Скачать или смотреть Platform For Transparent Taxation - "Honouring the Honest"

There are Five main points in the platform for Transparent Taxation
1. Faceless Assessment
2. Faceless Appeal
3. Taxpayer’s Charter
4. Widen Scope of SFT Transaction Reporting
5. Compulsory ITR Filing

Faceless Assessment & Appeal
Every Assessment other than Faceless Assessment will be invalid unless it is a matter of
i. Serious Fraud
ii. Major Tax Evasion
iii. Sensitive and Search Matters
iv. International Tax
v. Black Money Act
vi. Benami Property

Selection of Cases to be assessed will be system and Artificial Intelligence driven. There will be no such thing like your AO jurisdiction. Assessment order will be drafted in one city, reviewed in another and further finalise in another. There is no need to visit IT office or officer and even though if you want to, you cannot as you may not know which officer is doing your assessment.

Faceless Assessment is effective immediately and Faceless Appeal would be effective from 25/09/2020.

TaxPayer’s Charter
It is a charter where IT is committed to timely decisions, Proper Mechanism for all procedures, accurate information, confidentiality, collection of tax, reducing cost of compliance etc and in return expects tax payer to be honest, compliant, well informed, timely tax payments, timely respond etc.

Widen Scope of SFT Transaction Reporting
Statement of Financial Transaction (SFT) has to be reported every year in Form 61A(other Entities) of in Form 61B(Financial Institution) before 31/05 of next Financial year. There are specific transactions prescribed which has to be reported and among them the following transaction has been added, so from now onwards you are required to report them separately if carried out by you

Yearly ₹1 Lakh Payment for School Fees or Donation
Electricity Bill of ₹1 Lakh or more in a year
Travelling in Business Class
₹20000 payments to hotels during a year
Purchase of Jewellery, Painting, Marble etc of ₹1 Lakh
Cash Deposit of ₹50 Lakh in Current Account
Cash Deposit of ₹25 Lakh in Non-Current Account
Payment of Property Tax of ₹20000 yearly
Payment of Life Insurance Policy of above ₹50000
Payment of Health Insurance Policy of above ₹20000
Making Share transaction, Demat A/c Holder or having Bank Locker
Compulsory ITR Filling
Person carrying following transactions have to file their ITR Compulsorily

Bank Transaction of above ₹30 Lakhs
Turnover of above ₹ 50 Lakhs
Rent Payment of above ₹ 4000

#incometax #transparenttaxation #honuringthehonest