Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ News / India/  Faceless assessment, taxpayers' charter implemented from today as part of tax reforms: PM Modi
BackBack

Faceless assessment, taxpayers' charter implemented from today as part of tax reforms: PM Modi

This platform has big reforms such as faceless assessment, faceless appeal, and taxpayers charter, said PM Modi
  • He also urged people to pay their due taxes and contribute to nation building
  • Prime Minister Narendra Modi. (PTI)Premium
    Prime Minister Narendra Modi. (PTI)

    Prime Minister Narendra Modi launched the platform for "Transparent Taxation - Honoring the Honest "via video conferencing today. This platform has big reforms such as faceless assessment, faceless appeal, and taxpayers charter. Faceless assessment and taxpayers charter will come in force from today, whereas faceless appeal service will be available from September 25, PM Modi said at the launch.

    "The PM has laid down an excellent vision of completely faceless assessments and also soon to be launched faceless appeals. The new taxpayers charter is based on easing compliance for all taxpayers and we welcome the initiative. However, the policy announcements must also reflect in the functioning of tax administration, tax officers need to be trained and focus needs to shift from merely raising tax orders to supporting taxpayers and truly streamlining assessments," said Archit Gupta, Founder and CEO of ClearTax.

    He also urged people to pay their due taxes and contribute to nation building. "Effort is to make tax system seamless, painless and faceless... Honest taxpayer plays an important role in nation development," he said.

    The event was witnessed by various Chambers of Commerce, Trade Associations, Chartered Accountants' associations and also eminent taxpayers, apart from the officers and officials of Income Tax Department. Union Minister of Finance and Corporate Affairs Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur are also present.

    Earlier, PM Modi had tweeted about the launch on 13th August.

    "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 taxpayers, whose hard work powers national progress," PM Modi had tSweeted.

    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 IT Department. 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 Direct Tax Vivad se Vishwas Act, 2020, was also introduced to settle tax disputes.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 13 Aug 2020, 11:24 AM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App