Prime Minister Narendra Modi on August 13 launched the Transparent Taxation, Honoring the Honest platform to further its initiative to reform direct taxes in India. The platform is aimed at bringing more transparency in official communication through the newly-introduced Document Identification Number (DIN).
PM Narendra Modi said the ongoing structural reforms have reached new heights today and that the Transparent Taxation – Honoring the Honest platform will have faceless assessments, faceless appeal and taxpayer charter.
This is considered to be another step which will make the lives of the taxpayers easier. Over the years, the income tax department has carried out several major reforms, including reduction in the corporate tax. The department had also abolished the dividend tax.
Similarly, to increase the ease of compliance for taxpayers, the IT department has moved forward with the prefilling of income tax returns to make compliance more convenient for individual taxpayers. Compliance norms for startups have also been simplified.
The Direct Tax Vivad se Vishwas Act, 2020, was also introduced to settle tax disputes.
Further, the Income Tax department has undertaken several measures to promote digital transactions and electronic modes of payment. The department is committed to take the initiatives forward and has also made efforts to ease compliances for taxpayers during Covid-19 time by extending statutory timeliness for filing returns as also releasing refunds expeditiously to increase liquidity in the hands of taxpayers.