• India
More

    PM Modi to launch platform for Transparent Taxation ‘Honoring the Honest’ through video conferencing today

    Must Read

    4679 Ramdesivir injections provided to private hospitals in four days

    Remedisivir injections useful in the treatment of corona have been distributed to private hospitals in last four...

    Covid 19 cases reached 32738 in Vadodara after 422 new cases on Sunday

    Total 227 discharged from hospital taking the total to 28717 The number of positive...

    Monis Khan enters strong in Bollywood with mythological thriller Consequence Drama

    Monis Khan enters strong in Bollywood with Consequence Karma, a mythological thriller. The actor had a fair...

    Prime Minister Narendra Modi will launch the platform for Transparent Taxation – Honoring the Honest through video conferencing today. This platform will further carry forward the journey of direct tax reforms.

     The Central Board of Direct Taxes, CBDT has carried out several major tax reforms in direct taxes in recent years.

    Last year, the Corporate Tax rates were reduced from 30 per cent to 22 per cent and for new manufacturing units the rates were reduced to 15 per cent. Dividend distribution Tax was also abolished.

    Sources reports that the event will be witnessed by various Chambers of Commerce, Trade Associations, Chartered Accountant’s associations and also eminent taxpayers, apart from the officers and officials of Income Tax Department. Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Singh Thakur will be present on the occasion.

    AIR correspondent reports, several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the IT Department.

    This includes bringing more transparency in official communication through the newly introduced Document Identification Number, wherein every communication of the Department would carry a computer generated unique document identification number.

    The focus of the tax reforms has also been on reduction in tax rates and on simplification of direct tax laws. With a view to provide for resolution of pending tax disputes the IT Department also brought out the Direct Tax ‘Vivad se Vishwas Act, 2020’ under which declarations for settling disputes are being filed currently.

    To effectively reduce taxpayer grievances and litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts have been raised. Several measures have also been taken to promote digital transactions and electronic modes of payment.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    PM Narendra Modi asks for maximum jabs, zero wastage during Tika Utsav

    Prime Minister Narendra Modi appealed for the maximum number of Covid-19 vaccine jabs to be given during...

    Covid 19 cases reached 32738 in Vadodara after 422 new cases on Sunday

    Total 227 discharged from hospital taking the total to 28717 The number of positive in Vadodara reached 32738 after...

    Monis Khan enters strong in Bollywood with mythological thriller Consequence Drama

    Monis Khan enters strong in Bollywood with Consequence Karma, a mythological thriller. The actor had a fair share of hardwork to give...

    OSD Dr. Vinod Rao visited Dhiraj and Parul hospitals

    Review work progress regarding beds capacity and liquid oxygen setup OSD Dr. Vinod Rao visited Dhiraj Hospital and reviewed...

    Team from central goverment visited Vadodara in view of rising covid cases

    Appreciate the efforts of administration in proactive managment of facilities A team from central goverment visited Vadodara in view...

    More Articles Like This

    - Advertisement -