Prime Minister Narendra Modi will launch taxation reforms through - Transparent Taxation - on Thursday, aimed at easing compliance and expediting refunds, benefiting honest taxpayers. The launch of the platform will further carry forward the journey of direct tax reforms, following the several measures that have been taken by the Central Board of Direct Taxes (CBDT) to aid taxpayers.
Prime Minister Shri @narendramodi will launch platform for “Transparent Taxation – Honoring the Honest” via video c… https://t.co/fuUeNjLQeq — Ministry of Finance (@FinMinIndia) 1597206137000 The CBDT has carried out several major tax reforms in direct taxes in the recent years, including the latest being reduction in corporate tax last year to 22% from 30% for existing companies and 15% for new manufacturing units. Dividend distribution tax was also abolished.
The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws. Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the IT Department, including Document Identification Number (DIN) and pre-filling of income tax returns to make compliance more convenient. While compliance norms for startups have also been simplified, the Direct Tax “Vivad se Vishwas Act, 2020” was brought out for settling disputes, many of which are being filed currently. To effectively reduce taxpayer grievances or litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts have been raised.
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