PM Modi to launch ‘transparent’ scheme on Thursday to reward country’s honest taxpayers
The event will see top officials from the Chambers of Commerce, Trade Associations, Chartered Accountants’ associations in attendance.Updated: Aug 12, 2020 11:12 IST
In a bid to honour and encourage honest taxpayers of the country, Prime Minister Narendra Modi will launch a new tax scheme on Thursday. The platform for “Transparent Taxation – Honoring the Honest” will be launched by PM Modi via video-conferencing.
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 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”.
The upcoming launch of the platform for “ Transparent Taxation – Honoring the Honest “ by the Prime Minister will further carry forward the journey of direct tax reforms, it added.