Faceless scrutiny, appeals to ease taxpayers’ compliance burden, increase fairness in tax system: FM

Economy


NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday said the
faceless tax
scrutiny assessment and appeal would help
ease
compliance burden of
taxpayers and increase fairness and objectivity in the tax system.

Prime Minister Narendra Modi launched the platform ‘Transparent Taxation – Honoring the Honest’ which provides for launch of
faceless assessment and adoption of a taxpayer charter.

Also the Central Board of Direct Taxes (CBDT), which administers personal income tax and corporate tax, will launch
faceless
appeals beginning September 25, as part of the process
to reduce physical interface between tax officers and
taxpayers.

Loading...

“Today is a landmark day in the history of tax administration,” Sitharaman said, adding that the vision of the Prime Minister is
to empower the
taxpayers,
to provide a transparent system and
to honour the honest
taxpayers.


To realise this vision, the CBDT has given a framework and put in place a system in the form of this platform, a transparent efficient and accountable tax administration is what this platform brings in. It uses technology, data analytics, and also uses artificial intelligence.

“What does this mean
to the taxpayer in the country. It eases
compliance burden, it brings in fair objective and a just system, there shall not be any physical interface between the department and the tax payer and
to an extent it shall bring in certainity of Information,” she added.

She said the Income Tax department has undertaken several reforms, including lowering corporate tax rate from 30 per cent
to 22 per cent for existing manufacturing units.

In a series of tweets, the Finance Ministry said the I-T department has taken up several reforms
to make tax
compliance easier for
taxpayers.

“Our way
to reward your honesty!”. “#FacelessAssessmentScheme is our way of #HonoringTheHonest. With dynamic jurisdiction & team-based assessment you can respond
to the
scrutiny notice online. No need
to go
to IT Office or meet local IT Officer! Speedy completion of cases is another hallmark of the Scheme,” the Ministry tweeted.

Tweeting with hashtag ‘HonoringTheHonest’, the Ministry said
Faceless
Appeals would involve random allotment of cases. “With electronic replies, zero physical interface of authorities & instant solutions your way, this is the newest, most convenient & easiest way
to tackle your IT litigation issues,” it said.

It further said that the ‘Taxpayer Charter’ is another step
to provide a transparent and taxpayer friendly tax regime and will enhance trust between taxpayer and I-T department.

Faceless Asssessment, the Ministry said, has benefits like making tax assessment fair, transparent, ensuring
ease of
compliance and improved quality of assessment.

“#FacelessAssessment & #FacelessAppeals brings greater transparency,efficiency & accountability in assessment/appellate procedure. It uses AI &data analytics,with team-based assessment & review,removing physical interface ensuring objectivity & fairness,” the Ministry said.





Source link

Articles You May Like

Founder of bottled water Nongfu Spring becomes China’s richest man
Financial aid might fall short for these college students next year
Here’s what to consider if your company offers an early-retirement package
6 retirement-planning mistakes to avoid when you are in your 60s
JPMorgan to pay almost $1 billion fine to resolve US investigation into trading practices

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading...