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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
Faceless schemes of direct taxes creating more problems than resolutions
December 29, 2020
Stakeholders find too many gaps in the faceless assessment and faceless appeal
The government’s Faceless Assessment Scheme (FAS) for direct taxes seems to be creating more problems than resolutions.
“The scheme was launched with good intentions, but now that aim appears to be going off the track,” said Vinod Jain, a chartered account and Member of Finance Ministry’s High Powered Committee to Simplify Income Tax Law, and also one of the architects of FAS.
He told
BusinessLine that denial of opportunity to be heard is against the principle of natural justice, especially when decisions are not in favour of assessees.
Faceless tax assessments A paradigm shift
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The e-assessment scheme is designed to bring in transparency to the process. But, semaless implementation is imperative
No one can imagine their lives today without technology, more so amidst the Covid-19 pandemic. Over the past few months, technology has changed the work styles in all sectors be it private enterprise, the academic world, the government, non-governmental organisations, or in the society at large. The income-tax department, too, has adapted to these changes and has been gradually digitising all areas of compliances and interactions with taxpayers. One such new addition is faceless tax assessments and appeals.