Government committed to taking Faceless Tax Assessment to next level for the benefit of taxpayers: Shri PC Mody, Chairman, CBDT

Wednesday, February 03, 2021

New Delhi, 03rd February 2021:
Our focus has been to provide maximum ease and transparency to taxpayers, and we continue to embark on that journey from faceless tax assessments and appeals to new provision of faceless hearings at the tribunal, said Shri PC Mody, Chairman, Central Board of Direct Taxes (CBDT) while talking about the thought process that went in drafting Budget 2021 at the ASSOCHAM’s Post-Budget Conference to analyse tax related proposals.
 
“This will add to the transparency, consistency, and efficiency that a taxpayer is entitled to. When we say we want to make the structure as much transparent as possible we really mean it.  We want to provide as much ease and transparency that an honest taxpayer is entitled to. I must also add here that the persons trying to take advantage of the system will also be taken care of. Pre-filling the returns is for the benefit of the taxpayers so that they are able to discharge their tax obligations in a fair and proper manner. Provisions of TDS and TCS are aimed at this. This way we want to minimize any mismatches and it should not be taken as a case of compliance burden.”
 
Hailing the budget presented by the government the CBDT chairman said this gives a clear roadmap for the future. “It’s really a landmark budget in more ways than one.”
 
Mr. Vineet Agarwal, President, ASSOCHAM, said, “On my behalf and on behalf of ASSOCHAM, I would like to congratulate the Finance ministry and other ministries that had worked hard to deliver a truly unique budget this time. The budget has received an overall thumbs-up and is definitely a growth-oriented and in many ways a socially inclusive one. There is clarity of thought and commitment to consistency displayed by the budget which has boosted investors’ confidence and is reflected in the stock markets. The emphasis laid on building key infrastructure is a timely move and will have a positive impact on generating employment, increase income, creation of demand, reduced cost of logistics, and further contribute to ease of doing business and raised the standard of life. ASSOCHAM has been asking for a DFI for the past couple of years and we are happy that the government has announced the Development Financial institution, this will greatly strengthen development financing in the country.”
 
Mr Rahul Garg, Chairman, National Council on Direct Taxes, ASSOCHAM welcomes the finance bill proposal which has no additional taxes, surcharge or cess.  It also welcomes the new dispute resolution scheme and hope that it would be extended to all taxpayers sooner.   Proposals for reduced time limit for completion and reopening of assessments are also welcome.  Given that many taxpayers have chosen VSV to settle their dispute, but many more have not yet been able to take decision due to pandemic.  It is suggested that the scheme may be extended till 31 March 2022 with a cut-off date of September 2021.
 
Mr. Rakesh Nangia, Co-chairman, National Council on International Taxes, ASSOCHAM complimented the Government in its path breaking Budget. In its interactive discussion with Mr. Kamlesh Varshney, Joint Secretary, TPL – 1, CBDT rationale of various path redeeming budgetary tax provisions got clarified including amendments related to TDS/ TCS on purchase of Goods, Equalization levy, Faceless ITAT etc. There was threadbare discussion in the panel discussion on other Budgetary proposals also with panellists including Mr. Vineet Agrawal, Co-Chairman, National Council on Direct Taxes, ASSOCHAM and Mr. Amit Rana, Partner, PwC.
 
ASSOCHAM’s Post-Budget Conference was held to bring greater awareness about the new tax proposals and policy initiatives in the Union Budget 2021-2022 and to provide clarifications across the table to all stakeholders.
 
 
About ASSOCHAM:
ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on www.assocham.org
 
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