Categories: Business

Government's effort is to simplify direct tax law: Finance Minister

Finance Minister
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new Delhi. Finance Minister Nirmala Sitharaman said on Friday that the government's effort is to simplify the direct tax law. He also said that some important reforms have been made, such as giving taxpayers the option of a new simple tax system. In his message on the 160th Income Tax Day, the Finance Minister appreciated the department for the steps taken during the Kovid-19 epidemic keeping in mind the needs of taxpayers. The department has relaxed compliance requirements for various types of regulations and has also removed the cash concerns of the units. He said that the department has made the tax administration friendly and transparent to the taxpayers, and has also taken steps to facilitate voluntary compliance which is commendable. Sitharaman said that the role of the department has changed drastically in recent times and has become not just a revenue collection organization but a citizen-centric establishment. He said, "It has been our constant endeavor to simplify the Direct Tax Law. Under this, we have made major tax reforms by promoting new alternative simple tax system for our taxpayers. They (taxpayers) now have the option of choosing the old tax system or the new simple system. "

The Finance Minister said that the government has reduced company tax rates by abolishing exemptions. Also, companies have been encouraged to start manufacturing. This is in line with Prime Minister Narendra Modi's call for a self-reliant India. He said that the department has taken steps on the technology front so that things become easier for honest taxpayers and the revenue theft can be curbed. The minister said, "I am confident that the department will continue to play an important role in the growth and prosperity of the country but will introduce new standards of professionalism". The department appreciated. He said that the department has simplified procedures on all front of its functioning. Finance Secretary Ajay Bhushan Pandey also praised the department for bringing transparency in the processes and eliminating the scope of use without discretionary powers through measures such as 26 AS Forms reforms, pre-filled returns, face-to-face assessments. CBDT (Central Board of Direct Taxes) Chairman PC Modi reiterated the commitment to improve the compliance experience for taxpayers.

This post was published on July 24, 2020 11:26 pm

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