Faceless Tax Assessment officially launched by PM Modi on 13th Aug, 2020. The transparent, fair and fearless tax system, termed as faceless tax assessment avail from 25thSept,2020.
Tax Reforms - Modi:
Only 2% of Indian population paid Income Tax, where as in USA 40% citizens paid IT.
2019-20 report 1.46Crore people paid means just in 1years 55% decreased. 9.5Lakh Crore rupees of income tax amount collected by Indian govt in the year 2019-20. In this 5.2Lakh Crore from Corporate IT, 4.3Lakh Crore from personal IT. FY 2020-21 target of collecting IT is 13.19Lakh Crore i.e; 6.8Lakh Crore-Coporate IT,6.38Lakh Crore- Personal IT.
Direct : GST
Indirect:Faceless Tax
There are 3 key features for this fair,fearless,faceless and transparent tax system.
1.Faceless Assessment:Main theme of Faceless Assessment is to eliminate human interface between tax payer and income tax department. We don't know the person to whom we are submitting Income tax returns.
2.Tax payers Charter: Mutual trust and respect between tax payer and income tax department. What a tax payer can expect from income tax department and at the same time the expectations tax department from tax payers has to fulfill.
3.Faceless Appeals: Any complaints or any modification required or any appeals by tax payer can openly ask to department but those two are unknown faces to each other.
What are the Benefits of Income Tax Return(ITR) Filing?
Processing bodies of the Faceless Assessment National e-Assessment Center
What are the Advantages of Faceless Taxation?
Why we need Faceless Assessment?
There is wrong notion that if any citizen pays Income tax there is chance of loosing earning freedom. Lack of awareness on tax system and benefits of ITR filing of Indian citizens. Government of India under the leadership of PM Modi trying to erase this wrong notion by implementing Faceless taxation system.
Faceless Systems by means of technology, there are several practical experiences like online ticket of Indian railway ticket booking system,movie ticket booking helps to eradicate black ticketing, like this black market avoided by faceless system.
e-seva also one of the practical example too.
There is no professional required for ITR filing.
What are the Features of Faceless Assessment?
There is wrong notion that if any citizen pays Income tax there is chance of loosing earning freedom. Lack of awareness on tax system and benefits of ITR filing of Indian citizens. Government of India under the leadership of PM Modi trying to erase this wrong notion by implementing Faceless taxation system.
Faceless Systems by means of technology, there are several practical experiences like online ticket of Indian railway ticket booking system,movie ticket booking helps to eradicate black ticketing, like this black market avoided by faceless system.
e-seva also one of the practical example too.
There is no professional required for ITR filing.
What are the Features of Faceless Assessment?
There are 3 key features for this fair,fearless,faceless and transparent tax system.
1.Faceless Assessment:Main theme of Faceless Assessment is to eliminate human interface between tax payer and income tax department. We don't know the person to whom we are submitting Income tax returns.
2.Tax payers Charter: Mutual trust and respect between tax payer and income tax department. What a tax payer can expect from income tax department and at the same time the expectations tax department from tax payers has to fulfill.
3.Faceless Appeals: Any complaints or any modification required or any appeals by tax payer can openly ask to department but those two are unknown faces to each other.
What are the Benefits of Income Tax Return(ITR) Filing?
Income tax return filing is compulsory for every citizen of India, who are earning more than 2.5Lakhs/annum. If you are not filing ITR, no long you can escape from income tax department. So feel free by filing ITR timely, it helps you to feel stress free
Tax Refund also avail if you have paid excess tax or deducted excess amount then you have right to refund that excess amount.
Capital loss carry forward for 8 assessment years starting from current assessment year in which you lost, so tax deducted because of previous years loss even if you are earning profits.
If you are not filing ITR , nothing but you are living away from Bank loans and LIC Policies.
Bank fixed deposits TDS deducted if you are not filing ITR, otherwise you have right to refund the deducted amount.
If you are planning to migrate to out of India, VISA clearance is easy, other wise for countries like USA,Canada,Australia, etc may reject.
How Faceless Tax System Works?
How Faceless Tax System Works?
Processing bodies of the Faceless Assessment National e-Assessment Center
Regional e-Assessment Center
Verification Unit
Technical Unit
Review Unit
Modification
Acknowledgement
Assessee no way related to any officer of the tax department of India, and process done through Artificial Intelligence.
The flow chart for the process of Faceless Tax Assessment system is under the manipulation of Artificial intelligence.
No professional needed to pay the tax, this is the direct tax reform of India, where as GST is Indirect tax reform.
Tax payer can freely appeal to department there also Faceless appeal so transparency improved.
What are the Advantages of Faceless Taxation?
No Human Interface.
Ease of Compliance.
Transparency and Efficiency.
Functional Specialization.
Improvement in Quality of Assessment.
Expeditious Disposal of cases.
Faceless tax assessment is to create awareness, transparency, trust, respect, fair, fearless taxation and giving freedom to that facilitate to pay income tax voluntarily maximum possible elimination of forced methods any government can collect income tax. Faceless taxation facilitates all that essential measure to feel every individual that income tax pay is also one of their prime duties. PM Modi government created a Platform for Transparent taxation, we can't collect tax by force, its possible only by "Honouring the Honest" principle.
Final Word:
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