Finance News
Complete Finance & Business News Journal

I-T dept closely monitoring implementation of faceless assessment scheme


NEW DELHI: Often the Income Tax department is closely monitoring the implementation of faceless assessment if I-T returns picked up for overview to ensure there is no increased consent burden on the taxpayer, Financial Secretary Ajay Bhushan Pandey said on Friday.

Assuaging concerns of the industry of how a taxpayer would reveal his/her position to typically the I-T department, Pandey said the provision of video meeting would also be there beneath faceless assessment scheme regarding cases which require “deeper engagements”.

“We wanted something where an honest taxpayer is just not harassed even if his event is selected for assessment. If somebody has elegant income, he should be granted fair chance to explain no matter what is the tax due and has an opportunity to pay typically the tax,” Pandey mentioned at an event organised collectively by Ficci and AINSI QUE Markets.

He said the phone number of cases picked up regarding scrutiny has come down through 5-6 lakh for 3 to 4 crore ITRs filed, to be able to less than 2 lakhs regarding 7 crore ITRs.

On apprehension of increased consent burden, while dealing with faceless assessment, Pandey said “we are very, very closely monitoring this. From system standpoint also we are taking almost all step so that at least individuals who are trying to interact with us for this faceless platform their lifestyle should be easy”.

He mentioned all important meetings are currently occurring via digital platforms, and no reason why faceless assessment and faceless appeals are not able to take place.

“The outcome of this system is that it is going to be quite, very fair, have a very minimal range of discretion. Our comprehending is this will lead to quite, very fair and reasonable purchase and good quality order and for that reason appeals and litigation can be avoided if we are able to go away a reasonable and good purchase in the first stage,” Pandey said.

Since June 13, all Income Tax earnings picked up for scrutiny, other than those relating to search together with seizure and international income tax, are being assessed under faceless assessment.

Under Faceless Analysis Assessment, a central laptop or computer picks up tax returns for overview based on risk parameters together with mismatch and then allots these people randomly to a team of officers.

This allocation will be reviewed by officers in another randomly selected position and only if concurred, some sort of notice is sent with the centralised computer system. All these kinds of notices need to be responded in an electronic form, without the requirement of going to a tax office or perhaps meeting any official.

Faceless appeals System would begin as September 25.

Get real time updates directly on you device, subscribe now.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Translate »