PM Modi to launch platform for 'Transparent Taxation' today

PM Modi to launch platform for 'Transparent Taxation' today

Prime Minister Narendra Modi will launch the platform for “Transparent Taxation – Honoring the Honest” via video conferencing on Thursday. The event will be held at 11 am.

"This adds strength to our efforts of reforming and simplifying our tax system. It will benefit several honest taxpayers, whose hardwork powers national progress," Modi said in a tweet.

The event will be witnessed by various Chambers of Commerce, Trade Associations, Chartered Accountants' associations and also eminent taxpayers, apart from the officers and officials of the Income Tax Department. Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur will also be present on the occasion.

Announcing the event, the Prime Minister's Office said in a press release that the CBDT has carried out several major tax reforms in direct taxes in the recent years.

"Last year the Corporate Tax rates were reduced from 30% to 22% and for new manufacturing units the rates were reduced to 15%. Dividend distribution Tax was also abolished," it said.

"The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws. Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the Department. This includes bringing more transparency in official communication through the newly introduced Document Identification Number (DIN) wherein every communication of the Department would carry a computer generated unique document identification number," the PMO said.

"Similarly, to increase the ease of compliance for taxpayers, IT Department has moved forward with prefilling of income tax returns to make compliance more convenient for individual taxpayers. Compliance norms for startups have also been simplified," it added.

Earlier, the Income Tax Department launched “Vivad se Vishwas Act, 2020” scheme to provide for resolution of pending tax disputes under which declarations for settling disputes are being filed currently.

"To effectively reduce taxpayer grievances / litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts have been raised. Several measures have been taken to promote digital transactions and electronic modes of payment. The IT department is committed to take the initiatives forward and has also made efforts to ease compliances for taxpayers during the Covid times by extending statutory timeliness for filing returns as also releasing refunds expeditiously to increase liquidity in the hands of taxpayers," the PMO said.

The upcoming launch of the platform for “ Transparent Taxation – Honoring the Honest “ by the Prime Minister will further carry forward the journey of direct tax reforms, it said.