New ‘transparent’ scheme: In a bid to honor and encourage honest taxpayers of the country, Prime Minister Narendra Modi will launch a new tax scheme or New ‘transparent’ scheme on Thursday. The platform for “Transparent Taxation – Honoring the Honest” will be launched by PM Modi via video-conferencing. AHEAD of Independence Day, Prime Minister Narendra Modi has called a meeting with all Principal Chief Commissioners and Chief Commissioners of Income Tax on August 13 to launch this new tax program, ‘

The event will see top officials from the Chambers of Commerce, Trade Associations, Chartered Accountants’ associations in attendance, besides officials of the Income Tax Department. Union Finance Minister Nirmala Sitharaman and Minister of State (MoS), Finance, Anurag Singh Thakur will also be present.

The Prime Minister is scheduled to address the officers through a web telecast on August 13 at 11 am. A program could be announced to the public on August 15, sources said.

The Central Board of Direct Taxation (CBDT) has carried out several major tax reforms in direct taxes in the recent years. Last year, 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, a government release stated. The release issued by the Prime Minister’s Office said, “the focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws. Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the IT Department”.

With a view to supplying for resolution of pending tax disputes the IT Department also brought out the tax “Vivad se Vishwas Act, 2020″ under which declarations for settling disputes are being filed currently. To effectively reduce taxpayer grievances/litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts are raised. Several measures are taken to market digital transactions and electronic modes of payment.

The IT department is committed to requiring the initiatives forward and has also made efforts to ease compliances for taxpayers during the COVID times by extending statutory timeliness for filing returns as also releasing refunds expeditiously to extend liquidity within the hands of taxpayers.