160th Income Tax day. Finance Minister/Secretary and CBDT Chairman lauds IT Department for being responsive to people during Covid-19 pandemic time.
CBDT observes 160th Income Tax day
The Central Board of Direct Taxes (CBDT) and all its field offices across India today observed the 160th anniversary of Income Tax Day.
The Union Finance Minister appreciated the continuous efforts of the Income-Tax Department towards making the tax administration taxpayer-friendly, transparent and geared towards facilitating voluntary compliance.
The minister cited various reform measures undertaken by the Government, including, inter alia, the introduction of a new, simpler tax regime, reduced corporate tax rates as also payment of tax at concessional rates for domestic manufacturing companies.
The Finance Minister also appreciated the Income-Tax Department for being responsive to the needs of the taxpayers during this pandemic time by relaxing various compliance requirements and addressing the liquidity concerns of the taxpayers.
According to the FM, this will also strive to keep improving and set new standards of professionalism.
It is notable that the CBDT in view of the challenges brought about by the COVID-19 pandemic, gave extension and relaxed many procedural requirements and reduced TDS rates
The Finance Secretary also extended his best wishes to the Income-Tax Department. While recognising that a tax department has to navigate a delicate balance between enforcement and service, he appreciated the Department for having increasingly oriented itself towards becoming taxpayer-service centric without compromising its enforcement role by deploying non-intrusive tools of data-mining and data analytics. He also recognised the measures adopted by the Income-Tax Department for imparting transparency to its processes and eliminating scope for unwarranted use of discretionary powers as demonstrated by new initiatives like faceless assessment, improved form 26AS, pre-filled returns etc. He also hoped that the Department would keep up the momentum and continue to improve its taxpayer services in the coming months.
Shri P. C. Mody, Chairman, CBDT, while extending his wishes to the members of the Aaykar Parivar and their families, complimented them for not only rising to the challenges posed by the prevailing pandemic in the discharge of their official duties but also reaching out to those in need by constituting COVID response teams for providing medical care as well as psychological support. As the head of the Aaykar Parivar, he reiterated the commitment of the Income-Tax Department towards further improving the compliance experience for taxpayers and also making inclusiveness, fairness and transparency its guiding principles.
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