faceless assessment

Budget 2024 wishlist: Simplify capital gains tax system, tax breathers to middle class, India Inc. tells Revenue Secretary

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Budget 2024 wishlist: Simplify capital gains tax system, tax breathers to middle class, India Inc. tells Revenue Secretary

Full Budget 2024: The full Budget 2024 will be tabled next month. On Wednesday, Union Minister for Finance & Corporate Affairs Nirmala Sitharaman chaired the first Pre-Budget consultation meeting with leading economists. The meeting was attended by MoS for Finance Pankaj Chaudhary, the Finance Secretary, and the Secretaries of the Departments of Economic Affairs, Revenue, … Read more

CBDT orders restructuring of I-T dept; Aims to weed out anomalies in faceless regime

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CBDT orders restructuring of I-T dept; Aims to weed out anomalies in faceless regime

The Central Board of Direct Taxes (CBDT) has constituted a task force to restructure the entire Income-tax department. The panel, which comprises 10 senior officials of the department, will reassess the role and functions of the department and weed out the anomalies in the new faceless regime meant to cut down physical interface between a … Read more

I-T department issues 3 email IDs for registering grievances under faceless assessment scheme

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I-T department issues 3 email IDs for registering grievances under faceless assessment scheme

The Income Tax (I-T) department on Saturday notified three official email IDs for taxpayers to register grievances under the faceless or e-assessment scheme. The department issued a message on its official Twitter handle saying: “In a move aimed to further improve taxpayer services in alignment with the Taxpayers’ Charter, the Income Tax Department creates dedicated … Read more

View: The taxman’s reach is growing. Here’s how to ensure taxpayers’ rights are protected

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View: The taxman’s reach is growing. Here’s how to ensure taxpayers’ rights are protected

Expanding the coverage of the statement of financial transactions (SFT) — annual information returns, in its earlier avatar, obtained from various sources — that identify potential taxpayers by examining spending patterns is fine. The only limit on how much data is collected is the tax department’s ability to use what is collected, while safeguarding data … Read more

View: A platform to honour honest taxpayers will strengthen compliance and broaden tax base

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View: A platform to honour honest taxpayers will strengthen compliance and broaden tax base

By Chandrajit Banerjee The government has touched a new milestone by taking up a series of reforms to make tax compliance easier for taxpayers through the platform for ‘Transparent Taxation – Honouring the Honest’. Launched by Prime Minister Narendra Modi, it meets the requirements of a 21st century taxation system. The platform lays down the … Read more

All communication with taxpayers to be from NeAC under faceless assessment

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All communication with taxpayers to be from NeAC under faceless assessment

New Delhi: The Income Tax department has issued guidelines for the demarcation of roles of officers for the implementation of faceless assessment, making the National e-Assessment Centre (NeAC) as the main gateway for communication with a taxpayer. The Central Board of Direct Taxes (CBDT) has notified the National e-Assessment Center (NeAC) at Delhi and various … Read more

I-T dept disposes 7,116 assessments under first phase of faceless scrutiny

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I-T dept disposes 7,116 assessments under first phase of faceless scrutiny

New Delhi: The Income Tax department has disposed of 7,116 cases under the first phase of faceless assessment system, an official source said. Since its launch on October 7, 2019 and implementation of first phase, faceless scrutiny assessment scheme has provided for assessment of income tax in electronic mode, where taxpayers need not see face-to-face … Read more