TRANSPARENT TAXATION
UNFOLDING THE IDEA BEHIND “TRANSPARENT TAXATION - HONORING THE HONEST”
Taking a step forward to praise the honest Indian taxpayers, PM Narendra Modi launched the much-awaited platform to bring transparency in India's tax structure. Honoring the honest taxpayers & at the same time giving the non-taxpayers a reason to come forward and pay income tax which will ultimately help in nation-building.
Some of the features of the new “Transparent taxation - Honoring the honest” scheme:
- The faceless assessment seeks to eliminate human interface between tax officials & taxpayers.
- Taxpayer charter introduced containing rights & duties of honest taxpayers.
- The faceless appeal brings in more trust & transparency in the Indian tax system.
- Maximum governance Minimum government.
Over the years Central board of direct taxes (CBDT) has carried some of the major reforms in the direct tax structure to make it more encouraging for taxpayers.
- More transparency by bringing in a unique documentation Identification number (U-DIN).
- Simplified compliance norms for Startup registration in India.
- Promote digital transactions & electronic payments.
- New manufacturing unit tax rate reduced to 15%.
- Corporate tax rate reduced from 30% to 22%.
- Dividend distribution tax (DDT) abolished.
- Direct tax “Vivad Se Vishwas Act” 2020
How CAONWEB help you reap the benefit of this scheme?
- Secured way of online ITR filing.
- Abiding by all Income tax compliance laws
- Pre-filing & documentation of Income-tax return (ITR Filing).
- Perfect tax planning by our experts which will minimize your Income tax returns.
- Removing geographical barriers & helps you to get balanced advice from the best in industry.