All Rights Reserved Finance News 2020.
Finance Secretary to detail faceless taxation at ETMarkets-Ficci event
Is the Modi authorities’s newest initiative for faceless taxation going to make life simpler for the taxpayer – be it people or corporates? Will it make tax-paying a hassle-free expertise, main to much better compliance, and considerably enhance the taxpayer base within the nation?
The federal government’s newest tax reforms might not have created a lot of a buzz, however tax specialists and coverage analysts say this marks a watershed second in India’s sustained efforts to usher in a friendlier and extra clear direct tax regime.
And for individuals who haven’t realised the implications of it or found out the adjustments that this reform has introduced upon us, right here is a chance to hear it out proper from the Finance Secretary, Dr Ajay Bhushan Pandey, at a webinar collectively organised by ETMarkets and Ficci this Friday, September 4.
In addition to laying down the scheme in naked particulars, Dr Pandey may even have a Q&A session with ETMarkets editors, Ficci members and different members through the one-hour-long interplay from 4.30 pm to 5.30 pm. members can check in for the event and put up their questions on this internet hyperlink.
For the uninitiated, what the brand new regime does is totally take away human interface between the taxpayer and income-tax division, and thus get rid of the danger of harassment of assesses by tax officers.
The reform transfer – ‘Transparant Taxation: Honoring the Trustworthy’, which the Prime Minister unveiled on August 13, 2020 – digitises tax administration to make the evaluation and attraction processes faceless, and introduces for the primary time a taxpayers’ constitution, which basically places in black and white what you may anticipate from the tax authorities and what they’re going to anticipate from you.
This brings within the much-needed transparency, removes scope for biases and subjective interpretations and brings in accountability at all ends.
“The federal government has struck the proper twine by selecting digitization as an answer to the numerous challenges that the nation faces. We’ve seen huge success and multifold advantages of this strategy with the implementation of Aadhar, GST, DBT and a number of different e-initiatives. Based mostly on the way in which these initiatives have been clearly conceptualised and executed, I’m satisfied of a seamless and impactful implementation of faceless taxation, which is able to go a great distance in offering additional effectivity, transparency and pace. In fact, less complicated tax laws can be a sone pe suhaaga and can guarantee larger compliance,” says Sunil Sanghai, Chairman, FICCI Nationwide Committee on Capital Markets and Founder & CEO, NovaDhruva Capital.