Top
Begin typing your search above and press return to search.
exit_to_app
Outlook for BJP in Kerala
access_time 2021-05-06T11:21:07+05:30
Not Covid deaths, but mass murder
access_time 2021-05-05T10:52:36+05:30
Poll results that carry lessons
access_time 2021-05-04T10:39:06+05:30
The whistles of danger that must be heard
access_time 2021-04-30T11:44:21+05:30
DEEP READ
Iran and the revival of JCPOA
access_time 2021-04-23T13:21:09+05:30
A model mosque in Gujarat
access_time 2021-04-12T17:13:34+05:30
Towards a digital emergency?
access_time 2021-02-27T14:50:41+05:30
The slaughter of democracy in Puducherry
access_time 2021-02-24T11:27:21+05:30
Populist Fascism
access_time 2021-01-31T17:19:29+05:30
Media Freedom
access_time 2021-01-31T15:47:07+05:30
exit_to_app
Homechevron_rightBusinesschevron_rightFinMin revamps tax...

FinMin revamps tax scrutiny procedure to faceless assessment

text_fields
bookmark_border
FinMin revamps tax scrutiny procedure to faceless assessment
cancel

New Delhi: The Finance Ministry has expanded the scope of direct tax task force to facilitate faceless tax assessment and verification to prevent corruption, harassment and speed up processing.

"It has been decided to further expand the terms of reference of the direct tax task force to include faceless and acronymised verification scrutiny and assessment, the mechanism for system-based cross-verification of financial transactions, reduction in litigation and expeditious disposals of appeal before the tribunal, courts, reduction in compliance burden by simplification of procedure and sharing of information between customs, GST, CBDT and Financial Intelligence Unit", an office order of the finance ministry said.

In view of the expansion of ToR, that includes sharing of data between agencies , the government has named Rtiwik Pandey, joint secretary (revenues) in the Direct Tax Task Force. 

The order also stated that the Chief Economic Advisor will now replace the ex-CEA Arvind Subramanian in the task force, the order said.

The task force was formed in 2017 to study and suitably accommodate the changing scenario in the practice tax legislation prevalent globally. Faceless assessment or scrutiny would mean that a taxpayer would not have to physically interact with a tax officer. Besides, an assessing officer would not know the taxpayer whose records he examines. 

 

 

Show Full Article
TAGS:
News Summary - FinMin revamps tax scrutiny procedure to faceless assessment
Next Story