'Transparent Taxation' Platform Honoring the Honest - Latest News Update, Information, Photos & Videos on 'Transparent Taxation' Platform Honoring the Honest at Lokmat Times

Prime Minister Narendra Modi on Thursday launched the platform for 'Transparent Taxation – Honoring the Honest' aimed at easing compliance and expediting refunds, benefiting honest taxpayers. Three main features of the platform are faceless assessment, faceless appeal and tax payers' charter, the PM announced. PM Modi said the focus is on making the tax system "people-centric and public friendly."Four factors for changes in the taxation system are due to policy-driven governance, belief in people's honesty, the use of advanced technology and efficiency in bureaucracy, according to Modi. "Where this is complexity, there is a problem in compliance," he said.A persistent issue the current administration has received criticism on is the issue of taxation, despite genuine attempts at improving the tax structure.India's tax administration has been known for tax harassment, where overzealous well-intentioned officials while raising tax revenues, have dampened growth and at times done more damage than good. The government introduced faceless income tax assessment to reduce the scope for corruption and overreach by officials. Addressing via video conference, Modi said,''The ongoing structural reforms has reached new heights today. "Transparent Taxation - Honoring the Honest will have faceless assessments, faceless appeal and taxpayer charter. Faceless appeal will be applicable from September 25, while faceless assessment and taxpayer charter will come into place from today itself.'' ''Earlier, our focus has been on banking the unbanked, securing the unsecured, funding the unfunded. Today, we are launching Honouring the Honest,'' Prime Minister Narendra Modi said. Speaking about the tax reforms announced by the Centre, PM said, "Taxes have also been reduced in the country along with the complexities of procedures. Tax is now zero on income of up to 5 lakh rupees. The tax has also been reduced in the remaining slabs. We are one of the lowest tax consuming countries in the world in terms of corporate tax."

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'transparent Taxation' Platform Honoring The Honest, NewsFOLLOW

'transparent taxation' platform honoring the honest, Latest News

National :PM Modi unveils the much awaited 'Transparent Taxation' Platform Honoring the Honest

Prime Minister Narendra Modi on Thursday launched the platform for 'Transparent Taxation – Honoring the Honest' aimed at easing ... ...