The next vital step: Ushering in the Tax Ombudsman… January 29, 2021, 9:10 PM IST
Lubna Kably is a senior editor and team member of the Times Insight Group at The Times of India. Lubna s blog posts often feature Zenobia Aunty, who is well known for voicing her distaste of ambiguous regulations and uncalled for legal complexities. Law Street, as this blog is called, demystifies various regulations or proposals, especially those in the tax realm, that impact us in our individual capacity and also those that impact business entities. She tweets at @lubnakTOI LESS. MORE
The Economic Survey 2020-21 rightly points out that the platform for ‘Transparent taxation- Honouring the Honest’ stands on three pillars of tax administration reforms namely, Faceless assessment, Faceless appeal, and the Taxpayers’ charter. In fact, as recently as January 12, the Central Board of Direct Taxes (CBDT) notified the ‘Faceless Penalty Scheme’.
There are lot of expectations from Budget 2021 as it would be presented amid the COVID-19 pandemic which has caused significant disruption in the lives of many as well as severely impacted the economy.
Budget 2021-22 should re-evaluate random allotment of cases under faceless tax assessment system: Experts
Delays in assessments have been pointed out by various sectors, especially from the precious metal sector where a specified process is followed for assessment of dore, because of random allotment of assessment cases, say experts. January 13, 2021 / 03:42 PM IST
While presenting the Union Budget 2019, Finance Minister Nirmala Sitharaman had announced the government’s plans to replace the existing system of scrutiny assessment in the Income Tax department with faceless e-assessment.
Under the faceless income tax assessment system, the sample and documents are sent to remote customs office who may have no understanding of the assessment procedure of dore (the unrefined form of gold and silver), due to which experts believe Union Budget 2021-22 should re-evaluate the present mechanism of random allotment of assessment cases, in order for it to achieve its intent of promoti
Stable and clearer tax provisions, supported by a neutral approach to tax administration, should help improve investor sentiment towards doing business in India.
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