandemic, FDI inflow in India has reached record levels:

From power-centric to people-centric and public friendly approach – every rule, law and policy is taken out of the process. This is the use of the new governance model of new India and the country is getting happy results as well: PM

New arrangements and new facilities starting today, strengthens our commitment towards ‘Minimum Government, Maximum Governance’. This is a big step in the direction of reducing interference of the government in the life of the countrymen: PM

From power-centric to people-centric and public friendly approach – every rule, law and policy is taken out of the process. This is the use of the new governance model of new India and the country is getting happy results as well: PM

Fundamental and Structural Reforms were needed in the tax system of India because our system was created during the period of slavery but it evolved slowly. Post Independence a lot of changes were made but the system largely remained the same: PM

Compliance is also difficult where there is complexity. If the law is very clear then the taxpayer is happy as well as the country. This work has been done for some time like GST has come by replacing dozens of taxes: PM

There was a time when there used to be a lot of talk about reforms. Decisions were taken out of compulsion and were known as reforms. Due to which the desired results couldn’t be achieved: PM Modi launches a new tax platform – ‘Transparent Taxation – Honouring the Honest’

Along with the complexities of the procedures, tax has also been reduced in India. Tax is now zero on income of Rs. 5 lakh. In the remaining slabs, the tax has come down. We are one of the lowest tax consuming countries in the world in terms of corporate tax: PM

Our effort is that our tax system should be Seamless, Painless, Faceless. Seamless means that the tax administration should work to solve the problem instead of confusing every taxpayer

Taxpayers charter is also a big step in the country’s development journey: PM

The taxpayer is now assured of fair, courteous and rational behavior. That is, the income tax department now has to take care of the taxpayer’s dignity sensitively

Out of all the tax returns in the year 2012-13, there was scrutiny of 0.94%. In the year 2018-19, this figure has come down to 0.26%. This indicates that the scrutiny of the case has reduced by almost 4 times: PM

Those who are able to pay tax but are not paying taxes, should come forward with self-motivation. This is my request: PM

More than 1,500 obsolete laws have been abolished during the last few years. India’s Ease Of Doing Business ranking has improved from 134 a few years ago to 63 today. A lot of reforms have been brought about which led to this

Compliance is also difficult where there is complexity. If the law is very clear then the taxpayer is happy as well as the country. This work has been done for some time like GST has come by replacing dozens of taxes

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