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Transparent Taxation – Honouring the Honest

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    15th Aug, 2020
  • On August 13, 2020, Prime Minister Narendra Modi launched a platform for “Transparent Taxation – Honouring the Honest” that provides faceless assessment and appeal and taxpayers’ charter, as a part of direct tax reforms.
  • The objective of the platform is to ease the tax compliance and expediting refunds, benefiting honest taxpayers.
  • In this regard, the Central Board of Direct Taxes (CBDT) has carried out several major tax reforms in direct taxes in the recent years including:
    • Reduction in Corporate Tax rates from 30% to 22% and for new manufacturing units the rates were reduced to 15%. Dividend distribution Tax was also abolished.
    • With a view to provide for resolution of pending tax disputes the Direct Tax “Vivad se Vishwas Act, 2020” was rolled out.
    • Document Identification Number (DIN) wherein every communication of the Department would carry a computer generated unique document identification number.
    • To increase the ease of compliance for taxpayers, IT Department has moved forward with prefilling of income tax returns.
  • Due to continuous reforms, on the ease-of-doing-business front, India’s ranking had improved from 134th to 63rd position in 2019.

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