PM Narendra Modi launches transparent platform for honest taxpayers
New Delhi : Prime Minister Narendra Modi on Thursday launched a transparent platform to honour the honest taxpayers of the country. He unveiled the new platform via videoconference.
The “Transparent Taxation - Honoring The Honest” platform will initiate major tax reforms aimed at bringing transparency in income tax systems and empowering taxpayers, according to the government.
The main aim of this is to make the process even more simpler for the taxpayer. Over the years, the income tax department has carried out several major reforms, including reduction in the corporate tax. The department had also abolished the dividend tax.
The IT department has moved forward with the prefilling of income tax returns to make compliance more convenient for individual taxpayers. Compliance norms for startups have also been simplified.
The Direct Tax Vivad se Vishwas Act, 2020, was also introduced to settle tax disputes.
Also, the income tax department has issued measures to promote more digital transections.
The department is committed to take the initiatives forward and has also made efforts to ease compliances for taxpayers during Covid-19 time by extending statutory timeliness for filing returns as also releasing refunds expeditiously to increase liquidity in the hands of taxpayers.