It is expected that once successfully implemented, these changes will bring in transparency and objectivity in tax assessments, foster taxpayer’s trust and confidence, and boost voluntary compliance
In August 2020, the government unveiled yet another landmark reform in the taxation regime of India. With the launch of ‘Transparent Taxation–Honoring the Honest’, it ushered in major structural and procedural changes in the form of:
· Faceless assessments;
· Faceless appeals; and
· Taxpayer’s charter
This reform radically changes the way income-tax assessments would be carried out in future.
While faceless assessment scheme and Taxpayer’s Charter have been made effective from 13 August 2020, it is expected that Faceless Appeals Scheme will be launched on 25 September 2020. The objective is to make the tax assessments “seamless, painless and faceless’, where the physical interface is sought to be eliminated. It is expected that once successfully implemented, these changes will bring in transparency and objectivity in tax assessments, foster taxpayer’s trust and confidence, and boost voluntary compliance.
Source: livemint
