The launch of the platform will further carry forward the journey of direct tax reforms, following the several measures that have been taken by the Central Board of Direct Taxes (CBDT) to aid taxpayers.
Prime Minister Shri @narendramodi will launch platform for “Transparent Taxation – Honoring the Honest” via video c… https://t.co/fuUeNjLQeq— Ministry of Finance (@FinMinIndia) 1597206137000
The CBDT has carried out several major tax reforms in direct taxes in the recent years, including the latest being reduction in corporate tax last year to 22% from 30% for existing companies and 15% for new manufacturing units. 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.
While compliance norms for startups have also been simplified, the Direct Tax “Vivad se Vishwas Act, 2020” was brought out for settling disputes, many of which are being filed currently.
To effectively reduce taxpayer grievances or litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts have been raised.
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81 Comments on this Story
Jilla Mohan69 days ago
Either abolish Income Tax to Salaried employees or Bring Politicians under tax payable system. Politicians may realize how much burden on Tax payers
Amish Agarwal69 days ago
Aap tax chori waalo ka kuch nahi kar rahe ho jo salary waalo se jayada kaamate hai aur tax bhi nahi dete. Salaried log 80% se 90% tax de rahe hai aur unko koi benefit nahi hai. I am happy agar hamara tax kaha jaata hai uski details bhi share karo. I am ok to give tax for army but not to doctors and police who are fully corrupt. Two doctors give two different medicine for same disease and give different treatment.
Chandrakant D Gandhi69 days ago
Individuals tax has gone up.So far dividends were tax free in the hands of individuals. Company paid dividend tax.This is now done away and dividend recipient will pay tax on an income which was already taxed. Individual will bear increased tax burden than earlier.