Today, through this article, we will provide you with information related to the transparent taxation launched by the Prime Minister of our country, Shri Narendra Modi. On 13 August 2020, Prime Minister Narendra Modi has launched the ‘Transparent Taxation Honoring the Honest’ platform through video conferencing. The country’s Finance Minister Nirmala Sitharaman and Finance and Corporate Affairs Minister Anurag Singh Thakur were also present in this video conferencing. Addressing the nation, Prime Minister Narendra Modi said that through this platform, there would be significant reforms like faceless assessment, faceless appeal, and transparent charter. The Prime Minister also informed that the Faceless Assessment and Transparent Charter would start today. The facility of appealing decisions will be implemented across the country from Deendayal Upadhyay’s birthday, which is on 25 September.
Transparent Taxation Platform
In his address, PM Modi said that in the last 6-7 years, there are about 2.5 crore people who have filed income tax returns. Keeping this in mind, PM Modi has come up with the Transparent Taxation Platform. The Prime minister said that now the taxpayer will not have to fear. He will be able to pay the tax fearlessly. This means that the Income Tax Department will take care of the dignity of the taxpayer and trust the taxpayer, and the text payer will not be doubted without any basis.
PM Modi Transparent Taxation Methodology
With this, the High Court has fixed a case limit of up to Rs 1 crore and up to Rs 2 crore in the Supreme Court. Through which efforts will be made that the case is settled out of court. Through this platform, the tax system is to be made seamless, panelless, and faceless. Through which the tax system will be simplified. The government has also reduced the income tax slab, and the Prime Minister has also told us that our country is one of the lowest corporate tax collecting countries in the world.
Key Highlights of PM Modi Transparent Taxation Platform
|what is the article about||PM Modi Transparent Taxation|
|Who launched the scheme||central government|
|beneficiary||citizens of india|
|purpose of the article||The main objective of the platform is to simplify the tax system.|
|official website||click here|
|Scheme available or not||Available|
— MyGovIndia (@mygovindia) August 13, 2020
PM Modi aims at transparent taxation
The main objective of PM Modi Transparent Taxation is to address all those people who pay taxes honestly. Through this platform, the tax system will be made easy for all people. So that more and more people file income tax returns and more and more people file taxes. So that the country can develop, the tax system will be made seamless, panelless, and faceless through this platform.
Tax now Terror free. pic.twitter.com/NHQq2gZBnE
— PMO India (@PMOIndia) August 14, 2020
Tax System Seamless Painless and Faceless
Prime Minister Shri Narendra Modi said that the text system would be seamless, panelless, and faceless. Painless means the Income Tax Department will have to emphasize solving the problems of text payer instead of complicating them, and hassle-free means everything from technology to rules will be made accessible.
simplification of income tax system
The income tax system will be simplified through this reform. There will be minimum law, and the law there will be straightforward, which the taxpayer will easily understand.
Government intervention will be less now
Through transparent taxation, Prime Minister Narendra Modi said that reforms were talked about in one round, but due to some reason, reforms could not be done. But now, this approach has changed. This new system is starting from today; through this new system, the government’s interference in the lives of the countrymen will be reduced.
Honoring the Honest
Modi said that in the last six years, the government’s focus has been on Banking the Unbacked, Securing the Unsecured, and Funding the Unfunded. Now the government has started this new system which we will know as Honoring the Honest. Under this system, the tax system will be simplified for honest taxpayers.
Who was present at the meeting?
In this meeting, along with Prime Minister Narendra Modi, our country’s Finance Minister Nirmala Sitharaman, officers and officials of the Income Tax Department, well-known taxpayers of various Chambers of Commerce, Trade Unions, and Chartered Accountants’ Associations were present.
Changes to be made by CBDT
The Central Board has made many significant changes to Direct Taxes in the last year. One of these changes is also the changes made in the tax slabs. Now no tax will have to be paid on income up to 5 lakhs. CBDT is constantly changing the tax rules. This will bring transparency to the tax system.
Promotion of electronic mode and raising the limit for filing annual returns
The government is promoting digital transactions. Through which today, many people of the country pay online mode. Because of this, people also get a lot of ease. The government has also extended the deadline for filing annual returns given the Corona period, and the refund process has been expedited to increase the cash flow of the taxpayers.
Benefits and Features of PM Modi Transparent Taxation
- Prime Minister Narendra Modi has started PM Modi Transfer in Taxation on 13 August 2020.
- Significant reforms like faceless assessment, faceless appeal, and transparent charter have been done through this platform.
- The Faceless Assessment and Transparent Charter will be implemented from 13 August 2020, and judgment appeal will be implemented from 25 September 2020.
- The tax system will be simplified through this platform.
- The tax system will be made seamless, painless, and faceless.
- Tax rates will also come down through PM Modi Transfer and Taxation.
- The Vivid Se Vishwas Act 2020 has been introduced, under which the procedure has been laid down to settle disputes. Through this, disputes will be resolved.
- The electronic mode will be promoted through this platform.
- The date for filing income tax returns has also been extended due to coronavirus infection.
- Income tax slabs have also been changed. Now no tax will have to be paid up to ₹ 500000.
- India is one of the lowest corporate tax collecting countries in the world.
We have provided you all the essential information related to Transparent Taxation in this article. If you are still facing any kind of problem, you can ask us in the comment box. Your comment is significant for us. We will try our best to solve your problem.