PM to launch platform for 'Transparent Taxation - Honoring the Honest' on Aug 13

Prime Minister Narendra Modi will launch the platform for "Transparent Taxation - Honoring the Honest" via video conferencing on August 13, 2020.

ANI | New Delhi | Updated: 12-08-2020 11:21 IST | Created: 12-08-2020 11:21 IST
PM to launch platform for 'Transparent Taxation - Honoring the Honest' on Aug 13
Prime Minister Narendra Modi [File Photo/ANI]. Image Credit: ANI

Prime Minister Narendra Modi will launch the platform for "Transparent Taxation - Honoring the Honest" via video conferencing on August 13, 2020. The Central Board of Direct Taxes (CBDT) has carried out several major tax reforms in direct taxes in recent years. Last year, the Corporate Tax rates were reduced from 30 per cent to 22 per cent and for new manufacturing units, the rates were reduced to 15 per cent. 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 the IT Department. This includes bringing more transparency in official communication through the newly introduced Document Identification Number (DIN) wherein every communication of the Department would carry a computer generated unique document identification number.

Similarly, to increase the ease of compliance for taxpayers, IT Department has moved forward with prefilling of income tax returns to make compliance more convenient for individual taxpayers. Compliance norms for startups have also been simplified. With a view to provide for resolution of pending tax disputes the IT Department also brought out the Direct Tax "Vivad se Vishwas Act, 2020" under which declarations for settling disputes are being filed currently. To effectively reduce taxpayer grievances / litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts have been raised.

Several measures have been taken to promote digital transactions and electronic modes of payment. The IT department is committed to take the initiatives forward and has also made efforts to ease compliances for taxpayers during the Covid times by extending statutory timeliness for filing returns as also releasing refunds expeditiously to increase liquidity in the hands of taxpayers. The upcoming launch of the platform for " Transparent Taxation - Honoring the Honest " by the Prime Minister will further carry forward the journey of direct tax reforms.

The event will 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. Union Minister of Finance and Corporate Affairs Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur will also present on the occasion. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



Viral variants and vaccine nationalism pose two-pronged threat to Covid victory

... ...

Tracking Fintech during COVID-19: Harnessing power of technology

Its abundantly clear now that as fintech cements its place in the financial sector, accelerated further by the COVID-19 pandemic, it could open the sector to new possibilities by harnessing the power of technology to deliver financial ...

Tectonic turns: How technology shaped healthcare over the decades

Tracing an episodic evolution, with technology at the interface of human and his health....

World Water Day sees crises of inequality in countries both rich and poor

... ...


Latest News

Romanian PM fires health minister over handling of COVID-19

Romanian Prime Minister Florin Citu fired his health minister on Wednesday, saying he wanted to shore up trust in state institutions as they battle the coronavirus pandemic, but potentially endangering the centre-right coalition government....

Laschet stands his ground in Merkel succession showdown

Armin Laschet, leader of Germanys Christian Democrats, is sticking to his ambition to run as a conservative candidate to succeed Angela Merkel despite a strong showing by his Bavarian rival with lawmakers, a senior party source said. The ra...

10th state board exam will take place, says K'taka govt

The Karnataka government on Wednesday said it has not taken any decision on cancelling the State board 10th standard exam.This comes against the backdrop of the Central Board of Secondary Education CBSE cancelling the 10th standard and post...

Woman says Prince Harry broke promise to marry her, fails to impress court

The Punjab and Haryana High Court has shattered Palwinder Kaurs dream of marrying Britains Prince Harry -- who by all accounts is doing fine with Meghan Markle.Palwinder Kaur, an advocate, appeared in person to fight the case, seeking legal...

Give Feedback