New Delhi: If you are an honest tax payer, then there is a good news for you. Prime Minister Narendra Modi has launched the 'Transparent Taxation- Honouring the Honest' platform on Thursday (August 13) at 11 am. PM Modi said that this will improve our tax system and further the efforts will be made to make it easier. This step will be a direction to reward tax payers who pay taxes honestly. PM, himself gave the information about the launch on Wednesday via a tweet.
On this occasion, Prime Minister Narendra Modi said that this platform is the beginning of a 21st century tax system, which has major reforms like Faceless Assessment-Appeal and Taxpayers Charter. Under this new taxation platform, the taxpayer will get the facility of faceless assessment, tax payers charter and faceless appeal. Also, it will be easier to pay tax now, with the help of technology.
Earlier, Prime Minister Modi informed about it saying, "Transparent Taxation- Honoring the Honest platform will be launched on Thursday, August 13 at 11am. This will further strengthen efforts to improve and simplify our tax system. It will be beneficial for many honest taxpayers whose hard work empowers the country to move forward."
The Union Minister of Finance and Corporate Affairs Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur were also present at the launch of 'Transparent Taxation- Honouring the Honest' during a virtual event via video conferencing.
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
Union Finance Minister Nirmala Sitharaman has also described the scheme as an important step towards providing a simple and transparent taxation system for India via a Twitter. However, the program organized through video conferencing was witnessed by the various chambers of Commerce, Trade associations, Chartered accountant, well-known taxpayers along with the officers and officials of Income Tax Department.
The #FacelessAssessment system launched by Prime Minister Shri Narendra Modi today has a number of features to enhance the transparency of the income tax assessment system and ease the compliance burden. #HonoringTheHonest pic.twitter.com/g1hmu4Biky— NSitharamanOffice (@nsitharamanoffc) August 13, 2020
Although the statement did not say anything about the reforms, but with the inception of the platform, the reforms that have been made on the direct tax front in the last six years are expected to be taken further. However, the reforms also include reducing the company tax rate from 30 percent to 22 percent last year and further it was reduced to 15 percent for new manufacturing units and the dividend distribution tax was also removed. The statement said that under the tax reforms, the emphasis has been on reducing tax rates and simplification of direct tax laws. CBDT has also taken several initiatives to bring efficiency and transparency in the functioning of the Income Tax Department in past years.