• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

What is Faceless Tax Assessment: Explained in pictures

|

New Delhi, Aug 13: Prime Minister Narendra Modi on Thursday launched a platform 'Transparent Taxation Honoring the Honest' via video conference, which, he said will strengthen efforts of "reforming and simplifying our tax system".

Features and Expectations:

Features and Expectations:

The PM also unveiled the next phase of direct tax reforms aimed at easing compliance and rewarding honest taxpayers as the government looks to rebuild the pandemic-hit economy.

Faceless Assessments:

Faceless Assessments:

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.''

Deduction and Collection:

Deduction and Collection:

''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.

Features:

Features:

''Now the atmosphere is becoming in the country to do all the work keeping paramount duty paramount. The question is, how is change coming? Does it just come strictly? Does it come just from punishment? No, not at all,'' PM Modi said.

Expansion of Scope:

Expansion of Scope:

''Every rule, law and policy is taken out of the power centric approach and is being turned into People Centric and Public Friendly. This is the use of the new governance model of the new India. There was a time when we used to talk about reforms. Decisions were taken in desperation or under pressure, and they were called reforms. Reform for us means reform is policy based, not piecemeal. Holistic reform becomes the basis of another reform, making way for the new reforms. And we cannot stop after one reform, this is a continuous process,'' the Prime Minister said.

Faceless e-Assessment Scheme:

Faceless e-Assessment Scheme:

''Fundamental and Structural Reforms were needed in India's tax system because our system was created in the period of slavery. After independence, a lot of changes were made here and there, but the character of the largely system remained the same,'' he said.

Taxation and Other Laws:

Taxation and Other Laws:

PM Modi said,''Compliance is difficult where there is complexity. If the law is clear, then taxpayers is happy, as well as the country. This work has been in process for some time. Like now, GST has come in place of dozens of taxes.''

Determination of Residency:

Determination of Residency:

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."

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X