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
NEW DELHI: Taxpayers would not need to mention their high-value transactions in their income tax returns, said officials in the know of the matter, but added that broadening the scope of reporting financial transactions by third parties had become vital since taxation was moving towards a faceless approach. “There is no such proposal to modify … Read more
NEW DELHI: The taxpayers’ charter will send the right message to the global investor community regarding regulatory certainty in India, while faceless tax assessment and appeals will ease the compliance burden and accord fair treatment to taxpayers, experts said. The taxpayers‘ charter, unveiled by Prime Minister Narendra Modi on Thursday, provides for the tax department … Read more
The government collected goods and services tax (GST) of Rs 87,422 crore for July, lower than that collected in June, indicating a stability in collections, analysts said. “During the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19,” … Read more
The income tax department will begin an e-campaign on voluntary compliance of income tax from Monday July 20, 2020 till the month-end focusing on taxpayers who are either non-filers or have discrepancies or deficiency in their returns for the FY 2018-19. “The objective of the e-campaign is to facilitate taxpayers to online validate their tax/financial … Read more