India unveils new online tax platform |
Indian Prime Minister Narendra Modi on Thursday launched the platform for Transparent Taxation - `Honoring the Honest` through video conferencing. This platform will further carry forward the journey of direct tax reforms in India. 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 percent to 22 percent and for new manufacturing units the rates were reduced to 15 percent. Dividend distribution Tax was also abolished. The event was witnessed by various Chambers of Commerce, Trade Associations, Chartered Accountants` associations and also eminent taxpayers, apart from the officers and officials of the Income Tax Department. Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Singh Thakur were also present on the occasion. 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.
|
|
|
|