PM Narendra Modi to launch platform for transparent taxation on August 13

Ahead of Independence Day, Prime Minister Narendra Modi is hosting a meeting with all Principal Chief Commissioners and Chief Commissioners of Income Tax on August 13. During the meet, PM Modi is set to launch a new tax programme - Transparent Taxation — Honouring the Honest’. 

The event will be witnessed by various Chambers of Commerce, Trade Associations, Chartered Accountants' associations and also eminent taxpayers, apart from the officers and officials of Income Tax Department. Union Minister of Finance and Corporate Affairs. 

Union Finance Minister Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur will also present on the occasion. The Prime Minister is scheduled to address the officers through a web telecast on August 13 at 11 am. A programme could be announced to the public on August 15. 

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The new programme is expected to focus on faceless assessment and transparency boosting measures for the taxpayers with special focus on reducing hassles for individual taxpayers. 

This comes after Finance Minister Nirmala Sitharaman had said that faceless assessment and charter of rights for taxpayers were being worked upon as part of an overall simplified tax regime. 

The Finance Ministry data released last week showed that scrutiny by the Income Tax department had reduced to 0.25 per cent of the total Income Tax Returns (ITRs) in assessment year 2018-19 after rising to 0.55 per cent in the assessment year 2017-18, the year of demonetisation. 

Meanwhile, the Income Tax Department has exempted foreign entities who invest in AIFs operating in IFSC, from obtaining PAN subject to certain conditions. Alternative Investment Fund (AIF) refers to any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign. 

The Central Board of Direct Taxes (CBDT) has inserted a new Rule 114AAB notifying class or classes of persons to whom provisions of Section 139A of Income Tax Act for mandatory obtaining PAN shall not apply.