Summary:
Prime Minister Narendra Modi is all set to launch a transparent scheme to reward honest taxpayers on Thursday.
The platform, ‘Transparent Taxation — Honouring the Honest’, will be launched by the prime minister via video-conferencing just a couple of days before India celebrates its Independence Day on August 15.
The event will be attended by various Chambers of Commerce, Trade Associations, Chartered Accountants’ associations and eminent taxpayers besides officials from the Income Tax Department, reported news agency PTI.
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New Delhi: Prime Minister Narendra Modi is all set to launch a transparent scheme to reward honest taxpayers on Thursday.
The platform, ‘Transparent Taxation — Honouring the Honest’, will be launched by the prime minister via video-conferencing just a couple of days before India celebrates its Independence Day on August 15.
The event will be attended by various Chambers of Commerce, Trade Associations, Chartered Accountants’ associations and eminent taxpayers besides officials from the Income Tax Department, reported news agency PTI.
Finance Minister Nirmala Sitharaman will also be present during the launch of the new tax scheme.
While there are little details about the fresh tax scheme, a report published in the Indian Express suggested that the Prime Minister’s Office (PMO) has been holding several meetings with senior tax officials regarding faceless assessment and scrutiny of tax returns.
Quoting a senior tax official, the Indian Express report added that the prime minister’s address about the new scheme will largely focus on faceless assessment and transparency boosting measures with additional focus on further easing the process of filing returns for taxpayers.
The Central Board of Direct Taxes (CBDT) has carried out several major tax reforms in direct taxes in the recent years, the statement pointed out.
Last year, corporate tax rates were reduced from 30 per cent to 22 per cent, and for new manufacturing units, the rates were reduced to 15 per cent, it said.