What is PM Modi set for?
Pertaining to taxpayer charter after the budget announcement, PM Narendra Modi is set for honoring the program of the honest taxpayers of the country.
What did the Finance Ministry speak on this?
PM Modi is planning of releasing the platform that goes by name ‘ Transparent Taxation- Honoring the Honest’. It is believed to take ahead the direct tax reforms journey. The Finance Ministry gave the above statement. Likewise, on the 2020-21 budget announcement previously, the government had made an announcement of taxpayer charter that was expected to have statutory status, and also it was focused on the empowerment of the natives with ensuring time-bounded services by the Income Tax Department.
Also in the budget announcement, Finance Minister Nirmala Sitharam had stated taxpayer charter would guarantee trust establishment between the taxpayer and the administration. Furthermore, it would minimize the harassment and there would be a significant increase in the efficiency of the department. Also, she spoke of respecting wealth creators in the country in her budget speech of 2020-21.
Finance Ministry further stated that CBDT that stands for The Central Board of Direct Taxes had conducted many major tax reforms directly in recent years. The government also made an important announcement regarding the reduction of tax rates from 30 to 22% with a reduction in new manufacturing rates as well to 15%
The major focus of tax reforms being reducing the tax rates as well as simplifying making easier the direct tax laws. The CBDT has taken many initiatives in order to bring efficiency plus transparency in the I-T department functioning.
CBDT is the main body concerned with direct tax matters as well as the administration of personal income as well as corporate taxes.
Who is attending the ‘ Transport Taxation- Honoring the Honest’ event?
Various commerce chambers, Chartered Accountants’ Associations, Trade Associations, the eminent taxpayers apart from the Income Tax Department officers, and concerned officials are to attend the event stated Finance Ministry. Likewise, Finance Minister Nirmala Sitharam as well as Anurag Singh Thakur, The Minister of State for Finance and Corporate Affairs are also said to be attending the event.
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