The government of India will launch the platform for “Transparent Taxation – Honoring the Honest” via video conferencing on the 13th August 2020. The CBDT has carried out several major tax reforms in direct taxes in the recent years.
Daily Current Affairs Quiz 2020
Key-Point
Last year the 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.
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.
This includes bringing more transparency in official communication through the newly introduced Document Identification Number (DIN) wherein every communication of the Department would carry a computer generated unique document identification number. Similarly, to increase the ease of compliance for taxpayers, IT Department has moved forward with prefilling of income tax returns to make compliance more convenient for individual taxpayers.