Key highlights of PM Modi’s speech today (13 August 2020) on Tax Reforms

Key highlights of PM Modi’s speech today (13 August 2020) 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 of Sept, 2020 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 Tax Payers have been set. Income tax department has started a campaign to track high value and significant transactions using the artificial intelligence (AI) and technology. Also since GST No. are PAN based and all GST returns for 2018-19 are already filed, now matching of returns have begun and GSTR2A is getting reflected in Income Tax Portal. This matching of GST and Income tax was long due which has finally arrived. So expect more notices who filed their 2018-19 returns in a casual manner. Get serious on your filings at least for this year which is still in our hands.

Transparent Taxation.pdf

Download PDF • 336KB