New Delhi: The Indian economy has suffered a major setback due to the lockdown. The Indian government is making many efforts to bring the economy back on track. Meanwhile, the taxpayer should trust the government and collect the tax at the right time. For this, the Modi government is going to take major step. Under which the 'Transparent Taxation-Honoring the Honest' scheme will start tomorrow on Thursday (August 13). Prime Minister Narendra Modi himself will launch this scheme through video conferencing at 11 am.
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 and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur will also be present during the virtual event. In recent years, the Central Board of Direct Taxes (CBDT) has implemented several major tax reforms in direct taxes. Previously, the rate of corporate tax was reduced from 30 percent to 22 percent and for new manufacturing units this rate was further reduced to 15 percent. The 'Dividend Distribution Tax' was also removed.
The focus has been on reducing rates and simplification of direct tax laws under tax reforms. Several initiatives have been taken by the Central Board of Direct Taxes to bring efficiency and transparency in the functioning of the Income Tax Department. For bringing more transparency in the official communication through the recently launched 'Document Identification Number (DIN)' is also included in these initiatives under which a unique computer generated document identification number is carried by every communication or correspondence of the department.
Prime Minister Shri @narendramodi will launch platform for “Transparent Taxation – Honoring the Honest” via video conferencing at 11 AM on 13th Aug 2020. (1/3)— Ministry of Finance (@FinMinIndia) August 12, 2020
Read More➡️ https://t.co/iaM2ZBiYFh@nsitharamanoffc @Anurag_Office @PMOIndia @PIB_India @IncomeTaxIndia @mygovindia
At the same time, to make compliance easier for taxpayers, the Income Tax Department has now introduced 'already filled return forms', so that compliance can be made more convenient for individual taxpayers. Similarly, compliance norms for start-ups have also been simplified. Meanwhile, the upcoming scheme 'Transparent Taxation-Honoring the Honest' will carry forward the journey of direct tax reforms.
CBDT has carried out several major tax reforms in direct taxes in the recent years.— Ministry of Finance (@FinMinIndia) August 12, 2020
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. (2/3)