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On 13 August PM Modi will launch the platform ‘Transparent Taxation – Honoring the Honest’, The upcoming platform would help CBDT’s reform agenda to make the tax filing process clearer and simpler, the Ministry of Finance said.
The CBDT has taken a number of steps in recent years to boost transparency and introduced direct tax reforms: PMO.
In the run-up to Independence Day, in a bid to honor honest taxpayers, Prime Minister Narendra Modi is preparing to launch the Transparent Taxation Honest Platform, a move that will enhance attempts to reform and streamline our taxation system.
The system that will be launched today is expected to continue the journey of direct tax reforms that have been undertaken over the last six years.
The IT Department also outlined the Direct Tax “Vivad Vishwas Act, 2020,” under which declarations for settlement of disputes are currently being filed, in order to provide for the resolution of pending tax disputes.
The monetary requirements for filing departmental appeals in multiple appellate courts have been increased to efficiently raise taxpayer lawsuits and litigation.
Several measures were taken to promote digital transactions as well as electronic payment methods.
The IT dept is determined to take measures forward and has also made efforts to ease adherence for taxpayers during the COVID period by trying to extend statutory timeliness for filing returns as well as releasing refunds promptly to increase liquidity in the hands of taxpayers.
The Prime Minister’s forthcoming announcement of the “Transparent Taxation-Honoring the Honest” initiative would begin the path of direct tax reforms.
we hope, this will improve the quality of assessments, even if there would be more litigation at ITAT/HC/ SC level due to the difference of opinion of Tax Payers and the Income Tax Department.
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