The faceless assessments scheme is one of the biggest tax reforms in India introduced by the Government last year based on Key Principles of Efficiency, Transparency and Accountability. The first cycle of faceless assessments is nearing completion and a fair number of assessments have already been concluded by the tax authorities. The feedback regarding the first experience of this digital tax adjudication has many aspects to ponder upon, evaluate whether the underlying objectives behind introduction of this scheme are achieved.
FICCI along with EY conducted a webinar on “Impact Analysis of faceless assessment under Income Tax” to discuss the way forward and also to provide an opportunity to the participants to raise questions and get valuable insights from the renowned experts.
Impact analysis of faceless assessments under Income Tax.
The faceless assessments scheme is one of the biggest tax reforms in India introduced by the Government last year based on Key Principles of Efficiency, Transparency and Accountability. The first cycle of faceless assessments is nearing completion and a fair number of assessments have already been concluded by the tax authorities. The feedback regarding the first experience of this digital tax adjudication has many aspects to ponder upon, evaluate whether the underlying objectives behind introduction of this scheme are achieved.
FICCI along with EY conducted a webinar on “Impact Analysis of faceless assessment under Income Tax” to discuss the way forward and also to provide an opportunity to the participants to raise questions and get valuable insights from the renowned experts.
Impact analysis of faceless assessments under Income Tax
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Union Finance Minister Nirmala Sitharaman on Friday said Pre-filled tax returns to contain info from salaries, bank interest, capital gain and dividend income to be made available. Faceless assessment of tax returns in electronic mode is being launched this year in a phased manner, said FM. The FM has proposed to increase the surcharge for those earning Rs 2-5 cr 3 per cent and for those earnings above Rs 5 cr to 7 per cent.
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Tax dept to promote faceless scrutiny. It will reduce tax harassment from Vijay Dashmi day, says Finance Minister Nirmala Sitharaman.
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