Transparent Taxation Scheme Details:
Recently government had initiated a concept of Maximum Governance and Minimum Government for honoring taxpayers. Our Honorable Prime Minister has stated that our Tax system will be sseamless, painless and faceless and there will be new reforms such as face-less assessment, faceless appeal & taxpayers charter.
- Accordingly, Faceless Assessment along with Taxpayers Charter will come in force from 13th August, 2020 and facility of faceless appeal to be available from 25th September,2020.
- By taken such a welcome steps government is of the view that every taxpayer faces minimum government intervention and is not harassed for honestly paying the tax.
- Such step is also taken with a view to increase number of taxpayers as currently only 0.5% of population is paying tax and only population around 2% is filing income tax return.
- It is also requested by government to introspect & come forward to pay Income taxes to build an Atma-Nirbhar Bharat.
- The scheme of Taxpayers Charter launched promises to maintain the privacy and confidentiality of Income taxpayers and will reduce the cost of compliance with tax laws.
- Government will emphasis on making every law & policy people focused and public friendly, tax laws will not be burden anymore on public.
- Accordingly, as per government data initiatives like ‘Vivaad Se Vishwas’ Scheme pave the way for most of the cases to be settled out of court. Also, scrutiny of the cases reduced by at least 4 times in last 6 years, from 0.94% in 2012-13 to 0.26% in 2018-19.
Intention of government is very clear that they are interested in providing more governance will minimal intervention, and will take out the policies that are more public friendly.