The Income-tax Act, 1961 (the Act) was amended in 2019 to introduce the concept of faceless assessment and in 2020 to provide for statutory recognition of a tax-payers’ charter and an enabling provision for faceless appeals.
Context
The Income-tax Act, 1961 (the Act) was amended in 2019 to introduce the concept of faceless assessment and in 2020 to provide for statutory recognition of a tax-payers’ charter and an enabling provision for faceless appeals. The “Transparent Taxation-Honouring the Honest” platform was launched on 13 August 2020, covering the aforesaid aspects.
What is Transparent Taxation?
Tax structure in India
Types of taxes Taxes are classified under two categories namely direct and indirect taxes:
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Faceless assessment
Faceless Appeal
What will this new scheme do?
Global Tax Landscape
Merits of the Scheme
Downside of the Scheme
Conclusion
The overall aim and effort of the scheme is to make India’s tax system smoother. The tax administration will work to solve the problem instead of engaging every taxpayer – attempting to simplify the process and ensuring it doesn’t matter who is paying tax and who is the tax officer. The reforms are aimed at bringing about more trust, fairness, transparency, efficiency, accountability, ease and convenience and therefore, more compliance.
Verifying, please be patient.