Transparent Taxation - Honouring the Honest to be Launched on August 13
Prime Minister Narendra Modi to launch the Transparent Taxation policy on August 13 via video conferencing which focuses on bringing transparent tax reforms in India
New Delhi: To introduce transparency in the filling and also the playing of taxation, Prime Minister Narendra Modi is set to launch the Transparent Taxation policy via video conference on August 13. 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 on August 13 will be attended by several members of the cabinet and also the heads of the Chamber of Commerce and also Trade Associations and also the officials from the Income Tax Department and also other departments.
The Transparent Taxation launch event is also attended by the Finance Minister Nirmala Sitharaman and also the Minister of State for Finance and Corporate Affairs Anurag Singh Thakur