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    Narendra Modi to launch Transparent Taxation on Thursday to ease compliance, benefit taxpayers

    Synopsis

    The launch of the platform will further carry forward the journey of direct tax reforms, following the several measures that have been taken by the Central Board of Direct Taxes (CBDT) to aid taxpayers. The CBDT has carried out several major tax reforms in direct taxes in the recent years.

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    PM Narendra Modi will launch taxation reforms through - Transparent Taxation - on Thursday, aimed at easing compliance and expediting refunds, benefiting honest taxpayers.

    The launch of the platform will further carry forward the journey of direct tax reforms, following the several measures that have been taken by the Central Board of Direct Taxes (CBDT) to aid taxpayers.


    The CBDT has carried out several major tax reforms in direct taxes in the recent years, including the latest being reduction in corporate tax last year to 22% from 30% for existing companies and 15% for new manufacturing units. Dividend distribution tax was also abolished.

    The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.

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    Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the IT Department, including Document Identification Number (DIN) and pre-filling of income tax returns to make compliance more convenient.

    While compliance norms for startups have also been simplified, the Direct Tax “Vivad se Vishwas Act, 2020” was brought out for settling disputes, many of which are being filed currently.

    To effectively reduce taxpayer grievances or litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts have been raised.

    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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    81 Comments on this Story

    Jilla Mohan42 days ago
    Either abolish Income Tax to Salaried employees or Bring Politicians under tax payable system. Politicians may realize how much burden on Tax payers
    Amish Agarwal43 days ago
    Aap tax chori waalo ka kuch nahi kar rahe ho jo salary waalo se jayada kaamate hai aur tax bhi nahi dete. Salaried log 80% se 90% tax de rahe hai aur unko koi benefit nahi hai. I am happy agar hamara tax kaha jaata hai uski details bhi share karo. I am ok to give tax for army but not to doctors and police who are fully corrupt. Two doctors give two different medicine for same disease and give different treatment.
    Chandrakant D Gandhi43 days ago
    Individuals tax has gone up.So far dividends were tax free in the hands of individuals. Company paid dividend tax.This is now done away and dividend recipient will pay tax on an income which was already taxed. Individual will bear increased tax burden than earlier.
    The Economic Times