New Delhi: Prime Minister Narendra Modi will launch a new tax scheme to honour honest taxpayers of the country on Thursday. Modi will launch the platform for “Transparent Taxation – Honoring the Honest” via video-conferencing.
The event will witness top officials from the Trade Associations, Chambers of Commerce, Chartered Accountants’ associations attending the function, besides the Income Tax Department officials. Also present will be Union Finance Minister Nirmala Sitharaman and Minister of State (MoS), Finance, Anurag Singh Thakur.
Prime Minister @narendramodi will launch the platform for “Transparent Taxation – Honoring the Honest” on the 13th August 2020.
The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.
Read here: https://t.co/iTXxUXPD1w
— PIB India (@PIB_India) August 12, 2020
Several tax reforms have been carried out by the Central Board of Direct Taxation (CBDT) in the recent years. In 2019, corporate tax rates were slashed to 22 per cent from 30 per cent. For new manufacturing units, the rates were down to 15 per cent. Tax on dividend distribution was also abolished, a government release stated.
“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,” release issued by the Prime Minister’s Office said.