On Thursday, Prime Minister Narendra Modi will launch taxation reforms through- Transparent Taxation. It’s objective is to ease compliance and expedite refunds, benefiting honest taxpayers.
The launch of the platform will forward the journey of Direct Taxes (CBDT) to help taxpayers. According to CBDT, there have been several major tax reforms carried out in direct taxes in recent years, including latest being reduction in corporate tax last year to 22% from 30% for existing companies and 15% for new manufacturing units.
The aim of the tax reforms have been reduction in tax rates and simplification of direct tax laws. Variety of actions were taken by the Central Board of Direct Taxes for bringing in efficiency and transparency in the functioning of the IT Department, including Document Identification Number(DIN) and pre-filing of income tax returns to make compliance more convenient.
While compliance norms for startups have been simplified, the Direct Tax ” Vivad se Vishwas Act, 2020″ was brought out for setting disputes. The monetary threshold for filing of Departmental appeals in various appellate courts have been raised and the taxpayer grievances or litigation effectively reduced.
