New Delhi: Dr. D K Aggarwal, President, PHD Chamber participated in the launch of platform for “Transparent Taxation – Honoring the Honest” by Hon’ble Prime Minister Shri Narendra Modi ji today.
Dr. Aggarwal lauded the Transparent Taxation platform launched today by the Hon’be Prime Minister with big reforms such as faceless assessment, faceless appeal, and taxpayers’ charter. The Faceless assessment and taxpayer charter start from today while the faceless appeal will begin from 25 September.
Dr. Aggarwal appreciated the Prime Minister’s vision that the honest taxpayers play an important role in national development and it is important to cut the discretion and rather focus on policy-driven governance. The effort is to make tax system seamless, painless and faceless. Taxpayer Charter outlining right and responsibility is an important development.
Dr. Aggarwal felt that the faceless assessment scheme will usher a paradigm shift in a way tax proceedings are carried out. It will curb the harassment of taxpayers and reduce human discretion in the assessment and scrutiny of tax returns that in turn could help eliminate possibilities of corruption.
The anonymous nature of the process will discourage high-pitched assessments and lead to objective, fair and just assessment orders, which can be finalised in a very short time. The system will ensure uniformity of approach and uniform application of law-making, and make the assessment process more efficient and friendly for the taxpayer, said Dr. Aggarwal
Dr. Aggarwal, also appreciated the various reforms carried out by CBDT on direct Taxes in the recent years including the last year’s reduction in Corporate Tax rates from 30 percent to 22 percent and for new manufacturing units to 15 percent.
He appreciated the abolition of Dividend distribution Tax. He felt that several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the IT Department, which will act as a big boost for the economy.