Prime Minister Narendra Modi will roll out the platform for “Transparent Taxation – Honoring the Honest”. The new platform will carry forward the journey of direct tax reforms and will also reward the honest taxpayers.
Several major tax reforms in direct taxes have been carried out by the Central Board of Direct Taxes (CBDT). These reforms includes reduction in the Corporate Tax rates from 30% to 22%, abolition of Dividend distribution Tax as well as reduction in the rates for new manufacturing units to 15%. The reforms also includes Direct Tax “Vivad se Vishwas Act, 2020″ under which declarations for settling disputes are being filed currently, and introducing more transparency in official communications via the newly launched Document Identification Number (DIN).
Important takeaways for all competitive exams:
- Chairman of Central Board of Direct Taxes: Pramod Chandra Mody.