FPJ Fast Facts: PM Modi launches 'transparent taxation' - what exactly is it?

FPJ Fast Facts: PM Modi launches 'transparent taxation' - what exactly is it?

FPJ Web DeskUpdated: Thursday, August 13, 2020, 12:44 PM IST
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PM Narendra Modi | AP/PTI

Prime Minister Narendra Modi on Thursday unveiled faceless tax scrutiny and appeal and urged people to pay their due taxes and contribute to nation building.

Also the Income Tax department will adopt a 'taxpayer charter' which outlines rights and responsibilities of both tax officers and taxpayers. Launching the platform 'Transparent Taxation - Honoring the Honest', Modi said the department will start faceless appeals from September 25.

Here are the key points on the 'transparent taxation' platform:

• While launching the platform for "Transparent Taxation-Honouring the Honest", PM Modi said that the taxpayer is now assured of fair, courteous and rational behaviour. The income tax department now has to take care of the taxpayer's dignity sensitively. Now you have to trust the taxpayer, the department cannot see it without any doubt without any basis. If there is any doubt, the taxpayer has been given the right of appeal.

• The Prime Minister said that the new tax system is going to become faceless and this will give a belief of fairness and fearlessness to taxpayers.

• "Faceless assessment and taxpayers charter has come into force from today. The facility of faceless appeal will be available for citizens from September 25 on the birth anniversary of Pt Deen Dayal Upadhaya," PM Modi said.

• "In the last 6 years, the government's focus has been 'Banking the Unbanked', 'Securing the Unsecured' and 'Funding the Unfunded'. Today a new journey is starting in a way - 'Honouring The Honest', the Prime Minister said.

• Out of all the tax returns in the year 2012-13, scrutiny of 0.94 per cent was done. In the year 2018-19, this figure has come down to 0.26 per cent. The scrutiny of cases has reduced by almost one fourth, the Prime Minister said at the launch of a platform for "Transparent Taxation-Honoring the Honest".

• Speaking of the recent measures, PM Modi said that nearly 3 lakh cases were resolved under the "Vivaad Se Vishwas" scheme.

• Meanwhile, Union Finance Minister Nirmala Sitharaman said that the initiative is a landmark in the history of tax administration.

• "A transparent, efficient and accountable tax administration is what this platform brings it. It uses technology, data analytic and also uses artificial intelligence. It eases compliance burden, brings fair, objective and just system," the Union Finance Minister said.

• According to a release of the Prime Minister's Office (PMO), 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.

(Inputs from Agencies)

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