{"id":9540,"date":"2020-08-15T17:07:41","date_gmt":"2020-08-15T11:37:41","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=9540"},"modified":"2020-08-15T17:07:41","modified_gmt":"2020-08-15T11:37:41","slug":"transparent-taxation","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/transparent-taxation\/","title":{"rendered":"Transparent Taxation"},"content":{"rendered":"<h3><span style=\"color: #0000ff;\">Relevance: Prelims\/Mains: G.S paper III: Indian Economy<\/span><\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/i1.wp.com\/facelesscompliance.com\/wp-content\/uploads\/2020\/08\/Reduction-in-Taxes.jpg?resize=750%2C744&amp;ssl=1\" alt=\"PM Modi Speech Highlights on 13 August 2020 Archives - Faceless Compliance\" \/><\/p>\n<h3><span style=\"color: #ff0000;\">Why in News<\/span><\/h3>\n<p>Recently, the Prime Minister of India launched the\u00a0<strong>\u2018Transparent Taxation &#8211; Honoring The Honest\u2019<\/strong>\u00a0platform to honour the honest taxpayers of the country.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/globalreport.in\/wp-content\/uploads\/2020\/08\/11.jpg\" alt=\"Transparent Taxation - Honoring The Honest \u2013 New Tax platform - also with  Info Graphics - GlobalReport.in\" \/><\/p>\n<h3><span style=\"color: #ff0000;\">Key Highlights<\/span><\/h3>\n<p><span style=\"background-color: #ffcc00;\"><strong>The Transparent Taxation Platform:<\/strong><\/span><\/p>\n<ul>\n<li>It is aimed at\u00a0<strong>bringing transparency in income tax systems<\/strong>\u00a0and\u00a0<strong>empowering taxpayers.<\/strong><\/li>\n<li>The\u00a0<strong>main features<\/strong>\u00a0of the platform are<strong>\u00a0faceless assessment, faceless appeal and taxpayer charter.<\/strong><\/li>\n<li>The\u00a0<strong>faceless assessment and taxpayer charter<\/strong>\u00a0will come into place immediately from the launch, while the<strong>\u00a0faceless appeal<\/strong>\u00a0is going to be applicable from 25<sup>th<\/sup>\u00a0<strong>September 2020.<\/strong><\/li>\n<li><strong>Faceless Assessment:<\/strong>\u00a0It aims to\u00a0<strong>eliminate human interface<\/strong>\u00a0between the taxpayer and the income tax department.<\/li>\n<li>There will be no need for the taxpayer to visit the income tax office or the officer.<\/li>\n<li>The selection of a taxpayer is possible through systems using analytics and\u00a0<strong>Artificial Intelligence.<\/strong><\/li>\n<li><strong>Faceless Appeal:<\/strong>\u00a0Under the system, appeals will be randomly allotted to any officer in the country. The identity of the officer deciding the appeal will remain unknown.<\/li>\n<li><strong>Taxpayer Charter:<\/strong>\u00a0This outlines the rights and responsibilities of both tax officers and taxpayers.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/globalreport.in\/wp-content\/uploads\/2020\/08\/2-1.jpg\" alt=\"Transparent Taxation - Honoring The Honest \u2013 New Tax platform - also with  Info Graphics - GlobalReport.in\" \/><\/p>\n<p><span style=\"color: #000000; background-color: #ffcc00;\"><strong>Other Recent Direct Tax Reforms:<\/strong><\/span><\/p>\n<ul>\n<li>The<strong>\u00a0Central Board of Direct Taxes (CBDT)<\/strong>\u00a0has carried out several major tax reforms in direct taxes in recent years. The\u00a0<strong>focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.<\/strong><\/li>\n<li><strong>Corporate Tax<\/strong>\u00a0rates were reduced from 30% to 22% in 2019. For new manufacturing units the corporate tax rates were reduced to 15%.<\/li>\n<li><strong>Dividend Distribution Tax<\/strong>\u00a0was also abolished in 2019.<\/li>\n<li>The CBDT has also taken several initiatives for bringing in\u00a0<strong>efficiency and transparency<\/strong>\u00a0in the functioning of the Income Tax (IT) Department, such as:<\/li>\n<li>Bringing more transparency in official communication through the newly introduced\u00a0<strong>Document Identification Number (DIN)<\/strong>\u00a0wherein every communication of the Department would carry a computer generated unique document identification number.\n<ul>\n<li><strong>Pre-filing income tax returns<\/strong>\u00a0to increase the ease of compliance for taxpayers and to make compliance more convenient for individual taxpayers.<\/li>\n<li><strong>Direct Tax Vivad se Vishwas Act, 2020<\/strong>\u00a0to provide for resolution of pending tax disputes.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/images.moneycontrol.com\/static-mcnews\/2020\/08\/3.png\" alt=\"In Pics | Direct tax reforms: PM Modi's 'Transparent Taxation' initiative  to honour the honest taxpayer\" \/><\/p>\n<p><span style=\"color: #0000ff;\"><strong>For more such notes, Articles, News &amp; Views Join our Telegram Channel.<\/strong><\/span><\/p>\n<p><a title=\"Telegram Link\" href=\"https:\/\/t.me\/triumphias\" target=\"_blank\"><span style=\"color: #ff0000;\"><strong>https:\/\/t.me\/triumphias<\/strong><\/span><\/a><\/p>\n<p><span style=\"color: #0000ff;\"><strong>Click the link below to see the details about the UPSC \u2013Civils courses offered by Triumph IAS.<\/strong> <\/span><span style=\"color: #ff0000;\"><strong><a style=\"color: #ff0000;\" title=\"Courses available\" href=\"https:\/\/triumphias.com\/pages-all-courses.php\">https:\/\/triumphias.com\/pages-all-courses.php<\/a><\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Relevance: Prelims\/Mains: G.S paper III: Indian Economy Why in News Recently, the Prime Minister of India launched the\u00a0\u2018Transparent Taxation &#8211;<\/p>\n","protected":false},"author":1,"featured_media":6714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[123,42,43],"tags":[392],"class_list":["post-9540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","category-general-studies-iii-technology-economic-development-bio-diversity-environment-security-and-disaster-management","category-indian-economy","tag-union-public-service-commission-upsc"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/9540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/comments?post=9540"}],"version-history":[{"count":1,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/9540\/revisions"}],"predecessor-version":[{"id":9541,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/9540\/revisions\/9541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media\/6714"}],"wp:attachment":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media?parent=9540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/categories?post=9540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/tags?post=9540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}