Tax Reforms: Transparent Taxation- Honouring The Honest

9
Tax Reforms: Transparent Taxation- Honouring The Honest

On Thursday, Prime Minister Narendra Modi launched a new tax scheme. This new scheme launched to honour honest tax-payers. PM said that the platform of Transparent Taxation- Honouring the honest will provide big reforms such as faceless assessment, faceless appeal, and taxpayers charter.

“Faceless assessment and taxpayers charter come in force from today, whereas faceless appeal service will be available from September 25,” the prime minister said, adding that “faceless teams across India” will be checking IT returns and will redress grievances.

The IT Department will have a taxpayer charter which will outline the rights and responsibilities of tax officers and taxpayers.

Shortly after the PM’s address on the occasion, Minister of State (MoS), Finance, Anurag Singh Thakur took to Twitter simplifying the ‘Faceless Assessment & Faceless Appeal’.

Under transparent taxation, there will be appeals randomly allotted to any officer in the country. The officer who will decide the appeal will have an unknown identity.

“These teams will be chosen randomly and can come from any city,” the prime minister said on Thursday. “Till now, all tax-related matters in a city are dealt with by the Income Tax department of that city. Now with the help of technology, scrutiny will be done by a randomly chosen IT officer anywhere in the country,” the PM added.

The system will allow the taxpayer to not visit the tax office or the officer. The appellate decision under the system will be team-based and reviewed. There will be exceptions for serious frauds, black money act, major tax evasions, Benami property.

The Transparent taxation scheme aims to erase the interface between the income tax department and the taxpayer. The system will allow selecting a taxpayer through AI and system analytics only.

The system also eliminates territorial jurisdiction. Any assessment, other than the exceptions outside the faceless scheme, will be invalid.

Source

Facebook Comments