Udayavni Special

PM Modi to launch ”Transparent Taxation – Honouring the Honest” platform tom


PTI, Aug 12, 2020, 12:00 PM IST

New Delhi: Prime Minister Narendra Modi will on Thursday launch a new platform, “Transparent Taxation – Honouring the Honest”, which will carry forward the journey of direct tax reforms, an official statement said here.

The virtual event will be witnessed by various chambers of commerce, trade associations, chartered accountants” associations and “eminent” taxpayers, the statement issued on Wednesday said.

Union Finance Minister Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur will also be present, it said.

The Central Board of Direct Taxes (CBDT) has carried out several major tax reforms in direct taxes in the recent years, the statement pointed out.

Last year, 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, it said.

Dividend distribution tax was also abolished, it added.

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 Income Tax (IT) Department, the statement said.

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, the statement said.

Similarly, to increase the ease of compliance for taxpayers, the 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, it said.

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 and 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, it said.

The IT Department has also made efforts to ease compliances for taxpayers during the COVID-19 pandemic by extending statutory timeliness for filing returns, as also releasing refunds expeditiously to increase liquidity in the hands of taxpayers, the statement pointed out.

Top News

K’taka COVID-19 update: 8364 new cases, 10815 discharges, 114 deaths on Sep 18

Parliament’s monsoon session likely to be curtailed, may end by mid-next week

Farm bills undermine food security system: Congress

Bail hearing of Ragini, Sanjjanaa postponed to September 21

KSNDMC forecasts heavy rainfall for 2 days in some parts of K’taka

Udupi’s Sri Krishna Math to open for devotees from Sept 28

West Bengal has become home to illegal bomb-making: Governor Dhankhar on NIA arrests




Related Articles More

6 al-Qaeda terrorists arrested in Bengal sent to NIA custody till Sep 24

Govt proposes allowing cos with not less than 300 workers to fire staff without its nod

Pak uses drone to drop weapons in J-K’s Rajouri; 3 LeT terrorists arrested

Parliament’s monsoon session likely to be curtailed, may end by mid-next week

Extremely heavy rains predicted in Kerala; Red, Orange alerts issued

MUST WATCH

Tips for married women by Dr. Harsha Kamath Karkala | Udayavani

Drugs Case: Will trace network from Mumbai to Mangaluru, says Compol after Kishore Aman’s arrest

How to outsmart cunning China?

Royal Mahal : Udupi’s Old Building got collapsed | One woman Injured |Udayavani

Mangaluru: Century old well discovered at Hampankatta!

Latest Additions

6 al-Qaeda terrorists arrested in Bengal sent to NIA custody till Sep 24

K’taka COVID-19 update: 8364 new cases, 10815 discharges, 114 deaths on Sep 18

Govt proposes allowing cos with not less than 300 workers to fire staff without its nod

Ethiopia charges prominent opposition figure with terrorism

No shortage of oxygen for COVID-19 patients: K Sudhakar

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.