Key highlights of PM Modi’s speech today (13 August) on Tax Reforms:
1. Faceless Income Tax Scrutiny – Now, Income tax assessment shall be done completely faceless. No local officer shall be involved in the process. Such process shall be secretive to tax payer as well as tax officers.
2. Seamless, faceless and tireless process now.
3. Faceless Income Tax Appeals from 25th sep
4. No issue on transfer posting of Income tax officers
5. Only 1.5 Crores Indian pays Income Tax out of 130 Crores. Hence should come forward to pay their taxes properly.
6. In last 6 year, about 1500 law have been abolished by Modi’s Govt. for ease of business in India.
7. Introduced TaxPayer’s Charter, wherein the commitment of Income tax department and expectations of the TaxPayers have been set.
Hope, this will improve the quality of assessments, even if there would be more litigation at ITAT/HC/ SC level due to difference of opinion of Tax Payers and Income Tax Department.