PM Modi to Launch Transparent Taxation Scheme to Reward Honest Taxpayers

Before Independence Day, the Prime Minister of India Narendra Modi with the Principal Chief Commissioners of Income Tax on August 13 had called a meeting for launching the new tax program, ‘Transparent Taxation Honouring the Honest’.

Chairman of Central Board of Direct tax PC Mody shared the scheme on Tuesday with senior tax officers said by The Indian Express.

The Prime Minister has scheduled to speak with the deputies via a web platform on August 13 at 11 am. the program on 15 August which has been proclaimed in the public.

With the past 3 to 4 weeks the PMs office has studied to do various meetings with the senior tax officers, evaluation and scrutiny of income tax returns.”The address to income tax officers is likely to focus on faceless assessment and transparency boosting measures for the taxpayers with special focus on reducing hassles for individual taxpayers,”

The faceless assessment and grant of rights for the taxpayers have worked as a part of a clear tax regime, said Finance Minister Ms Nirmala Sitaraman.

The faceless assessment is yet to come, said the board officials, the tax dept has motivated 14 per cent cases out of 58000 cases picked up in the initial stage of launch in October 2019. The data from the finance ministry showed last week that the security done by the Income-tax department has reduced to 0.25 per cent in 2018-19 of the total Income Tax Returns Easy guide to file an income tax return for the FY (financial year) 2019-20. Also, we added the document checklist related to Personal, Income, tax, bank, real estate, investment, etc Read More from 0.55 per cent in the financial assessment year 2017-18 from the year of demonetisation.

Due to Covid-19, economic slowdown affects the businesses on the other side the individuals have to suffer from salary cuts and job losses. This reason has prompted to reduce the collection of tax, finding another way for the department to boost the revenues.

The tax department does depend on the new scheme Vivad Se Vishwas stated by the Finance Minister earlier this year to generate a good tax shortfall is likely this financial year. This has collected Rs 2 lakh crore under the amnesty scheme.

The Vivad Se Vishwas scheme Know about the tax dispute settlement scheme (Vivad se Vishwas Bill) under the IT act. Under this scheme, taxpayers can settle all disputes before the end of 31st December, 2020. Read More has the aim to settle down 4,83,000 direct tax cases pending for various forums that are the commissioner appeals ITAT High court and Supreme court.

For the year 2020-21, the direct tax collection is of Rs 13.19 lakh crore. According to the controller general of accounts tax collection is the target which is peg-top at Rs 6.38 lakh crore along with the corporate tax at Rs 6.81 lakh crore. The tax officials have collected Rs 1.16 lakh crore in the first three months of the financial year from the income tax and corporate tax which is 30% more limited than the securing a year ago.