New Delhi, August 13: Prime Minister Narendra Modi will launch a platform for “Transparent Taxation – Honoring the Honest” via video conferencing on Thursday, August 13. The virtual event will take place at 11 am and will be witnessed by various chambers of commerce, trade associations, chartered accountants' associations and "eminent" taxpayers, an official statement said. The platform would honour the country's honest taxpayers. Union Finance Minister Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur will also be present at the event. The live steaming of the event will be aired LIVE on DD News. PM Narendra Modi to Launch Platform to Honour India's Honest Taxpayers on August 13.
The 2020-21 Budget unveiled on February 1, had announced a 'taxpayer charter', which is expected to have statutory status and will empower citizens by ensuring time-bound services by the Income Tax department. The launch of the platform for “ Transparent Taxation – Honoring the Honest “ by the Prime Minister will further carry forward the journey of direct tax reforms.
Watch LIVE Streaming of PM Modi's Address om DD News:
The CBDT has carried out several major tax reforms indirect taxes in the recent years. Last year the Corporate Tax rates were reduced from 30 percent to 22 percent and for new manufacturing units the rates were reduced to 15 percent. Dividend distribution Tax was also abolished. The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.
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 (DIN) wherein every communication of the Department would carry a computer generated unique document identification number.
(The above story first appeared on LatestLY on Aug 13, 2020 10:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).