Transparent Taxation will be a cornerstone in the Tax reforms in India said the Prime Minister
Transparent Taxation will be a revolution in the tax system in India with the reduction in the tax returns scrutiny as said by Prime Minister Narendra Modi in the Launch event today
New Delhi: Prime Minister Narendra Modi today at the inauguration of the Transparent Taxation policy has said that this policy will bring reforms in the taxation policy in India which will help file taxes and provide seamless filing of taxes.
This policy was made by the Central Board of Direct Taxes and was aimed at reducing the procedures to file taxes and also to increase the transparency and accountability in the filling of the tax returns.
The Central Board of Direct Taxes has also brought about several reforms in the last year by reducing the several taxes such as Corporate Tax rates from 30% to 22% and several taxes were abolished including the Dividend Distribution taxes.
The Board also introduced a Document Identification Number which can help in reducing the communication between the Income Tax Department and other Departments to a unique generated number in each document which is being verified.
There were also other reforms brought about such as the Vivid Se Vishwas Act 2020 which aims to resolve the tax disputes of the people filing taxes with the Income Tax Department. The current Transparent Taxation initiative can be considered as a continuation of these reforms which aims at reducing the burden of filing taxes and make tax filing more transparent.
This policy also can be considered in line with the Digital India policy which aims to reduce the use of physical transactions and filing of taxes and move towards the digital filing of taxes. The event is being attended by the Finance Minister Nirmala Sitharaman and also Minister of State for Finance Anurag Thakur.
The Prime Minister has also said that these reforms will reduce the burden of the people during the filing of taxes and also helps in the seamless filing of taxes. These reforms are a continuation of the reforms put forward by the Income Tax Department and other tax departments in India.