Are you an honest taxpayer? PM Modi to give honours for pushing tax reforms journey : 13-08-2020

Going ahead with a Budget announcement pertaining to ‘taxpayer charter’, Prime Minister Narendra Modi is all set to launch a platform for honouring the country’s honest taxpayers on Thursday. “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,” the Finance Ministry said in a statement on Wednesday. Earlier, in the 2020-21 budget announcement, the government had announced a ‘taxpayer charter’ which was expected to have statutory status and was aimed at empowering citizens by ensuring time-bound services by the Income Tax department.

During the budget announcement, Finance Minister Nirmala Sitharaman had also said that the “taxpayer charter” will ensure trust between a taxpayer and the administration and reduce harassment, as well as increase efficiency of the department. “Wealth creators will be respected in this country,” FM Sitharaman had said in her 2020-21 Budget speech.

The Central Board of Direct Taxes (CBDT) has carried out several major tax reforms in direct taxes in recent years, the finance ministry said. The government had also announced Corporate Tax rates reduction from 30% to 22% with the rates for new manufacturing units reduced to 15%. “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 I-T Department,” the statement said. CBDT is the apex body on direct tax matters and administers both personal income tax and corporate tax.

Meanwhile, the ‘Transparent Taxation – Honoring the Honest’ event will be attended by various Chambers of Commerce, Trade Associations, Chartered Accountants’ associations and also eminent taxpayers, apart from the officers and officials of Income Tax Department, Finance Ministry said. FM Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur will also be present on the occasion.

Source : Financial Express