डिकोडिंग: ट्रांसपेरेंट टेक्सेशन प्लेटफॉर्म (DECODED: TRANSPARENT TAXATION PLATFORM)

A BIG PUSH FOR TAX REFORMS  DECODED  TRANSPARENT TAXATION PLATFORM

क्या है ट्रांसपेरेंट टैक्सेशन प्लेटफॉर्म ?
पिछले हफ्ते गुरुवार को, प्रधानमंत्री नरेंद्र मोदी ने एक नया प्लेटफॉर्म "ट्रांसपेरेंट टैक्सेशन हॉनरिंग द ऑनेस्ट" शुरू किया है, जिसका उद्देश्य टैक्सेशन प्रोसेस में अधिक पारदर्शिता और सरलता लाना है। इस प्लेटफॉर्म की मुख्य विशेषताएं हैं: फेसलेस असेसमेंट, अपील और टेक्सपेयर्स चार्टर, जो करदाता और टेक्स ऑफिशियल के बीच संपर्क को कम करेगा। आइए यह पता लगाने की कोशिश करें कि "आप जैसे करदाता" के लिए इसका क्या अर्थ है।

A BIG PUSH FOR TAX REFORMS  DECODED  TRANSPARENT TAXATION PLATFORM

TRANSPARENCY & TAX
FEATURES

1. Appeals to be randomly allotted to any officer in the country
2. The identity of officers deciding appeal will remain unknown
3. No need to visit the officer/office
4. The appellate decision will be Team Based & reviewed

EXCEPTIONS
CASES RELATING TO:

1. Serious frauds, Major Tax Evasion, Sensitive & Search matters
2. International tax
3. Black Money Act & Benami Property

TRANSPARENT TAXATION

1. FACELESS ASSESSMENTS
2. FACELESS APPEALS
3. TAXPAYERS CHARTER

• Any assessment, other than exception, outside Faceless Scheme will be invalid
• No intrusive and survey actions by field officers - Only Investigation wing and TDS wing can after approval by officer of the level of Chief Commissioner or above

BETTER COMPLIANCE & TRANSPARENCY
Deduction/collection of tax (TDS/TCS) on new transactions:

1. TDS on Cash withdrawal above 71 crore (20 lakh for Non-filers)
2. TCS on Foreign remittance under LRS above 7.5 lakh/ overseas tour packages
3. TDS on e-commerce suppliers & TCS on purchase of goods above 250 Lakh

Expansion of scope of Reporting of transactions (SFT):

1. Cash deposit/withdrawal of 250 lakh or more in current account
2. Cash Deposit of 10 lakh or more in non current account
3. Sale of foreign exchange above 710 lakh
4. The reporting of transactions of mutual funds,credit card transactions, immovable property, etc. rationalised

Compulsory Filing of return:

1. Deposit above Rs. 1 crore in current account, Expenditure of 2 lakh on foreign travel & electricity consumption above 1 lakh.

A NEW ERA OF TRUST, TRANSPARENCY & TAX
FEATURES

1. Selection only through system using data analytics & AI
2. Abolition of territorial jurisdiction
3. Automated random allocation of cases
4. Central issuance of notices with Document Identification No. (DIN)
5. No physical interface, No need to visit income tax office
6. Team-based assessments and Team-based review
7. Draft assessment order in one city, review in another city & finalisation in third city

NEW ERA OF TRUST, TRANSPARENCY & TAX
CASES RELATING TO:

1. Serious frauds, Major Tax Evasion, Sensitive & Search matters
2. International tax
3. Black Money Act & Benami Property

WIDENING OF TAX BASE
Expansion of scope of Reporting of Transactions (SFT):

1. Payment of educational fee/donations above 71 lakh pa.
2. Electricity consumption above 21 lakh P.A.
3. Domestic business class air travel/foreign travel
4. Payment to hotels above 720,000
5. Purchase of jewellery white goods, painting, marble, etc. above 71 lakh
6. Deposit/credits in current account above 50 lakh
7. Deposit/credits in non-current account above 25 lakh
8. Payment of property tax above 320,000 p.a.
9. Life Insurance premium above 50,000
10. Health insurance premium above 20,000
11. Share transactions/ D-MAT accounts/Bank lockers
12. Deduction/collection of tax at higher rates for non-filers of return
13. Compulsory Filing of return by the person having bank transactions above 30 lakh all professionals, businesses having turnover above 50 lakh, payment of rent above 40,000

EASE OF COMPLIANCE FOR TAXPAYERS
Faceless E-assessment Scheme
The E-assessment Scheme, 2019 eliminates

1. Interface between the Assessing Officer and the assessee
2. Optimising use of resources through functional specialisation
3. Introducing the team-based assessment

Document Identification Number (DIN)

1. Every communication of the department issued from 1st Oct, 2019 mandatory to have computer-generated unique DIN

Pre-Filing of Income Tax Returns

1. ITR form now contains pre-filled details of certain incomes

Simplification of compliance norms for Start-ups

1. Hassle-free assessment procedure, exemptions from Angel-tax, constitution of dedicated start-up cell

Simplification of compliance norms for Start-ups

1. Threshold for launching prosecution increased
2. System of collegium of senior officers for sanction of prosecution introduced
3. Norm for compounding relaxed

RELIEF MEASURES ON ACCOUNT OF COVID-19 PANDEMIC
The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 promulgated & subsequent notification issued on 24th June, 2020

1. Various time limits for compliances & statutory actions extended
2. Interest for delay in payment of IT be charged at a reduced rate of 9%  per annum. No penalty/ prosecution to be initiated for non-payments
3. Donation made to PM CARES Fund to be eligible for 100% deduction u/s 80G of the Act
4. The date for linking of Aadhaar with PAN extended to 31st March, 2021

RELIEF MEASURES ON ACCOUNT OF COVID-19 PANDEMIC

1. Determination of residency of an individual on a visit to India (whose stay was prolonged), the period so prolonged not to be taken into account
2. Payment under the Direct Tax Vivad se Vishwas Act, 2020 extended to 31st December, 2020
3. Filing of original & revised income-tax returns for FY 2018-19 extended to 31st July, 2020
4. Due date for IT returns for FY 2019-20 extended (for individuals & companies etc.) to 30th November, 2020