The corona pandemic has adversely affected the economy. The Government is continuously making efforts to revive it. Prime Minister Narendra Modi is making new announcements today for honest taxpayers to increase taxpayers' confidence in the government. The Central Board of Direct Taxes (CBDT) has recently taken a number of steps to improve the income tax department's functioning and bring transparency. In the same link, document identification number (DIN) has been introduced on behalf of the Department to ensure greater transparency in official communication.
Highlights of PM Modi's address:
- He said that today, the emphasis is being given to every rule-law, to exclude every policy from the process and the power-centric approach, to focus on the people and make it easier for them. It is the use of the new governance model of the new India, and its pleasant results are also being met by the country.
- "Now there is an atmosphere in the country to do all the work while keeping the duty on duty paramount. The question is, how is the change coming? Has it just come strictly? Has it just come from punishing? No, not at all.''
- PM Modi said, "New arrangements, new facilities, minimum government, maximum governance, which are being launched today, further strengthen our commitment. It is also a major step towards reducing the government's meddling with the lives of the countrymen.'
- "In the last six years, our focus has been, banking the unbanked, securing the unsecured and funding the unfunded," the Prime Minister said, highlighting the direction of his government's functioning during the last six years. Today, a new journey is starting in a way.'
- He said that the facility of faceless appeal would be available to citizens across the country from 25th September, i.e., He said that now the tax system is getting faceless, but it will give taxpayers the confidence of justice fearlessness.
- Prime Minister Modi said that the platform has major reforms such as faceless assessment, faceless appeal, and textiles charter. He said that the faceless assessment and textiles charter has come into force from today.
- Prime Minister Narendra Modi launched the special taxation platform 'Transparent Taxation Platform- Honoring the Honest' through video conferencing. The ongoing structural reforms in the country have reached a new stage today.
- Transparent Taxation – Honouring The Honest, this new system of the 21st-century tax system has been introduced today.
The meeting will also include eminent taxpayers from various chambers of commerce, trade unions, and chartered accountants associations as well as eminent taxpayers besides officers and functionaries of the income tax department. The Central Board of Direct Taxes (CBDT) has implemented several major or major reforms in recent years. Efforts are being made to make it taxpayers friendly by changing tax reform laws to bring transparency in the functioning. It has a computer-generated unique identification number on every communication issued by the Department. Similarly, in view of taxpayers' convenience, the Income Tax department has introduced the income tax returns. This makes it easier for the textiles to file income tax returns. The rules of compliance for startup companies have been simplified.
The rate was further reduced to 15% for new manufacturing units, and the dividend distribution tax was also removed. A number of measures have also been taken to promote digital transactions and electronic modes or methods of payment. With the extension of the statutory deadline for filing annual returns, refunds have been issued expeditiously to increase taxpayers' cash flow. PM Modi's announcement today is also being seen as an improvement in the direct tax regime.
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