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April 19, 2021
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PM Modi launches new taxation policy aimed at transparency, obliterating fear among taxpayers

Prime Minister Narendra Modi on Thursday unveiled a new platform that will ease the burdens of the taxpayers in the country. Dubbing it as a milestone in the structural reforms the government is vehemently involved in, the PM says that this reform will infuse a sense of ‘fearlessness’ among the honest taxpayers who are pivotal to the nation’s development. 

The reform, which was in the pipeline for quite some time, will foster transparency in the tax structure.

“In the last six years, put focus has been banking the unbanked and securing the unsecured. Today, a new journey begins – honoring the honest. It strengthens our resolve of minimum government, maximum governance,” said the PM.

He further added that the government’s soles emphasis is to make every rule-law, policy people-centric and public friendly. “This is the use of the new governance model and the country is getting its results.”

Over the years, the income tax department had implemented a slew of reforms—including slashing of corporate tax and abolishing the dividend tax. Now, with the launch of this reform, the taxpayers’ lives will be easier than before, assured PM Modi.

The focus is also on the simplification of direct tax laws and increasing transparency and accountability in communication. With the implementation of this new policy, the individual taxpayers will benefit from the prefilling of income tax returns. The norms of compliance for the startup fraternity have also been simplified.

Some of the major changes in the new platform will include faceless assessment, faceless appeal, and taxpayers’ charter. “Faceless assessment and taxpayers’ charter has come into force from today,” PM Modi announced.

He also said after ‘banking the unbanked’, ‘securing the unsecured’, and ‘funding the unfunded’ in the last six years,from today the government has started ‘honoring the honest’ simplifying every tax related process for the people.

“Our effort is that our tax system should be seamless, painless, and faceless. Seamless means that the tax administration should work to solve the problem instead of confusing every taxpayer.”

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