Prime Minister Narendra Modi on Thursday called ‘transparent taxation – respect for honest’ for those who pay tax honestly.
Transparent Taxation – Honoring the Honest). Union Finance and Corporate Affairs Minister Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur will also be present in this event to be held through video conference.
A statement issued by the Prime Minister’s Office said that apart from officials and officials of the Income Tax Department, well-known taxpayers along with various chambers of commerce, trade associations and chartered accountant associations will also participate in the event.
The statement said, “The platform that the Prime Minister will launch for” transparent taxation – respect for the honest “will take the journey of direct tax reforms even further. “
The Central Board of Direct Taxes (CBDT) has implemented several major or major tax reforms in direct taxes in recent years. Last year, the rate of corporate tax was reduced from 30 percent to 22 percent and for new manufacturing units this rate was further reduced to 15 percent. The ‘Dividend Distribution Tax’ was also removed.
The statement said that under the tax reforms, the focus has been on reducing tax rates and simplification of direct tax laws. CBDT has also taken several initiatives to bring efficiency and transparency in the functioning of the Income Tax Department.
For the purpose of providing resolution of pending tax disputes, the Income Tax Department has also introduced the Direct Taxes Disputes to Trust Act, 2020, under which declarations are currently being filed to settle the disputes.
Initial monetary limits have been raised for filing departmental appeals in various Appellate Courts to ensure effective reduction in complaints and lawsuits of taxpayers.
Various measures have also been taken to promote digital transactions and electronic modes or methods of payment and the Income Tax Department is committed to take these initiatives forward.
According to the statement, “The department has also made various efforts to ease compliance for taxpayers in the ‘Kovid era’, under which the statutory deadline for filing returns has been increased and liquidity or cash in the hands of taxpayers Fast refunds have been issued to increase the flow.