New Delhi, Aug 13: Finance Minister Nirmala Sitharaman on Thursday said that the launch of Transparent Taxation - Honoring the Honest platform will bring transparent, efficient and accountable tax administration.
''PM's vision is to empower the taxpayer, to provide a transparent system & to honour honest taxpayers. To realise this vision, CBDT has given a framework & put in place this system,'' Sitharaman said. ''It provides traceability and authenticity to the communication of the department with its taxpayers. Pre-filled forms are also being provided to taxpayers so that high-value transactions are recorded'' she further said.
''During the COVID-19, IT dept provided relief by extending the deadlines of filing returns and releasing dues expeditiously, the Finance Minister said.
Earlier in the day, Prime Minister Narendra Modi launched a platform 'Transparent Taxation Honoring the Honest' via video conference, which, he said will strengthen efforts of "reforming and simplifying our tax system".
He unveiled the next phase of direct tax reforms aimed at easing compliance and rewarding honest taxpayers as the government looks to rebuild the pandemic-hit economy.
The Budget for 2020-21 fiscal unveiled on February 1, had announced a 'taxpayer charter', which is expected to have statutory status and will empower citizens by ensuring time-bound services by the Income Tax department.
The charter will ensure trust between a taxpayer and the administration and reduce harassment, as well as increase efficiency of the department, Sitharman had said in her Budget speech.
The recent tax reforms announced by the government include reduction in corporate tax to 22 per cent from 30 per cent for existing companies and 15 per cent for new manufacturing units, scraping of dividend distribution tax and faceless assessment.
Finance Minister Nirmala Sitharaman in a tweet on Wednesday said, "Truly, this shall mark an important step forward in providing a simple and transparent taxation regime for India".