While paying tax is an individual call of duty and responsibility towards building a better nation, lightening the future - it’s witnessing the liability of our nation's taxpayer job, on the good side.
In a work to simplifying the burden of taxpayers, our PM Mr. Narendra Modi addressed the nation, indeed, rolled out a series of enlightenment tax reforms today!
The major purpose behind these reforms is to reward our taxpayers honesty at will while making the procedure simpler than before and provide them ‘painless’, ‘seamless’, ‘faceless’ tax reforms.
Adding more positive words, PM Modi said “The country’s honest taxpayer plays a big role in nation building… The new facilities being launched today reinforce the government’s commitment to honoring the honest”
The scheme entitled “Transparent Taxation – Honoring The Honest” will bring a prospective success in coming years for both taxpayers and nation - which is optimistic in belief!
Underneath are the six takeaways from PM Modi’s virtual address:
- “The Transparent Taxation platform is based on reforms such as faceless assessment, faceless appeal, and taxpayers’ charter… A ‘faceless’ tax system will give the taxpayer confidence on fairness and fearlessness,” – PM Modi.
- “The government is now focussing on making tax-paying seamless, painless, faceless. Faceless as it shouldn’t matter who is paying tax and who is tax officer,” he added.
- “Taxpayers will now be given the respect they deserve. The taxpayer will now be trusted, not looked at with doubt. The tax department will have to carry out the steps and processes in a time-bound manner,” the PM said.
- Talking further in the virtual address, the PM said that the legislature has embraced different tax reforms during the most recent six years, and auxiliary changes have arrived at another achievement. The corporate expenses have been sliced to 22 percent from 30 percent for existing organizations, and 15 percent for new assembling units and scratching of profit dispersion charge as of late.
- Apart from this, the CBDT which is recognized as the top policy-making body of the Income Tax Department impressively simplified the income tax return filing process, lowered taxes, and launched its “Vivad Se Vishwas” scheme to expedite the resolution of pending tax disputes.
- Practically the entirety of the Income Tax Department's capacities – beginning from the filing and processing of income tax returns, and the issuance of discounts are acted in the electronic mode with no human mediation.
Hence, these are the six major highlight key takeaways to learn from the latest tax reform announcement. Thanks for reading this article…!
