new Delhi. On Thursday, Prime Minister Narendra Modi will launch a platform called Transparent Taxation- Honor of Honest for those who pay honest tax through a video conference. Union Finance and Corporate Affairs Minister Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur will also be present through the video conference.
A statement issued by the Prime Minister’s Office said that apart from officials and officials of the Income Tax Department, well-known taxpayers along with various chambers of commerce, trade associations and chartered accountant associations will also attend the event. This statement on tax reforms says that the Prime Minister will launch a platform to honor transparent taxation- honest will take the journey of direct tax reforms even further. The Central Board of Direct Taxes (CBDT) has implemented several major or major tax reforms in direct taxes in recent years. Last year, the rate of corporate tax was reduced from 30 percent to 22 percent and for new manufacturing units this rate was further reduced to 15 percent. The dividend distribution tax was also removed.
The statement said that under the tax reforms, the focus has been on reducing tax rates and simplification of direct tax laws. CBDT has also taken several initiatives to bring efficiency and transparency in the functioning of the Income Tax Department. For the purpose of providing resolution of pending tax disputes, the Income Tax Department has also introduced the Direct Tax Disputes to Trust Act, 2020, under which declarations are currently being filed to settle the disputes.
Initial monetary limits have been raised for filing departmental appeals in various appellate courts to ensure effective reduction in complaints and lawsuits of taxpayers. Several measures have also been taken to promote digital transactions and electronic modes or methods of payment and the Income Tax Department is committed to taking these initiatives forward.
According to the statement, the department has also made a number of efforts to ease compliance for taxpayers during the Kovid period, under which the statutory deadline for filing returns has been extended and the liquidity in the hands of the taxpayers to increase liquidity or cash flow Refunds have been issued from.