DAILY NEWS ANALYSIS

GS-III : Economic Issues Fiscal Policy

14 August, 2020
5 Min Read

Transparent Taxation — Honouring the Honest

Context:

Prime Minister Narendra Modi has launched a “Transparent Taxation — Honouring the Honest” platform that provides faceless assessment, faceless appeal and a taxpayers’ charter.

Reforms:

Reduction in corporate tax from 30% to 22% for existing companies and from 25% to 15% for new manufacturing companies.
Abolition of the dividend distribution tax.
Steps have been taken to bring efficiency and transparency in the functioning of the Income Tax Department, including Document Identification Number (DIN) and pre-filling of income tax returns to make compliance more convenient.

How does it work?

With the help of technology, the cases of scrutiny will now be allocated randomly to any official in any part of the country.
The document identification numbers will be issued from the central database.
A review of orders will also be done by another team at some other place, chosen randomly using data analytics and artificial intelligence.
The officials in the Directorate General of Income Tax (Investigation) and the Principal Commissioner of I-T/Chief Commissioner of I-T (TDS) will be the only competent authorities for approving survey actions to gather information for scrutiny and assessment.

Advantages:

In the new system, the department would escape unnecessary litigation and the officials would get reprieve from the energy otherwise spent on transfers and postings.
It seeks to eliminate corrupt practices by doing away with the territorial jurisdiction of income-tax offices.
The platform would instil a sense of fairness and fearlessness in the taxpayers.
The efforts are directed at making the tax system seamless, painless and faceless.
The new facilities are in consonance with the government’s motto of ‘minimum government, maximum governance.

Source: TH

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