PM to launch scheme to honour honest taxpayers1 min read . Updated: 12 Aug 2020, 12:12 PM IST
- The initiative is aimed at carrying forward direct tax reforms
- Finance minister Nirmala Sitharaman, minister of state for finance Anurag Thakur, officials, business representatives and chartered accountants will attend the launch of the scheme
Prime Minister Narendra Modi will on Thursday roll out a programme to honour honest taxpayers, whom he has thanked in the past for helping the government finance welfare programmes.
Modi will launch a “platform for transparent taxation—honoring the honest" by videoconference, an initiative that will carry forward direct tax reforms, said an official statement.
Finance minister Nirmala Sitharaman,minister of state for finance Anurag Thakur, officials, business representatives and chartered accountants will attend the launch of the scheme.
In June, Modi had thanked taxpayers for helping finance the humanitarian measures during the coronavirus pandemic and farmers for helping fill the granaries. Last week, Sitharaman had said the Modi administration’s approach to taxation will be based on trust and respect to the taxpayer and that schemes rolled out with this philosophy will be scaled up.
The Modi administration had earlier raised surcharge on income tax to raise resources and has rationalized the personal income tax structure to give relief to small taxpayers. Last September, the government had also lowered the corporate tax rate for businesses not availing of any tax incentives and for new manufacturing units.
“The focus of tax reforms has been on reduction in tax rates and on simplification of direct tax laws. 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," said the statement. It also referred to the steps taken to ensure that communication from the department to taxpayers are properly authorized.