Money Excel - Personal Finance Blog

Menu
MENUMENU
MENUMENU
  • Home
  • Business Ideas
    • 225 Small Business Ideas
    • 40 Online Business Ideas
    • 20 Business Ideas for Beginners
    • 20 small manufacturing business
    • 30 Food Business Ideas
    • 100 Business Ideas low investment
  • Stock Market
    • Best Demat & Trading Accounts 2020
    • Best Stocks 2020 by Experts
    • Best Virtual Trading Apps
    • Best Stock Screener
    • Best Discount Brokers in India
    • Multibagger Stocks of LockDown
    • Rakesh Jhunjhunwala Portfolio
  • Mutual Funds
    • Best Mutual Funds 2020-21
    • Best Direct Mutual Fund Platform
    • Best Mutual Fund Mobile Apps
  • Incometax
    • Income Tax Slab FY 2020-21
    • Income Tax Calculator FY 2020-21
    • Income Tax Refund Request
    • Pay Advance Tax Online
    • Download New 15G -15 H Forms
  • Investment
    • Best Investment Ideas 2020
    • Long Term Investment Options
    • Best Investment Regular Income
    • Best Investment Options NRI
  • Credit Card
    • Best Credit Cards 2020-21
    • Best credit card for online shopping
    • Best Forex Card in India
    • Best Business Credit Cards
    • Credit Cards against Fixed Deposit
  • Insurance
    • Best Term Insurance Plans 2020
    • Best Health Insurance 2020
    • Best LIC Policy 2020
    • Best Car Insurance Companies
    • Best Mobile Insurance Companies
  • Downloads
Home
Incometax
Transparent Taxation Platform – Key Features & Benefits

Transparent Taxation Platform – Key Features & Benefits

Raviraj Parekh August 17, 2020

Transparent Taxation Platform –  PM Modi has launched a new platform for transparent taxation honoring the Honest. The objective is to make the tax system seamless, painless, and paperless. The new platform will have a faceless assessment, faceless apple, and taxpayer charter. You must be aware that CBDT has launched various major tax reforms this year including Vivad se Vishwas scheme and abolition of dividend distribution tax. A transparent taxation platform is an additional step to help taxpayers.

The platform will bring transparency, efficiency, and accountability to the tax system. The new platform will also increase tax compliance. This platform makes use of the latest technology data analytics, artificial intelligence, and a faceless system. Key features of the Transparent Taxation Platform are given below.

Transparent Taxation Platform

Key Features of Transparent Taxation Platform

Faceless assessments

Do not miss below posts -
  • Income Tax Proof Submission to Employer – Guideline
  • New Tax Slab – I Wish
  • Leave Encashment Calculation & Tax Implications

This platform is designed for the faceless assessment. This means the system will eliminate the direct interface between the taxpayer and the income tax department. This will, in turn, reduce the scope of corruption by income tax officials.  

The selection of taxpayers for the assessment will be done via the system. The system will make use of analytics and artificial intelligence for the selection. The assessment will be done remotely. The case allotment will be done on a random basis. The taxpayer is not required to visit the Income-tax office or officer. The decision and assessment will be done by a team with a proper review of the mechanism. Any assessment, other than the exception outside the faceless system will be invalid. The cases that are exceptions are tax evasion, international tax, black money, benami property, etc.

Also Read – Income Tax Calculator FY 2020-21 (AY 2021-22) – Excel Download

Faceless appeal

In addition to assessment, the appeal will also be carried out in a faceless manner. The appeals will be allocated randomly to any officer in the country. The identity of the officer allocated will remain secret. In appeal also taxpayer is not required to visit the income tax office or officer. The decision will be taken by the team remotely based on facts and figures.

Taxpayers Charter 

A new taxpayer charter is introduced along with this scheme. The announcement was made by the Finance Minister Nirmala Sitharaman in the budget 2020 speech. The formal launch is done with this platform. The objective of the new taxpayer charter is to establish trust between taxpayer and tax administration. The charter will also improve tax compliance.

A taxpayer charter cell will be created for each zone. Taxpayers can approach charter cell. The charter shall list out income tax department’s commitments to income taxpayers.  

Do not miss below posts -
  • Best Tax Saving Investment options
  • No Income Tax in India – Modi’s Next move
  • RNOR Status NRI can save Tax up to 3 Years

Benefits of Honoring the Honest Platform to Tax Payers

Taxpayer Charter & honoring the honest will help taxpayers in the following ways.

  • It provides prompt, courteous, and professional assistance to taxpayers in dealing with the taxpayer.
  • The platform shall provide fair and impartial appeal and review mechanisms.
  • The resolution of all income tax proceedings within a time-bound manner prescribed under law.
  • The platform will take care of the privacy of the taxpayer. No more intrusive than necessary in any inquiry, examination or enforcement action.
  • The information provided by the taxpayer shall not be disclosed unless authorized by the law.
  • Team-based assessment and team-based review eliminates the bias opinion and chance of corruption.
  • No need to physically visit an income tax office for the assessment. It will be a completely faceless assessment.
  • The Interface will be provided to the taxpayer for logging complaints. The prompt response and disposal of complaints via platform.
  • The resolution of the income tax-related issues in a time-bound manner.
  • A new platform will reduce the cost of compliance. The entire system will be online and does not require traveling and other administrative arrangements.

Expectations of the Income Tax Department from Tax Payer

  • Be Honest and Compliance
  • Be //Informed
  • Keep Accurate Records
  • Know what the representative does on his behalf
  • Respond in Time
  • Pay Tax in Time

Other Tax Reforms

In addition to new taxation platform CBDT has carried out several major tax reforms in direct taxes. The prime focus is to simplify direct tax laws. Corporate Tax rate were reduced from 30% to 22% in 2019. Dividend distribution tax was abolished in 2019. A new facility of DIN (Document index number) is initiated in which every communication will be identified by computer generated identification number. A pre-filled tax return is also introduced to ease compliance for the tax payers.

In short, government is taking up various initiative to improve tax system and to ease tax payer life.

Prev Article
Next Article
Tags:Honoring the Honest Platform Transparent tax platform benefits Transparent Taxation Platform

About The Author

Raviraj Parekh

Raviraj is the man behind moneyexcel.com. He is PGDBA, engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

Leave a Reply

Cancel reply

IIFL Demat Account

Search

Top Posts & Pages

  • Rakesh Jhunjhunwala Portfolio Holdings - January 2021
  • Income Tax Calculator FY 2020-21 (AY 2021-22) – Excel Download
  • Cash Deposit Machine Locator – How to find CDM Near You?
  • 225 Small Business Ideas with Low Investment in 2021-22
  • How to check Property Records and Land Records online in India?
  • 20 small manufacturing business ideas with low cost
  • LIC Premium Paid Certificate Download For Income Tax Purpose - Online
  • Top 60 Manufacturing Business Ideas
  • 10 ways to Convert Black Money to White
  • 10 Best Small Trading Business Ideas

Subscribe to Blog via Email

Join 5,475 other subscribers

Follow MoneyExcel

Money Excel – Personal Finance Blog

Personal Finance Blog
Copyright © 2021 Money Excel - Personal Finance Blog
| About |Downloads | Contact Us | Sitemap | Disclaimer | Privacy Policy |