On August 13th, Prime Minister Narendra Modi advised the taxpayers on the launch of the platform that is especially for the Transparent Taxation-honoring the honest. He said, ask your conscience and pay tax honestly. According to the latest survey only 1.3 crore Indians pay their taxes and this is a shocking fact for the economy. Moksh Popli says that the newly sited platform for the taxpayers can change the market. He adds that this tax reform is a friendly step for putting in place a people-oriented approach in tax. Whereas, FM Nirmala Sitharaman called today, a landmark day in the history of tax administration.
This reforming step in the tax journey can bring satisfaction in doing business with ease of living. The platform is endeavored to honor the taxpayers in India who have been sincerely paying taxes. PM Modi assures that the taxpayer will get a clean, polite, and responsible response from the IT department. They will take care of the taxpayer’s dignity sensitively. Further, PM Modi said that every Indian must participate and those who are not in the tax limit must-see, if they can pay their taxes too. This faceless assessment and taxpayer charter will be a great motivation for the respectable sector of the society who are willingly contributing to the development of the country. These simplified reform agendas of tax law and bringing about legitimacy in the tax administration were most-awaited, says Moksh Popli.
Being a passionate entrepreneur and business consultant, Moksh detailed that the execution of things in a seamless, faceless, and paperless way will encourage the people of India to participate and feel contentment in bringing development to the country. In easy terms, Faceless assessment was launched on October 7, 2019, in today’s implementation it will provide an assessment of income tax in electronic mode, the taxpayers would need not see any tax officer or visit any IT office. In a nutshell, this beneficial service will benefit in banking the unbanked, funding the unfunded, securing the unsecured, and honoring the honest as per PM Modi.
Additionally, Moksh Popli says that this move will inspire the people to willingly pay their taxes and make the entire process of tax filing system into a hassle-free experience; that is a real boon for the active taxpayers. The faceless assessments will help in bypassing the controversy and long-drawn cases as the entire system will have no space for personal prejudice and applications. Everything will work impartially with a genuine approach.
The experts believe that this faceless tax assessment may reduce tax collection and put a burden on deputies to meet high tax targets for the present financial year. Supporting this tax reform, Moksh Popli says that it will focus on a reduction in tax rates and simplifying the direct tax laws for the betterment of the determined taxpayers.